By Justine Phiri
KoBold Metals, a technology-driven exploration company backed by leading investors including Bill Gates and Sam Altman, has officially broken ground on the $2 billion Mingomba copper mine in Zambia’s Copperbelt.
Mingomba is owned by a joint venture led by KoBold Metals (80%), with Zambia’s state-owned ZCCM Investments Holdings holding the remaining 20%.
The mine which was officially launched by President Hakainde Hichilema is projected to produce 300,000 metric tonnes of copper per year, making a substantial contribution toward Zambia’s national target of three million tonnes annually by 2031.
Speaking at the official groundbreaking ceremony attended by the Zambian Business Times (ZBT), KoBold Metals Africa CEO Mfikeyi Makayi described the launch of the Mingomba shaft project as a milestone achievement not only for KoBold Metals, but for all Zambians. She emphasized that the project will create both jobs and business opportunities, benefiting the broader community.
Makayi noted that KoBold Metals is committed to making further discoveries and developing additional mines globally, with a special focus on Zambia. The company is currently exploring for copper, lithium, nickel, and other metals at sites across the Copperbelt, North Western, and Southern Provinces, with exploration efforts continuing to expand.
“Our teams are actively drilling to determine copper locations and optimal mine shaft placement,” Makayi explained.
“They are building geological models to predict rock composition and properties, designing networks of underground tunnels to access ore, and developing processing plants to efficiently separate copper from rock.”
She highlighted KoBold’s partnership with several Zambian firms to support operations within the country. “Just three and a half years ago, KoBold Metals was a start-up with only ten employees. Today, we have grown to over 600 people working at the Mingomba site, and we expect to produce around 300,000 metric tonnes of copper annually from this project,” Makayi stated.
Makayi also underscored KoBold’s commitment to community development in Chililabombwe, citing the construction of new classroom blocks at Kawama Secondary School and the commissioning of a new maternity wing at Kakoso Level 1 Hospital, both key investments in local infrastructure and well-being.
“These projects, including the new classroom block and the hospital wing, demonstrate our strong role in supporting the Chililabombwe community,” she concluded.
Kobald Metals Global CEO, Dr. Kurt House, noted that the Mingomba mine is projected to produce 300,000 metric tonnes of copper per year at a grade of 5%, ten times the global average.
He said Kobald Metals and its partners have so far invested about $300 million and by the end of 2026, KoBold will have invested $600 million in Zambia, making it the country’s largest private American investor and marking the largest single expenditure of private American capital in Zambia since independence. “We are proud of Mingomba as a landmark American–Zambian partnership,” House said.
“As we maintain the highest scientific standards, KoBold and Mingomba Mining also adhere to the highest ethical standards. We are committed to protecting our workers, the community, and the environment, always following the law and never paying bribes of any kind,” Dr. House affirmed.
Meanwhile, President Hakainde Hichilema, serving as guest of honour, commended the launch of the Mingomba shaft mine as a testament to the power of positive partnerships in advancing Zambia’s economic ambitions. He underscored that the project would play a central role in helping Zambia achieve its goal of producing three million metric tonnes of copper annually by 2031.
“Mingomba is a true greenfield site, representing a brand new mine, new jobs, and new opportunities for our people. Strategic global partnerships, like this one, are essential to realizing our target of three million tonnes of copper per year by 2031,” President Hichilema stated. “The groundbreaking of the $300 million Mingomba project is a historic achievement.”
He highlighted the extraordinary technical progress at the site, noting, “No one has ever sunk a hole as deep as the hole at Mingomba in this country before. Let us applaud Mingomba and its partners-this means we are making discoveries we never even imagined possible beneath our own feet.”
President Hichilema expressed gratitude to the investors for their commitment to Zambia and to the community of Mingomba in Chililabombwe. “This investment is truly commendable. Mingomba brings tremendous value to our mining sector, introducing new technologies and innovative approaches,” he said.
He also pointed out the evident economic spillovers, with local industries such as logistics, engineering, manufacturing, fabrication, and trade already benefiting from the project. “As a government, we are proud of the Mingomba project, KoBold Metals and partners, and ZCCM-IH. We look forward to this partnership delivering even greater value to all stakeholders.”
Speaking at the event, U.S. Ambassador to Zambia Michael C. Gonzales emphasized that the launch of the Mingomba shaft mine represents far more than the beginning of a new mining operation, it signals the commissioning of a transformative project and a modern, mutually beneficial economic partnership between the United States and Zambia.
“What we are witnessing here at Mingomba is not just the start of a mine, it is the start of something much larger, a powerful demonstration of what a real, modern, and mutually beneficial economic partnership between the United States and Zambia can look like,” Ambassador Gonzales stated.
“Mingomba stands as a clear example of the largest one-time investment in Zambia’s history. KoBold’s presence here embodies the enthusiasm and dedication of American investors to help Zambia achieve its goals, driving development, job creation, technology transfer, transparency, local capacity building, accountability, joint ventures, and community partnerships,” he explained.
Meanwhile, ZCCM-IH Board Chairperson Phesto Musonda noted that the Mingomba mine is expected to begin copper production by 2031, securing prosperity for generations to come and reinforcing Zambia’s position as a leading copper producer in Africa.
