KoBold Metals announces plan to fast-track $2 billion Mingoba project


KoBold Metals of Califonia has announced plans to fast track the development of its US$2 billion Mingoba project from the earlier announced 10 years period.

Josh Goldman, KoBold Metals Co-Founder, said the decision to fastrack the project was intended to meet the fast-growing demand for critical metals.

Goldman made the announcement at the ongoing mining indaba in Cape Town, South Africa on Monday.

He noted that the quality of the ore body at Mingomba stood at about five percent, competing favourably with the quality currently available at the Ivanhoe Mines’ Kakula deposit in the Democratic Republic of Congo.

“The US$2 billion-dollar-mine project will be built at its Mingomba project faster and earlier than in the ten years that had been initially suggested,” he stated.

Goldman disclosed that the largest copper deposits ever recorded in the Zambian history of mining had been discovered.

He stated that this was a development expected to make unprecedented contributions to the economy of the country and the wellbeing of its people.

“In a marked departure from mining projects in the past, project promoters, KoBold Metals, which is backed by Billionaires Bill Gates and Jeff Bezos, is expected to seek partnerships, and list its shares publicly in the next three to four years,” Goldman said.

KoBold Metals Africa Chief Executive Officer, Mfekyi Makayi, said the project could take off as early as 2027.

At his end-of-year press conference last year, President Hakainde Hichilema had announced that large deposits of Lithium had been discovered in Southern Province.

To ensure maximum benefits for Zambians, Hichilema said his government would demand that the process of value addition was undertaken in the country.

“Going forward, my government will demand that partnerships with investors ensured maximum benefits for Zambians, a departure from previous agreements,” he stated.

The Head of State also announced that mineral exploration using Artificial Intelligence was underway, an apparent reference to KoBold Minerals which used the technology in its mining activities at the ongoing exploratory works at Mingomba Mines.

Since coming to power in 2021, Hichilema had pledged to transform the mining sector so that Zambians may increase their stake and reap more benefits than they did from agreements secured by previous governments.

He hoped that carefully designed agreements with investors could improve output and revenue which, in turn, could spur growth in other sectors of the economy.

Read More: KoBold Metals to unveil Mingomba deposits Thursday

Meanwhile, Hichilema’s Special Advisor on investment and economic affairs, Jito Kayumba, has noted that after two years and half in office, government had concluded negotiations with investors for both Konkola Copper Mines and Mopani.

Kayumba said with KoBold Metals coming on stream, government’s target of three million metric tons of copper production in ten years looks increasingly realistic.

“With increased mineral exports and receipts, the country’s fledgling exchange rate between its local currency and international currencies is expected to stabilize,” he stated.

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