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The AI-driven mining company backed by Jeff Bezos and Bill Gates, KoBold Metals,has commenced development of its Mingomba copper project in Zambia, with production targeted for the early 2030s.
“We have started mine development. We’re now full swing into our permitting process for us to get approvals to start building the mine.Shaft sinking is expected to begin in early 2027, with the company moving at pace to bring the project into production. With us moving quite fast, it’s to get that build into production early 2030s,” revealed Mfikeyi Makayi, Chief Executive Officer of KoBold Metals Africa.
The company has completed land acquisition for key infrastructure including processing plants, a tailings dam and administrative facilities. Total investment is estimated at between $2.3 billion and $2.5 billion, with the mine expected to produce 300,000 metric tonnes of copper annually once operational. On financing, Makayi indicated that KoBold retains flexibility whilst remaining open to partnership. He noted, “It’s an interesting project and in many places around the world, most people partner. So yes, we have different conversations but right now, it’s still only KoBold and we’re confident we’re okay, we’ve got some runway to carry the project forward at this stage.”
Mingomba sits at the centre of Zambia’s broader ambitions. Africa’s second-largest copper producer after the Democratic Republic of Congo, Zambia is targeting a more than tripling of its copper output to three million metric tonnes by 2031, a goal that depends heavily on projects of Mingomba’s scale reaching production on schedule. The Zambia development is part of a wider African push by KoBold, which uses artificial intelligence to identify deposits of copper, cobalt, nickel and lithium. The company secured seven exploration permits in the DRC last year and has begun its exploration programme there.
The company is also exploring for lithium and nickel in Namibia, has commenced lithium exploration in Zambia and is assessing opportunities in Botswana as the country’s copper credentials attract growing international attention. The broader context adds urgency to KoBold’s timeline. The United States is actively seeking to reduce China’s dominance over the critical minerals supply chains that underpin everything from electric vehicles to consumer electronics and projects like Mingomba, backed by American capital and driven by proprietary AI technology, sit squarely within that strategic frame.
