The goal of the project is to have Mingomba as a producing mine by the end of the decade. Credit: Alexa via Pixabay.

KoBold Metals, an AI-powered mineral exploration company backed by billionaires Bill Gates and Jeff Bezos, is planning to commission the Mingomba copper and cobalt mine in Zambia within ten years, reported Reuters.

The California-based exploration company plans to invest roughly $150m to accelerate exploration work at the Mingomba project to uncover additional deposits.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

KoBold Metals Zambia CEO Mfikeyi Makayi was quoted by Reuters as saying: “The additional studies [of the development] will be completed in 2024.

“It is a very attractive project and we have said within a decade we would want Mingomba to be a producing mine.”

KoBold Metals, which is supported by Gates’ Breakthrough Energy Ventures and BHP, is focused on using AI to find metals such as cobalt, nickel, copper and lithium, which are used in manufacturing electric vehicle batteries.

See Also:

Makayi said: “They may not be your traditional, conventional backers, but the global need is so critical, it is basically a crisis. That is why the buy-in is there, for people to be willing to be with us for the long haul, that just shows the commitment to what we are doing.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As per KoBold estimates, the Mingomba mine holds 247 million tonnes of ore with an average grade of 3.64% copper.

Zambia’s ZCCM-IH and commodity investor EMR Capital also hold stakes in the Mingomba project.

By 2032, Zambia aims to increase its copper production capacity to three million tonnes per annum. It has approximately 850,000 tonnes per annum as of December 2022.

Makayi said KoBold will also explore mining opportunities in Botswana, Namibia, and the Democratic Republic of Congo.