Zambia Sees KoBold Spending $2.3 Billion on Giant Copper Mine
- Project will boost Zambia’s copper production ambition
- The world faces shortages of copper in the coming years
A mine supervisor at a copper mine near Kitwe, Zambia.
Photographer: Naashon Zalk/BloombergThis article is for subscribers only.
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.