A Gates- and Altman-Backed Miner Breaks Ground in Zambia

ZAMBIA · MARKETS

Key Facts

—The project: KoBold Metals has broken ground on the Mingomba mine, set to become Zambia’s biggest copper mine.

—The cost: The build is expected to cost more than $2.3 billion, among the largest investments in the country’s history.

—The backers: KoBold is funded by billionaires including Bill Gates and Sam Altman, and uses artificial intelligence to hunt for minerals.

—The output: Mingomba is expected to eventually produce more than 300,000 tonnes of copper a year.

—The context: Zambia produced a record 890,346 tonnes of copper in 2025 and wants to top 1 million in 2026, reaching 3 million by 2031.

—The prize: Copper is essential for power grids, electric cars and data centres, and demand is climbing.

A new Zambia copper mine backed by Bill Gates and Sam Altman has broken ground, a $2.3 billion wager on the metal that power grids, electric cars and data centres all depend on.

What the Zambia copper mine will produce

The Mingomba project, in Zambia’s Copperbelt, is set to be the country’s biggest copper mine. It will cost more than $2.3 billion to build.

Once running, it is expected to yield over 300,000 tonnes of copper a year, ranking it among the continent’s largest sources.

That is a major bet on a single deposit, and one of the biggest investment projects the country has seen.

The ore body is unusually rich, which is part of what drew such deep-pocketed backers to a project that will take years to build.

Higher-grade ore means more metal from every tonne dug, which lowers costs and improves the odds of a healthy profit.

Silicon Valley goes mining

The developer, KoBold Metals, is not a traditional miner. It is a technology company that uses artificial intelligence to search for deposits.

Its backers read like a roll-call of American wealth, including Bill Gates and Sam Altman through a clean-energy investment vehicle.

Their interest signals how strategic copper has become to the people building the next wave of technology.

KoBold says its software can map what lies underground faster and more cheaply than traditional surveys, cutting the odds of a costly miss.

The approach has made the company one of the most closely watched names in an industry not known for reinvention.

Zambia’s copper ambitions

Zambia is Africa’s second-largest copper producer, and the government has set bold targets. Output hit a record 890,346 tonnes in 2025, up 8% on the year.

Officials want to pass 1 million tonnes in 2026 and reach 3 million by 2031, which would transform the economy.

Established miners such as First Quantum are expanding too, adding to the momentum.

First Quantum has committed more than $1 billion to enlarge its flagship Kansanshi mine, extending its life by decades.

Together, the new projects could push Zambia back toward the top rank of global copper producers.

The government hopes the wave of investment will also bring roads, power and jobs to the mining regions.

Those promises will be judged over years, not months, as the mine is dug and equipped.

Why copper, why now

Copper is the metal of electrification. It wires power grids, electric vehicles, wind turbines and the data centres behind artificial intelligence.

Analysts expect demand to keep rising as the world adds clean-energy capacity and computing power.

Some forecasters warn of a looming shortfall, with too few new mines coming online to meet the appetite for the metal.

That makes new supply, especially large and low-cost supply, extremely valuable.

The great-power contest

Zambia’s copper sits at the heart of a global scramble. The United States and the European Union are courting African minerals to reduce their dependence on China.

China, for its part, is already a dominant force in the region’s mines and metals trade.

A Silicon Valley-backed mine gives Washington’s allies a foothold in a business China has worked hard to control.

It also feeds a broader Western effort to build supply chains for critical minerals that do not run through Beijing.

The result is a quiet tug-of-war over who will control the copper the world increasingly needs.

The risks

Big mines are hard to build. Costs can balloon, timelines can slip, and Mingomba’s copper is deep underground, which complicates the work.

Local communities will watch how the project handles land, water and jobs, issues that have dogged mining elsewhere.

And copper prices swing, so a bet that looks smart today can look stretched if the market turns.

Even so, few doubt that the world will need far more copper, and Zambia is determined to supply a large share of it.

For a country whose fortunes have long risen and fallen with copper, the stakes could hardly be higher.

Frequently asked questions

What is the Mingomba copper mine?

Mingomba is a project in Zambia’s Copperbelt that is set to become the country’s biggest copper mine, costing more than $2.3 billion to build.

Who is behind the Zambia copper mine?

It is developed by KoBold Metals, a technology company backed by billionaires including Bill Gates and Sam Altman that uses artificial intelligence to find deposits.

How much copper will it produce?

Mingomba is expected to eventually produce more than 300,000 tonnes of copper a year, ranking among the continent’s largest sources.

Why is copper so sought after?

Copper is essential for power grids, electric vehicles and data centres, and demand is rising as the world electrifies and expands computing.

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