KoBold Metals to invest US$300m in Mingomba Mine

KoBold Metals says it will invest 300 million U.S dollars to develop Mingomba Mine in Chililabombwe by 2025.

Kobold Metals Africa Chief Executive Officer MFIKEYI MAKAYI says the company is optimistic that it will sink a shaft at the mine by 2026.

Ms MAKAYI says so far 200 million dollars has been invested in developing the Copper Mine which is expected to be the largest in the country.

She says preliminary works have already started and 2-hundred and 71 people have been employed.

Ms. MAKAYI adds that the mine expects to employ about 700 Zambians.

She said this when a KoBold Metals team led by its Co-founders and presidents JOSH GOLDMAN and KURT HOUSE paid a courtesy call on President HAKAINDE HICHILEMA at State House.

And Mr. GOLDMAN said the company is committed to fast tracking the development of the new Copper Mine in Zambia.

Meanwhile Mr. HOUSE said Zambia's policies and business environment make the country an attractive investment destination.

And President HICHILEMA is hopeful that the investments by KoBold metals will translate into bettering people's livelihoods.

He said government will continue to address challenges that may delay the development of the mine or any other project.

President HICHILEMA said the actualization of the investment is because of his continued interactions with investors.

The President also urged the Kobold metals investors to encourage other businesses to invest in the country's energy sector.

Meanwhile Finance and National Planning Minister SITUMBEKO MUSOKOTWANE emphasised that with such investments in the mining sector, the country is poised to attain its ambitious target of producing three million tonnes of copper by 2030.

This article originally appeared on ZNBC