KoBold Metals, the mining exploration business backed by Bill Gates, has the potential to invest $2.3 billion in the development of a sizable new copper mine in Zambia, according to President Hakainde Hichilema citing figures from the company.
The mining shaft will be sunk in the first half of 2026, and the firm intends to produce over 300,000 metric tonnes annually at Mingomba, making it the largest operation of its kind in the country.
Bloomberg reports that Hichilema previously stated that the Mingomba project has the potential to become one of the three largest copper mines in the world.
KoBold officials met with the Zambian leader and a delegation of influential investors who are visiting the southern African country this week to inspect the company's operations.
Senior representatives from Standard Industries, Equinor Ventures, Bond Capital, T Rowe Price, and Bill Gates' Breakthrough Energy Ventures comprised the group.
Copper is a critical component of green technology, including electric vehicles and wind turbines, and Zambia is striving to become one of the world's major producers.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
