KoBold Metals has broken ground on the Mingomba copper mine in Zambia, marking a significant milestone for the venture backed by Bill Gates and Sam Altman.
The project represents a $2.3 billion investment aimed at expanding global copper supply to meet the growing demand driven by the energy transition.
The start of construction at Mingomba underscores the increasing willingness of private capital to fund large-scale, greenfield mining projects in Africa.
As one of the most prominent tech-backed mining ventures, KoBold’s progress serves as a tangible indicator of the sector’s shift toward operationalizing critical mineral resources.
Copper prices have remained under pressure from supply constraints and rising demand for electrification.
New projects like Mingomba are viewed as essential to alleviating the structural deficit that has characterized the market in recent years.