Bill Gates-backed firm breaks ground on $2.5bn Zambia copper mine after $50m Congo lithium bet

KoBold Metals, a U.S.-backed exploration company supported by investors including Bill Gates, Jeff Bezos and Sam Altman, has begun construction work at the $2.5 billion Mingomba copper project in Zambia, marking a shift from early-stage exploration into large-scale mine development in Africa’s critical minerals sector.

The start of work at Mingomba comes just weeks after the company disclosed plans to invest $50 million in lithium exploration in the Democratic Republic of Congo. The two developments highlight how KoBold is spreading its capital across minerals tied to electric vehicles and power grid expansion, with a focus on long-term supply security rather than short-term output gains.

Production expected early 2030s start

At Mingomba, one of Zambia’s most closely watched mining projects, KoBold is targeting eventual annual production of more than 300,000 tons of copper once the mine is fully built and operating. The project, which will require more than $2.5 billion in total investment, ranks among the largest mining commitments in Southern Africa in recent years and reflects renewed interest from global investors in copper assets as demand from electrification continues to rise.

The company said the Zambia project is expected to move into production in the early 2030s, depending on construction progress and regulatory milestones. While timelines remain extended, the scale of the deposit has placed it among the more significant new copper developments in the region.

In parallel, KoBold is expanding its lithium search in Congo’s Manono region in Tanganyika province, an area widely regarded by geologists as one of the most promising hard-rock lithium zones globally. The company has outlined plans to spend more than $50 million on exploration in the country by 2027 and aims to expand its licensed exploration footprint to roughly 5,000 square kilometers by the end of this year.

KoBold signals long-term copper demand

KoBold, founded in 2018, uses data modeling and advanced computing to guide mineral exploration decisions, moving away from traditional prospecting methods. The company, valued at nearly $3 billion, is building a portfolio that spans copper, cobalt, lithium and nickel assets across Africa, Australia, and Canada.

Its expansion in Africa is also reaching beyond Zambia and Congo. The company is reviewing potential lithium and nickel opportunities in Namibia and has begun early-stage copper exploration work in Botswana as interest grows in underexplored parts of southern Africa.

The Zambia project sits within a broader national plan to lift copper output to about 3 million metric tons annually by 2031. That goal has pushed the government to encourage faster development of large-scale projects and attract long-term foreign investment into its mining sector, where copper remains the country’s main export.

KoBold’s investment in Mingomba signals how large mining companies and new entrants alike are positioning for steady demand growth in copper over the coming decade, even as development timelines stretch across years rather than months.