Monday, June 24, 2024

KoBold Metals Unveils Monumental Copper Discovery in Zambia

Share

KoBold Metals, a pioneering exploration company, has revealed the discovery of the largest copper deposits ever recorded in the history of mining in Zambia. Co-Founder Josh Goldman announced that the two-billion-dollar mine project at the Mingomba site will be expedited, with plans for construction to commence earlier than the initially suggested ten-year timeframe.

Mr. Goldman explained that the decision to fast-track the project is in response to the rapidly growing demand for critical metals. He emphasized that the United States and other developed nations are actively seeking alternative sources of copper, cobalt, lithium, and nickel as part of the global shift towards clean energy and electric batteries, all of which are abundant in Zambia.

Speaking at the ongoing Mining Indaba, Mr. Goldman highlighted the exceptional quality of the ore body at Mingomba, standing at approximately five percent. This places it in direct competition with the quality found at the Ivanhoe Mines’ Kakula deposit in the Democratic Republic of Congo (DRC).

Mfekyi Makayi, KoBold Metals Africa Chief Executive Officer, provided insight into the project’s timeline, suggesting that it could take off as early as 2027. The rapid advancement of the Mingomba project aligns with the urgency to meet the global demand for critical metals, particularly copper.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who is attending the African Mining Indaba in Cape Town, expressed enthusiasm about the country’s role as a key supplier in the global copper market. He emphasized the need for investment in Zambia’s mining sector, pointing out that by 2040, an additional 9 million tonnes of copper will be required annually to meet global demand. Zambia aims to achieve an annual target of 3 million metric tonnes by 2031.

President Hakainde Hichilema, represented by Minister Musokotwane, echoed the sentiment, urging investors to seize the opportunity in Zambia’s mining sector. The monumental copper discovery at Mingomba has the potential to significantly boost Zambia’s standing in the global mining industry.

As Zambia positions itself as a key player in meeting the escalating demand for critical metals, the fast-tracking of the KoBold Metals project represents a pivotal moment in the nation’s mining history.

19 COMMENTS

  1. We should be ashamed of ourselve….sitting on such massive wealth and we just end up giving it away to the west for pennies…..what is wrong with us Africans???…..Nigeria with massive oil but giving it away to the wast for small bribes

    We don’t need IMF

    22
    1
    • Imagine! Zambia and DRC have no copperbased or focussed industries after 60 years of independence. They just export the raw mineral, at prices decided in London, to Europe US and Asia. This will be the age of electric cars why not manufacture the cars in Zambia and DRC utilising the copper, and cobalt?
      Coltan from which comes tantalum, used in cellphones is mined by kids in DRC. Mwinilunga should also have it. Why dont we have a cellphone manufacturer in Solwezi or Kolwezi or Mufulira? Ivory Coast and Ghana produce the world’s biggest harvest of cocoa fruits which are given away to Europe instead of making chocolate in Africa. African politicians wake up! Instead f threatening each other with arrest everyday show your creativity with the resources we have!

      10
  2. The statement and the change in the name are misleading. Ming’omba is at Konkola Deep Mine that has been sold by Lubambe. When Skanska were contracted to develop the underground mine it was announced that it was the future of KCM due to the large ore body that was discovered. So this isn’t a new discovery and I wonder about the motive of this announcement. By the way, most of Zambia is already surveyed. What has been holding up the development of the mining sites is the unwillingness by government to grant large scale mining licenses to locals. Many have applied but they’re not being given because officials are busy trying to convince foreigners to come and own the mines. You don’t need large amounts of money to create wealth. You can even start from zero

    17
    1
    • This is right because potential customers sign off-take agreements where they pay upfront for these investments.

      2
      2
    • Most of Zambia is not already surveyed. You will keep on re-surveying as surveying technologies improve and other yet unknown materials are discovered to be of economic value.
      It depends on what you mean by large scale mining licenses.They are talking $ 2 Billion capital outlay starting in 3 years time.Which local Zambian can raise that colossus amount.Only ZCCM-HI .You, on the other hand,. should just find employment, become a supplier or participate on the Stock Exchange while ZCCM-HI negotiates a good shareholding. Higher taxes? May be for rear earth metals because we still have problems with gemstones
      However,I should suggest you first begin with artisanal mining.

      4
      1
    • Very true. I remember such an announcement in 2013 or so. Konkola was said to be offering the biggest copper ore body with Pangeni near Angola a close second. There was also a crude oil potential in Zambezi. But as usual we distracted ourselves with quarrells over whose presidential motorcade shouldnt be overtaken. There are more “discoveries” waiting to be announced as soon as they send our politicians to sleep.

  3. We told you UPND will auction the country. Shame on you for ensuring that future generations will continue to wallow in poverty. KK hid these reserves for our future generation but these good for nothing people think auctioning your backyard is a good idea. Why do you think the Americans are not touching their resources? Awe we need summon our witchcraft powers to deal with these people.

    6
    2
  4. Dr David Livingstone discovered Victoria Falls and they keep on discovering on our behalf. For those not in the know all mineral deposits are on the MAWE database. Anyone can go there (I don’t know how much they charge) and they get information on our mineral deposits.

    5
    1
  5. What a great idea we develope it ourselves, firstly where do we scource a Billion $$$ from ? considering the country already owes many billions to creditors

    1
    6
    • The fact that bad deals were set up in the past does not it will happen now
      previous regimes were more concened about kick backs than the country’s share

  6. This is Bill Gates & Jeff Benzos backed mining project. It’s headlines in today’s Financial Times Newspaper in London………… Thank you to @ INDEPENDENT OBSERVER who persuaded Josh Goldman the founder of Kobold Metals to explore and invest in Zambia. I am beginning to love this guy @ INDEPENDENT OBSERVER after pouring thorns on him over the years……………………………………..

    2
    2
  7. Future Zed

    If Zambia can have such people who think like you, then this country can go back 100 years backwards, please note that, that deposit is somewhere 4 kilometres underground, now according to you it’s possible use a pick a capital of ZMW2000.00 to actualize that project!

    That project requires bullion of dollars my friend not what you think. Sometimes let us think before commenting.

    1
    2
    • Iwe Peace fimo fimo, if you don’t know what you are talking about then silence is golden. How many bullions(billions) have you made from existing mines? why are you failing to pay your debts if you have bullions 4 km underground? Keep dreaming for your saviour to come and rescue you. Ati the project requires ‘bullions’ mai wee!

      1
      1
  8. All these deals benefit the invesstors only nothing for the citizens rather just sell the whole country and give every citizen of Zambia their share then we shall go our own ways because this Zambia belongs to all Zambians not just for a few individuals.

  9. This may not benefit us Zambians coz of the policies of our successive regimes and even this one seems to appease foreigners at the expense of the locals.

    • What is on our ground are fertile soils that we dont know how to exploit for agriculture. Vast natural resources waiting for a harvester-but only one who comes from Europe will be welcomed

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading