• It’s very good news.
• That deposit will be developed quickly.
• It means that Zambia is confirmed as a premier exploration destination
Zambia Chamber of Mines says the announced US$150 million investment by a US based mining firm into Mingomba Mine on the Copperbelt will improve Zambia’s copper production.
Speaking in an interview with Money FM News, Chamber President Sokwani Chilembo said the investment also confirms Zambia as a premier exploration destination for anybody who wants to explore copper and electric battery minerals.
Mr. Chilembo stated that the deposit will be developed quickly, and the existing Lubambe mine will also progress well with that injection of capital.
“It’s very good news, we are very happy to hear this because that means that deposit will be developed quickly, and the existing Mingomba mine will also progressing well with that injection of capital.”
“It means that Zambia is confirmed as a premier exploration destination for anybody who wants to do copper and electric battery mineral that confirms Zambia as that kind of destination and we should see an improvement in Zambia’s performance production wise over time,” Mr. Chilembo stated.
US-based artificial intelligence exploration firm KoBold Metals is investing US$150 million to explore Zambian Copper in Mingomba Mine, based in Chililabombwe on the Copperbelt.
Announcing the investment on the sidelines of the U.S.-Africa Leaders’ Summit in Washington, D.C., KoBold said the Mingomba project will be a joint venture with Australian private equity firm EMR Capital and Zambia’s state-backed mining company ZCCM-IH, and has the potential to become one of the world’s top-tier mines.
The deal comes as the United States seeks to reduce its dependence on China by developing domestic electric vehicle battery manufacturing, and looks to Africa as an alternative source of battery metals.
Zambia targets to boost the country’s copper production to 3 million tonnes by 2032, from around 850,000 tonnes currently. As Africa’s second-largest producer of copper, Zambia is highly dependent on mining.