According to a report by Mining.com, KoBold Metals, backed by billionaire tycoons Bill Gates and Jeff Bezos, announced on Monday that its Mingomba asset in Zambia represents the largest copper deposit discovered in the country in a century and plans to accelerate its development.
　　The California-based startup has been drilling in Zambia for less than a year. During that time, Josh Goldman, president of Kobold, said they have confirmed the “huge” scale of this mineral deposit.
　　He said that Mingongba is gradually proving to be “exceptional,” particularly when compared to the Kamoa-Kakula copper mine in the Democratic Republic of Congo. The Kamoa-Kakula copper mine, located near the border with Zambia, produced nearly 400,000 tons in 2023.
　　According to Bloomberg, Goldman said in an interview held on the sidelines of a mining conference in South Africa, “The Mingombwa copper mine—both in terms of scale and grade—can rival Kakula and will become one of the highest-grade and largest underground mines.”
　　In 2022, Cobord Company acquired the project through a joint venture with EMR Capital, Australia’s private securities firm currently owned by the Zambia National Mining Investment Company (ZCCH-IH).
　　Kobold Company still plans to invest $2 billion over the next 10 years to develop this underground copper mine, with production scheduled to begin in the early 2030s. However, before a final decision is made, it will be necessary to update the resource estimates and complete a feasibility study.
　　Goldman isn't worried about securing funding. “Globally speaking, there’s no need to worry about a lack of capital. What’s lacking are high-quality projects—so long as there’s a return, there’ll be funding,” he said. “Large-scale projects aren’t short of capital.”
　　If completed, Mingongba will help the Zambian government achieve its vision of increasing national copper production to 3 million tons by 2032, thereby enabling it to reduce its debt burden.
　　From Canada to the World
　　This company focuses not only on copper, but on all minerals and metals that are critical to the energy transition.
　　After acquiring mining rights in Quebec, Canada three years ago, the company began exploring for battery metals and discovered lithium south of Glencore’s Raglan nickel mine.
　　This startup company has more than 10 exploration projects in countries and regions including Zambia, Namibia, the Democratic Republic of the Congo, Quebec, Saskatchewan, Ontario, and Western Australia. It is also collaborating with BHP and BlueJay Mining to explore mineral resources in Greenland.
　　Kobold also has exploration activities in South Korea and the United States. In December 2023, the company launched a lithium mining exploration program spanning four continents.
　　Using artificial intelligence, Kebode Company hopes to build a “Google Maps” for the Earth’s crust, with a particular focus on locating deposits of copper, cobalt, nickel, and lithium.
　　The company collects and analyzes multi-source data—from old drilling results to satellite imagery—to better identify potential locations for new mineral deposits.
　　The collected data will be analyzed using algorithms to identify geological structures and assess cobalt mineral potential. This mineral is often found in association with nickel and cobalt.
　　Kebode Company stated that this technology can identify resources that cannot be found using traditional geological methods, helping mining companies determine where to acquire land and conduct drilling.
　　Goldman said the company is considering going public within the next three or four years.