https://en.sputniknews.africa/20240205/us-based-metals-exploration-company-to-develop-new-2-billion-copper-mine-in-zambia-1064943687.html
US-Based Metals Exploration Company to Develop New $2-Billion Copper Mine in Zambia
US-Based Metals Exploration Company to Develop New $2-Billion Copper Mine in Zambia
Sputnik Africa
Foreign companies are trying to actively cooperate with African countries that are rich in rare but essential metals for the tech industry, such as cobalt... 05.02.2024, Sputnik Africa
2024-02-05T18:28+0100
2024-02-05T18:28+0100
2024-02-06T08:25+0100
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KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, is speeding up the plans to construct a new mine at its Mingomba project in Zambia to meet the surging demand for critical metals, Josh Goldman, the co-founder and president of the company, told British media.The company may also consider listing its shares publicly in the next three to four years, Goldman said.According to KoBold, the Mingomba deposit offers copper ore grades of about 5%, making it perhaps the highest-grade discovery made in Zambia in a century, the media reported.Development of the mine could begin around 2027 and require an investment of about $2 billion.Moreover, due to the enormity of the project, the company is open to new partnerships.Furthermore, another foreign company is stepping up efforts to find alternative sources of supplies of critical metals such as copper, cobalt, lithium and nickel, which are key to the clean energy transition and the accelerating growth of battery electric vehicles.Anglo American, a British mining group, is also in the early stages of exploring for copper and cobalt in Zambia, the company's Chief Executive Officer Duncan Wanblad reportedly said on Monday.Wanblad, however, emphasized that additional efforts are required to make a persuasive case for Africa, considering the fierce global rivalry.The news came as Zambia last week agreed to restructure a $1.5 billion debt owed by Mopani Copper Mines to Swiss mining company Glencore with the help of a new investor, UAE-based International Resources Holdings (IRH), ZCCM-Investment Holdings, as the latter said.Nevertheless, speaking at the beginning of the yearly mining conference in Cape Town, which brought together international investors, mining specialists, and African leaders, President of South Africa Cyril Ramaphosa stated that Africa has the chance to play a major role in the global energy transformation, with a focus on mining.Additionally, Ramaphosa stressed that the nation is working to "ensure energy security and create new opportunities" through an equitable energy transformation.
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US-Based Metals Exploration Company to Develop New $2-Billion Copper Mine in Zambia
18:28 05.02.2024 (Updated: 08:25 06.02.2024) Christina Glazkova
Writer / Editor
Foreign companies are trying to actively cooperate with African countries that are rich in rare but essential metals for the tech industry, such as cobalt, copper, nickel and lithium. Two other major companies have announced plans to develop mines in mineral-rich Zambia.
KoBold Metals, a California-based metals exploration company backed by billionaires
Bill Gates and Jeff Bezos, is speeding up the plans to construct a new mine at its Mingomba project in
Zambia to meet the surging demand for critical metals, Josh Goldman, the co-founder and president of the company, told British media.
"We're on track to do it fast, and it's going to be one of the highest grade, large copper mines," Goldman reportedly said. "We will make it quicker than ten years. We continue to move fast and that the pace that we're moving at is with the accelerator firmly on the floor."
The company may also consider listing its shares publicly in the next three to four years, Goldman said.
According to KoBold, the Mingomba deposit offers copper ore grades of about 5%, making it perhaps the highest-grade discovery made in Zambia in a century, the media reported.
Development of the mine could begin around 2027 and require an investment of about $2 billion.
"The issue globally, is not a lack of availability of capital. It is a lack of availability of high quality projects and where there are returns, there is capital," Goldman said, as cited by the report, adding that "for a great project, there will be capital."
Moreover, due to the enormity of the
project, the company is open to new partnerships.
"There's interest from financing parties and there's interest from all types of parties in the [Mingomba] project," he said. "We are receptive to conversations about all kinds of different partnerships."
Furthermore, another foreign company is stepping up efforts to find alternative sources of supplies of critical metals such as copper,
cobalt, lithium and nickel, which are key to the clean energy transition and the accelerating growth of battery electric vehicles.
Anglo American, a British mining group, is also in the early stages of exploring for copper and cobalt in Zambia, the company's Chief Executive Officer Duncan Wanblad reportedly said on Monday.
"Zambia's mining sector appears to be on track for renewed activity - and that is good for Zambia and African mining," Wanblad was quoted as saying. "I am pleased that we are progressing with early-stage exploration in Zambia's North-Western Province to identify potential copper and cobalt opportunities."
Wanblad, however, emphasized that additional efforts are required to make a persuasive case for Africa, considering the fierce global rivalry.
"We sometimes forget this simple truth: mining jurisdictions across the world are competing for every dollar of investment. Capital is highly mobile and, increasingly, as we are all seeing, the best capital will go to those countries that are set on making themselves competitive for the long term," the CEO reportedly said.
The news came as Zambia last week
agreed to restructure a $1.5 billion debt owed by Mopani Copper Mines to Swiss mining company Glencore with the help of a new investor, UAE-based International Resources Holdings (IRH), ZCCM-Investment Holdings, as the latter said.
Nevertheless,
speaking at the beginning of the yearly mining conference in Cape Town, which brought together international investors, mining specialists, and African leaders, President of South Africa Cyril Ramaphosa stated that Africa has the chance to play a major role in the global energy transformation, with a focus on mining.
Additionally, Ramaphosa stressed that the nation is working to "ensure energy security and create new opportunities" through an equitable energy transformation.
