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Rising demand for battery minerals is fueling major U.S. and Chinese investments in Zambia’s🇿🇲 mining industry, with about $10 billion committed in four years. KoBold Metals is advancing the $2.3 billion Mingomba copper project, while Cinfeng plans up to $40 million to revive the Munali Nickel Mine.
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KOBOLD METALS PUSHES FORWARD ON ZAMBIA'S $2.5BN MINGOMBA COPPER MINE

KoBold Metals, the AI-powered mining company backed by Jeff Bezos and Bill Gates, has launched development of its Mingomba copper project in Zambia, with production targeted for the early 2030s.

Africa CEO Mfikeyi Makayi confirmed the company is deep into the permitting process and expects to begin shaft sinking in early 2027. "We're now full swing into getting approvals to start building the mine," she said. "With us moving quite fast, the goal is to get into production in the early 2030s."

The project carries an estimated price tag of $2.3 to $2.5 billion and is expected to produce 300,000 metric tons of copper annually — a significant contribution to Zambia's ambitious target of tripling national output to 3 million metric tons by 2031. Land acquisition for core infrastructure, including processing plants, a tailings dam, and administrative facilities, is already complete.

On financing, Makayi indicated KoBold is currently self-funding but remains open to partnerships. "We have different conversations, but right now it's still only KoBold — and we're confident we have the runway to carry the project forward."

Mining license fees too high for locals

By Tyndale Muchiya

The President of the Federation of Small-Scale Mining Associations of Zambia (FSSMAZ), Joseph Mwansa, has voiced concern over the high costs associated with acquiring mining licences, arguing that these fees are preventing local communities from participating in the mining sector.

Speaking in an interview with the Zambian Business Times (ZBT), Mwansa explained that while the Ministry of Mines charges minimal application fees for artisanal mining licences, the overall cost quickly escalates due to additional requirements imposed by various regulatory bodies......Read the full articles in this week's ZBT Publication.Get copy via link
https://zambianbusinesstimes.com/e-newspaper/

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90% of gold mined & exported from Zambia dodging tax

By Tyndale Muchiya

The Federation of Small-Scale Mining Associations of Zambia (FSSMAZ) has warned about the continued rampant smuggling of gold, warning that nearly 90% of all gold produced in Zambia is still being illegally exported, depriving the country of vital tax revenue and foreign exchange.

A massive gap had emerged in Zambia’s gold trade data after official data revealed that in 2023, the United Arab Emirates (UAE) reported importing nearly $2 billion worth of gold from Zambia. In 2023, Zambia exported gold worth $1.7 billion to the United Arab Emirates (UAE) alone, but the Ministry of Mines and Customs data from the Zambia Revenue Authority (ZRA) only recorded paltry exports, which have not led to gold mineral taxes contributing anything significant to the treasury.…Get your copy via link https://zambianbusinesstimes.com/subscribe_to_zambian.../ to read these and many more insightful stories