California-based KoBold Metals, supported by billionaires Bill Gates and Jeff Bezos, is contemplating partnerships as it seeks to expedite the development of a new $2 billion copper mine in Zambia. The Silicon Valley start-up, utilizing artificial intelligence for metal exploration, may also consider going public in the next three to four years, according to co-founder and president Josh Goldman.
Originally planning to construct a new mine at the Mingomba project in Zambia within a decade, KoBold is now accelerating its plans to meet the rising demand for critical metals. Goldman expressed confidence in fast-tracking the project, stating it would be one of the highest-grade, large copper mines.
KoBold revealed that the Mingomba deposit, still undergoing exploration, boasts copper ore grades of about 5%, potentially making it the highest-grade Zambian discovery in a century. The mine’s development, including shaft sinking, could commence around 2027, said Mfikeyi Makayi, CEO for KoBold Metals Africa.
The $2 billion investment estimate for the Zambian mine could be mitigated by leveraging existing infrastructure from other operators on the central African copperbelt, Goldman noted. KoBold’s accelerated efforts align with global initiatives to secure alternative sources of critical metals, crucial for clean energy transition and electric vehicle growth.
Backed by Breakthrough Energy Ventures, KoBold is open to partnerships in Zambia and other projects globally. The company collaborates with BHP and Rio Tinto in metal exploration projects in Australia and Canada. Goldman acknowledged interest from various parties in the Mingomba project and expressed willingness to explore diverse partnership opportunities.
The race to develop the new mine coincides with heightened U.S. efforts to diversify sources of critical metals such as copper, cobalt, lithium, and nickel, essential for clean energy and electric vehicle advancements. KoBold remains receptive to discussions on potential partnerships as it navigates the evolving landscape of the mining industry.
