KoBold breaks ground on $2bn Mingomba, Zambia's biggest mine

LUSAKA — KoBold Metals is building Mingomba, a copper mine in Chililabombwe worth more than US$2 billion that broke ground on shaft construction with ZCCM-IH on 29 April 2026.

The groundbreaking is the clearest signal yet that Zambia can pull large private capital into copper, the metal at the centre of its business and economy strategy. When a developer breaks ground at this scale, it commits to years of construction spending before a single tonne is sold. KoBold Metals described the project as the single largest private investment in Zambia’s history, according to a report on mining.com, raising the stakes for a government that wants to lift national output toward three million tonnes a year.

KoBold Metals broke ground on shaft construction with the state mining vehicle ZCCM Investments Holdings (ZCCM-IH) at the Mingomba copper project in Chililabombwe, on the Copperbelt, on 29 April 2026, KoBold Metals said. The company is an AI-driven minerals explorer backed by Bill Gates and Sam Altman.

The mine is structured as a joint venture, with KoBold holding an 80% controlling interest and ZCCM-IH a 20% sovereign stake, according to mining.com. The arrangement keeps a direct state holding in what KoBold has billed as the country’s biggest-ever private investment, echoing the ownership model Kwacha News examined when Velos Mining set out plans for a copper processing plant in Rufunsa.

Mingomba targets more than 300,000 tonnes of copper a year, with first production expected in the early 2030s, at a depth of about 1,700 metres, KoBold Metals said. The tonnage would make Mingomba one of the larger copper operations on the Copperbelt once it reaches steady output.

The investment exceeds US$2 billion and is described as the single largest private investment in Zambia’s history, according to mining.com. The $2bn-plus figure dwarfs most recent commitments in the sector and lands as Zambia chases a national copper-output goal it has framed as central to growth.

The Mingomba scale feeds directly into that target. Kwacha News has reported that Zambia’s copper output is set to pass one million tonnes, and a single mine producing 300,000 tonnes a year would represent a meaningful share of the additional volume the government is counting on through the 2030s.

The 80-20 split also shapes who carries the cost and who shares the upside. As the controlling partner, KoBold Metals funds and runs the build; as the 20% holder, ZCCM-IH retains a public stake in production and revenue, according to mining.com. The model lets the state participate without putting up the bulk of the more than US$2 billion the project demands.

Depth is the defining engineering challenge. At about 1,700 metres, Mingomba is a deep underground operation rather than a shallow open pit, KoBold Metals said, which is why shaft construction is the first major works package and why the timeline to first production stretches into the early 2030s.

The use of artificial intelligence sets KoBold Metals apart from a conventional mining house. The company applies AI tools to find and map ore bodies and is backed by Bill Gates and Sam Altman, KoBold Metals said — a profile that put Mingomba in the international spotlight when work began, with the report on mining.com framing it as a Sam Altman-backed firm starting Zambia’s top copper mine.

We cannot afford to go slow. We must go fast, and we shall go fast, and we will not take shortcuts.

— Mfikeyi Makayi, CEO, KoBold Metals Africa, at the Mingomba groundbreaking (<a href="https://koboldmetals.com/2026/05/21/breaking-ground-at-mingomba-a-new-chapter-for-the-copperbelt/">KoBold Metals</a>)

Background

Mingomba sits in Chililabombwe, in the heart of the Copperbelt, the mining region that has driven Zambia’s economy for generations. KoBold Metals uses artificial-intelligence tools to map ore bodies, and the company is backed by Bill Gates and Sam Altman, KoBold Metals said.

ZCCM-IH, the state mining holding company, retains a 20% sovereign stake in the project, keeping a public interest in a private-led development, according to mining.com. The structure gives Zambia a direct line into the economics of the mine alongside the operating partner.

The Copperbelt has seen renewed investor attention as copper demand rises with electrification and grid build-out worldwide. Kwacha News has tracked how export logistics shape that interest, including the reopening of the Lobito railway corridor for Zambian copper, a route that matters for any mine planning to ship at scale.

Chililabombwe, where Mingomba sits, lies on Zambia’s northern border with the Democratic Republic of Congo, deep in established copper country. Siting a more than US$2 billion project there places it among the most significant new developments the region has seen, with a target of more than 300,000 tonnes a year, KoBold Metals said.

What to watch

The first marker is shaft progress. Sinking a shaft to about 1,700 metres is the gating task for a deep mine, and the pace of construction will set whether Mingomba meets its early-2030s production window.

The second is the output ramp. The 300,000-tonne-a-year target is a steady-state figure; the timeline to reach it, and how it slots into Zambia’s broader copper goal, will be the numbers to watch as ZCCM-IH and KoBold report on the build.

The third is execution against the stated pace. KoBold Metals Africa chief executive Mfikeyi Makayi said the partners would go fast and not take shortcuts; whether the project holds to that on a deep mine of about 1,700 metres, while spending more than US$2 billion, will define how the early 2030s production goal lands.

Frequently Asked Questions

These are the questions readers are asking about the Mingomba groundbreaking. Short answers follow, drawn from KoBold Metals and the report on mining.com.

What is the Mingomba copper project?

In short, Mingomba is a copper mine in Chililabombwe, on Zambia’s Copperbelt, developed by KoBold Metals with state vehicle ZCCM-IH. According to KoBold Metals, the partners broke ground on shaft construction on 29 April 2026, and the data shows the project targets more than 300,000 tonnes of copper a year.

Why is Mingomba a significant investment for Zambia?

Simply put, the answer is the scale: the investment exceeds US$2 billion. According to mining.com, the figure is described as the single largest private investment in Zambia’s history, evidence of the scale of capital flowing into the Copperbelt.

Which partners own the Mingomba mine, and how does the split work?

The key is the joint-venture structure: KoBold Metals holds an 80% controlling interest and ZCCM-IH a 20% sovereign stake, according to mining.com. In other words, a private operator runs the project while the state retains a direct holding in production and revenue.

When will Mingomba start producing copper?

According to KoBold Metals, first production is expected in the early 2030s, after the shaft is sunk to about 1,700 metres. Analysis of the schedule shows construction pace is the main factor that will move that date.

Who is behind KoBold Metals?

Research into the company shows KoBold Metals is an AI-driven minerals explorer backed by Bill Gates and Sam Altman. At the Mingomba groundbreaking, KoBold Metals Africa chief executive Mfikeyi Makayi said the partners would not take shortcuts, evidence of the urgency the company attaches to the build.

Sources

Primary and wire sources: KoBold Metals, “Breaking ground at Mingomba” and mining.com, “Sam Altman-backed firm starts work on Zambia’s top copper mine”.