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The mining exploration company backed by Bill Gates, KoBold Metals, plans to invest $2.3 billion to develop a significant copper mine in Zambia, according to President Hakainde Hichilema, who cited company figures.
The company aims to produce over 300,000 metric tons of copper annually at the Mingomba site, potentially making it the largest copper operation in Zambia. The construction of the mining shaft is scheduled to begin in the first half of 2026, as announced by company officials during a meeting with Hichilema, which was broadcast on state television.
Zambia is positioning itself to become one of the world’s leading copper producers, a metal essential for green technologies such as electric vehicles and wind turbines. The global demand for copper is expected to rise significantly as the world transitions away from fossil fuels. Hichilema has previously indicated that the Mingomba project could eventually rank among the top three copper mines globally.
KoBold Metals, headquartered in the San Francisco Bay Area, met with Hichilema and a delegation of prominent investors who visited Zambia this week to review the company’s operations. The delegation included senior representatives from Bill Gates’ Breakthrough Energy Ventures, Standard Industries, Equinor Ventures, Bond Capital, and T. Rowe Price.
Notably, Michael Bloomberg, the majority owner of Bloomberg News’s parent company Bloomberg LP, is listed as an investor in Breakthrough Energy Ventures according to the venture firm’s website.
