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.