Kobold Metals Discovers Largest Copper Deposit in Zambia for Over a Century

California-based mining startup KoBold Metals says it has detected an extensive copper deposit on Zambia’s mineral-abundant Copperbelt, the largest discovered in the country for over 100 years.

The Silicon-Valley startup discovered the substantial reserve at Mingomba using AI technology designed to detect ore deposits beneath the Earth’s surface. KoBold, backed by billionaires Bill Gates and Jeff Bezos, has already invested a total of $150 million into Zambian mining efforts.

Josh Goldman, president of KoBold Metals, is confident that Mingomba will be one of the world’s largest high-grade copper mines, comparing the scale and grade of the site to the Kamoa-Kakula mine in the Democratic Republic of the Congo, just 450 miles from the Mingomba site.

Kakula produced 400,000 metric tons of the highly-coveted resource last year. Copper plays a major role in new renewable energy practices and electric vehicles, and is prized for its ability to be recycled indefinitely without loss of quality, making it essential for sustainability. Current projections show that demand for the metal will increase by 9 million tons per year by 2040.

Zambia ranks as the second-largest copper producer in Africa, and KoBold’s discovery will undoubtedly help towards President Hakainde Hichilema’s goal of producing 3 millions tons of copper a year by 2031.

Initial predictions from the company anticipated that the site would open within the upcoming decade. However, an increased demand for copper has caused the project's timeline to be fast-tracked, with a spokesperson confirming that the mine will be operational well before the originally predicted ten-year mark.

This discovery comes as British mining company Anglo American said it is in the preliminary stages of copper and cobalt exploration in Zambia’s Copperbelt Province. 

With the infusion of investments from KoBold and Anglo American's, coupled with additional commitments towards the development of the country's infrastructure, Zambia stands on the brink of a transformative era. The convergence of financial support promises significant economic growth and a surge in employment opportunities for countless Zambians, as well as placing Zambia at the forefront of the clean-energy revolution in Africa.