Mingomba Mine Project Takes Shape
President Hakainde Hichilema’s vision to have Zambia become a global mining destination and scale up productivity in the mining sector to achieve 3 million metric tonnes of copper production per annum by 2030 is accelerating, as KoBold Metals is investing over 150 million US dollars in developing the Mingomba copper deposit on the Copperbelt.
The project is expected to contribute significantly to the country's Gross Domestic Product (GDP) and cement Zambia's position as a leading copper producer in the world.
President Hichilema, together with senior government officials and KoBold Metals, recently held a briefing at state house discussing the status of the Mingomba project, which is projected to be Zambia’s biggest copper mine once fully operational. This is due to the high grade of ore and the immense size of the deposit that has been discovered following a comprehensive exploration campaign by KoBold.
Statistics show that the best 100 million tonnes of ore rock have an average grade of 8 percent copper, the best 200 million tonnes of ore rock have an average grade of 4.8 percent copper, and the best 300 million tonnes of ore rock have an average grade of 3.8 percent copper. These figures are not static, as more geological data will be collected once a shaft is sunk and the exploitation of the orebody begins.
It is important to note that the Mingomba project, commonly known as the Konkola West project, is a joint venture between the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) that holds a 20% stake in the project with KoBold Metals holding 80% stake.
The investment is testament to Zambia improving its business environment, and the faith of both local and international investors in the New Dawn Government.
Furthermore, the successful development of infrastructure projects such as the Lobito Corridor shall contribute to attracting even more international investors into many sectors, mining being no exception.
In addition, the Government through the Ministry of Mines and Mineral Development shall soon undertake a countrywide mineral mapping project. The collection of new high-resolution geological data shall be pivotal in ensuring mass exploration of minerals and access to information that shall attract more investors in the mining industry.
The investment made by Kobold Metals in the mining industry entails that Zambians will be significant beneficiaries of this asset during the mine development stage and once the mine goes into production.
These benefits shall accrue to Zambians not only through jobs, but also through permanent infrastructure such as electricity supply lines, road networks, schools, and health facilities, that shall be developed in the surrounding areas.
The President applauded Kobold Metals for their commitment to responsible mining practices stating, "We are pleased to see investors prioritising sustainability and community development. This investment is a win-win for both the company and the people of Zambia.”
“Zambia is rich in minerals such as Copper, Cobalt, Nickel, Manganese, and Lithium among others. As a government, we want to ensure that the value addition will benefit the average Zambian,” President Hichilema explained.
The New Dawn Government is optimistic that capital, human resource, and technology investment in Mingomba will accelerate economic development and boost the mining industry to attain 3 million tonnes of copper per year.
The Zambian government under the New Dawn Government is committed to offering clear support to KoBold Metals for the Mingomba project and other investments in the country.