Zambia, Africa’s second-largest copper producer, aims to more than triple its copper production to 3 million metric tons by 2031, with projects such as KoBold Metals’ Mingomba mine being central to achieving this goal.
“We have already begun developing the mine; we are now moving full steam ahead with the permitting process to obtain the necessary approvals to begin construction,” said Mfikeyi Makayi, CEO of KoBold Metals Africa, adding that shaft sinking is scheduled for early 2027.
“With our rapid progress, the goal is to bring the mine into production in the early 2030s,” revealed Makayi.
The company, he added, has already completed the acquisition of land for the mine’s main infrastructure, including processing facilities, a tailings dam, and administrative buildings.
The investment required for the project is estimated at between $2.3 and $2.5 billion, with an expected annual production of 300,000 metric tons of copper.
Broader ambitions in Africa
The development of the deposit comes at a time when the United States (U.S.) is stepping up efforts to reduce China’s control over metals and minerals that are crucial to the manufacture of everything from cell phones to automobiles.
KoBold, which uses artificial intelligence to search for copper, cobalt, nickel, and lithium, secured seven licenses last year to explore for lithium and other minerals in the Democratic Republic of the Congo.
“Field teams are kicking off our exploration program,” said the mining company’s CEO regarding operations in the Congo.
The mining company also explores for lithium and nickel in Namibia, has begun lithium exploration in Zambia, and is seeking opportunities in Botswana, an emerging copper mining hub.
Source: Reuters
