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KoBold Metals is set to invest over US$300 million in its Mingomba project by the end of 2025.
This investment would be used to prepare for the shaft sinking scheduled for the first half of 2026, marking a significant step in developing its copper-cobalt mine in Zambia.
In December last year, KoBold committed US$150 million to the project.
To provide an update on the venture, a team visited President Hakainde Hichilema on Friday.
KoBold Metals Africa Chief Executive Officer, Mfikeyi Makayi, stated, “By the end of 2025, following the announcement made in December 2022, we will have spent $300 million on discovery, resource characterization and engineering studies in preparation for the shaft sinking in the first half of 2026.”
KoBold Chief Executive Officer, Kurt House, added that the team was building a Zambian mining company to develop what was anticipated to be Zambia’s largest mine.
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“The best 100 million tonnes of rock at Mingomba averages about 5.8 percent copper, the best 200 million tonnes averages 4.8 percent copper and the best 300 million tonnes averages about 3.8 percent copper,” House said.
In response, President Hichilema assured the investors of government’s unwavering support, including removing bureaucratic obstacles that could slow down the project’s development.
He acknowledged the slow pace of the current system and committed to addressing these issues.
President Hichilema also requested the delegation’s assistance in attracting investors to Zambia’s energy sector.
“We are keen on connecting sectors. I request your assistance in scouting for investors in the energy sector because this project will be negatively impacted if energy is not available. We would like to have surplus energy to support the region, especially after the drought affected our energy and food security,” he said.
Meanwhile, Mines and Minerals Development Minister, Paul Kabuswe, highlighted that the project was a result of a business-friendly environment created by the government.
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