President Hichilema launches US$430 million Mingomba Mine project on the Copperbelt

President Hakainde Hichilema yesterday commissioned the sinking of a 1.7-kilometre shaft at Mingomba Mine in Chililabombwe, marking the largest single American capital investment ever made into Zambia's mining sector.

Backed by an initial investment of US$430 million and a planned US$3 billion over the next decade, the project — led by US-based Kobold Metals — represents what the President described as "a new chapter" for Zambia's mining industry.

Speaking at the commissioning, President Hichilema thanked the American investors for the confidence they had shown in Zambia, declaring that the country is open for business and "back in the champions league". He also urged mining companies to implement the local content policy so that more Zambians can participate in the sector.

Kobold Metals President Kurt House said the mine would have the capacity to produce 300,000 tonnes of copper per year once operational. Chief Executive Officer Mfikeyi Makayi confirmed that 600 people have already been employed at the project, with active exploration underway for both lithium and nickel.

US Ambassador to Zambia Michael Gonzales said the investment would create jobs, drive skills development and empower local businesses. Copperbelt Province Minister Elisha Matambo and Minister of Mines and Minerals Development Paul Kabuswe both described the new shaft as a testament to renewed investor confidence in Zambia.

ZCCM-IH Board Chairperson Phesto Musonda confirmed that the state-owned entity holds a 20 per cent stake in Mingomba and is looking to increase it to 25 per cent.

Following the commissioning, the President travelled to Chambishi for a community engagement, where he was welcomed by thousands of residents. He used the visit to congratulate the people on the new Chambishi Constituency, announce a K40 million CDF allocation, and reaffirm his government's commitment to reviving Chambishi Metals — pledging to bring the facility back into operation just as other run-down assets have been revived under his administration.