Global mine giant, Kobold, confident of discovering more copper ore at Mingomba

Mining consortium, Kobold Metals, says it is confident more copper ore would be discovered at Zambia’s Mingomba Mine.

Kobold has 52 percent shares, EMR Capital has 28 percent stake, while ZCCM-Investment Holding (ZCCM-IH) holds 20 percent.

Co-founder and global president, Josh Goldman, said Kobold’s Al technology would guide the exploration and development of the Mingomba deposit enabling the discovery of copper beyond nine million tonnes of copper ore already discovered.

“We have confidence in the Zambian economy, that is why we are committing ourselves to huge investments to explore for copper and other minerals,” Goldman said in Kitwe on Monday.

“Kobold’s investment will also benefit Lubambe Copper Mine (LCM), a copper mine adjacent to Mingomba that has been operating since 2012 and there will be a lot of benefits for the community,” he said.

Kobold chief executive officer Mfikeyi Makayi said the project which is at drilling and exploration stage had created 200 jobs, further assuring that thousands of jobs would be created as the project evolves into a full-fledged operation.

In December last, Kobold Metals, a Silicon Valley company using artificial intelligence to discover minerals for electric vehicles and renewable energy revolution announced US$150 million initial investments to explore and develop Mingomba Mine.

Explorations are expected to be done within eight years and the mining giant is confident of discovering a huge copper deposit which would facilitate the country’s vision of attaining three million tonnes in the next decade.

The company is hopeful that copper would be found and that an underground mine with a capacity of 160,000 tonnes of copper per annum would significantly contribute to the country’s vision of reaching three million tonnes of copper in 10 years.

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