KoBold Metals, the Bill Gates-backed mining exploration company, could spend $2.3 billion to build a major new copper mine in Zambia, President Hakainde Hichilema said, citing figures from the company.
The firm aims to produce more than 300,000 metric tons per year at Mingomba — making it the country’s biggest such operation — and will begin sinking the mining shaft in the first half of 2026, according to company officials. Their meeting with Hichilema on Friday was broadcast over state television.
Zambia is seeking to become one of the world’s largest producers of copper, which is crucial for green technologies like electric vehicles and wind turbines. The world faces predicted shortages of the metal in the coming decades amid the shift away from fossil fuels. Hichilema has previously said the Mingomba project could ultimately become one of the three-biggest copper mines globally.
Officials from KoBold, based in the San Francisco Bay area, met with Hichilema and a group of heavyweight investors visiting Zambia this week to tour the firm’s activities in the country. They included senior representatives from Bill Gates’ Breakthrough Energy Ventures, Standard Industries, Equinor Ventures, Bond Capital and T. Rowe Price.
Michael Bloomberg, the majority owner of Bloomberg News’s parent Bloomberg LP, is an investor in Breakthrough, according to the venture company’s website.
(By Taonga Mitimingi and Matthew Hill)
Read More: Hedge funds Andurand and Rokos took big copper bets before spike
9 Comments
Junika Kyabala
Zambia under HH is blessed nation. Lord, we give you the praise. Time has come for the people who fear you shall rejoice under the sun.
Jason Matipa
Zambia will become the world’s largest producers of copper very soon, we thank God for KoBold Metals and the group of heavyweight investors visiting zambia and not forgetting to thank the president of zambia for the inputs and the efforts done to find the investors at the right time.
Mukuka nkandu
Greetings.i believe kolbold will help boost zambia’s economy and provide jobs to us youths in the future.i am 16 years old.i want to go and study mech engineering and i want in on this operation in 2026 if possible
Thom mukwita
I love president HH how i wish to have a prevaledge of speaking to him he may find a way of how i can be empowered becouse it’s really difficulty for some of us to be recoginised by our reginal leaders at province levels. through him i believe i can be equiped and make my farm grow faster and bigger in the society.
Thom mukwita
I love president HH how i wish to have a preva guyledge of speaking to him he may find a way of how i can be empowered becouse it’s really difficulty for some of us to be recoginised by our reginal leaders at province levels. through him i believe i can be equiped and make my farm grow faster and bigger in the society.
Neil Chipili Chomba
Steady mining of copper can help the country with it’s required income to help it’s infrastructure development
Raphael Chisanga Muonga
God please preserve HH for at least another 10 years and Zambia will never be the same. HH I salute you.
Tabitha Haywood
Can we get the people of Zambia some running water and power 🔌 first they are really suffering with no electricity for dayyys and no running sate
Chibwe chingalawa
HH,has the direction zambia needed for long of prudent and frugal spending ,hence it trickles down to the poorest of poor.
HH has arrived the right ,time .