President Hichilema Launches $2.2 Billion Mingomba Mine Project

President Hakainde Hichilema has launched the $2.2 billion Mingomba Mine Project in Chililabombwe District, describing it as a new chapter in Zambia’s mining story.

 Speaking at the groundbreaking and shaft‑sinking ceremony, the Head of State directed Mingomba to adhere to the local content policy to ensure more Zambians participate in the project. He further urged the mine to support small businesses in the area and called on the local community to safeguard the investment.

President Hichilema said the project positions Zambia to reclaim its place as a leading global copper producer. “This means more than jobs and community revival; it is about Zambia taking its rightful place globally in copper production,” he said. He added that such investment would not have been possible without government’s debt restructuring, which has improved investor confidence.

The President noted that the project will bring significant value to the mining sector, including technology transfer and research that can benefit other mines. He expressed satisfaction that KoBold was conducting further exploration for minerals such as lithium and cobalt, and highlighted the importance of the first high‑resolution geophysical survey commissioned by government to guide sound investment decisions.

He pledged continued efforts to improve the investment environment and strengthen Zambia’s relations with the United States, stressing that partnerships must serve the interests of both countries.

Mines and Minerals  Development Minister Paul Kabuswe said Zambia was on course to achieving the target of one million tonnes of copper, attributing this to President Hichilema’s visionary leadership. He said predictability and stability in the economy had attracted investors such as KoBold.

US Ambassador Michael Gonzales reaffirmed KoBold’s commitment to transferring skills and deploying advanced technology. He said development would be driven by the private sector through job creation, and called for policies that ease doing business, including streamlined licensing timelines.

KoBold Global CEO Kurt House said Mingomba Mine will produce about 300,000 tonnes of copper annually at a grade of five percent,ten times the global average. He announced that by the end of 2026, KoBold would have invested $600 million in Zambia, making it the largest American private investor. “Mingomba will become one of the world’s greatest mines because of its high mineral deposits,” he said, adding that strengthened democracy was one of the reasons for investing in Zambia.

KoBold Chief Executive Officer Eng. Mfikeyi Makayi said the company’s goal was to develop mines across Africa, with exploration for nickel and lithium underway in North‑Western and Southern provinces. She revealed that the company is designing a plant to process ore locally using artificial intelligence technology. Eng. Makayi added that more than 600 staff at the mine hold equity in the company, which is also engaged in corporate social responsibility initiatives including classroom and maternity annex construction, agricultural extension services, and livelihood training programmes for surrounding communities.