KoBold Metals Pushes Forward on Zambia's $2.5bn Mingomba Copper Mine

KoBold Metals, the AI-powered mining company backed by Jeff Bezos and Bill Gates, has launched development of its Mingomba copper project in Zambia, with production targeted for the early 2030s.

Africa CEO Mfikeyi Makayi confirmed the company is deep into the permitting process and expects to begin shaft sinking in early 2027. "We're now full swing into getting approvals to start building the mine," she said. "With us moving quite fast, the goal is to get into production in the early 2030s."

The project carries an estimated price tag of $2.3 to $2.5 billion and is expected to produce 300,000 metric tons of copper annually — a significant contribution to Zambia's ambitious target of tripling national output to 3 million metric tons by 2031. Land acquisition for core infrastructure, including processing plants, a tailings dam, and administrative facilities, is already complete.

On financing, Makayi indicated KoBold is currently self-funding but remains open to partnerships. "We have different conversations, but right now it's still only KoBold — and we're confident we have the runway to carry the project forward."