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KoBold Metals, a mining firm backed by billionaires Jeff Bezos and Bill Gates, has reportedly commenced development of its Mingomba copper project in Zambia, with production targeted for the early 2030s.
According to a market commentary by Access Bank Group, the company has initiated the permitting process for mine construction, with shaft sinking expected to begin in early 2027. Land has already been secured for key infrastructure, including processing plants, a tailings storage facility and administrative buildings.
“The project, currently fully funded by KoBold Metals—though potential partnerships are under consideration—is estimated to require between US$2.3 billion and US$2.5 billion in investment. Once operational, it is projected to produce approximately 300,000 metric tonnes of copper annually,” the commentary stated.
The development aligns with Zambia’s ambition to triple its copper output to three million metric tonnes by 2031.
KoBold Metals is also continuing its artificial intelligence-driven exploration for copper and other critical minerals across Africa, with operations spanning the Democratic Republic of Congo, Namibia and Botswana.
Meanwhile, developments in the global commodities market have weighed on copper prices, which have fallen to their lowest level since December amid rising geopolitical tensions and increasing energy costs.
The downturn follows recent hostilities between Iran and Israel targeting key energy infrastructure, while US President Donald Trump has called for de-escalation.
Copper, which reached record highs earlier this year, has declined by more than eight percent this month.
Analysts attribute the drop to concerns that persistently high oil prices could dampen global manufacturing demand, particularly as China’s metals demand remains subdued and inventories stay elevated.
Other base metals on the London Metal Exchange also recorded losses, including aluminium—despite remaining higher for the year—as well as zinc, nickel and tin.
However, analysts note that lower prices could eventually stimulate renewed buying interest, especially in China.
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