The mining industry is growing at bulldozer speed, making it clear that it plays a key role in the global technological context. Not only because of the direct economic value they create, but also because of the fundamental role that metals play in the green energy, electronics and automotive sectors. In this context, copper deposits are of increasing strategic importance.
Their presence and exploitation are crucial to the development of international supply chains that fuel the energy transition. The latest discovery on the African continent could have significant implications in this context. Most curiously, it was discovered by none other than artificial intelligence.
Where and how was one of the world’s largest copper deposits found?
San Francisco-based KoBold Metals has confirmed the location of a large deposit in the Mingomba region of Zambia. This startup uses artificial intelligence to analyze satellite imagery and geological data to find copper deposits.
The use of advanced technology in the mining sector is responding to a growing challenge: the most accessible resources have already been exploited in previous decades. With the scarcity of new surface discoveries, digital techniques are enabling the identification of deep and complex veins, such as the recently discovered KoBold.
To understand this development a little, a few key aspects should be kept in mind:
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- The deposit has an estimated grade of 5%, which is higher than many other operating mines.
- Its development cost is estimated at about $2 billion.
- It has a production potential of more than 500,000 tons per year.
- The mine is still in the feasibility and resource estimation stage.
According to preliminary estimates, if the mine were to reach annual production of 500,000 tons within 20 years, up to 10 million tons of copper could be produced. Given the current average price of $9,000 per ton (about 8,300 euros), the total gross value of the copper contained in the mine would be about 83 billion euros.
Why is Zambia important to Africa’s mining industry?
Zambia is currently the second largest copper producer on the African continent, behind only the Democratic Republic of Congo. The inclusion of this new deposit could strengthen its position and contribute to the state’s plans to expand its mining sector.
Certainly, the state government has been optimistic about the possibility of tripling national production in the coming years. According to official statements, the Mingomba discovery is considered key to achieving this goal.
Presidential Economic Advisor Jito Kayumba said the project could be a “game changer” for the country’s economy, which relies heavily on mining. He also emphasized that such investments strengthen Zambia’s stability and its attractiveness as a destination for international capital.
Copper’s role in the energy transition
Copper deposits are a priority for many countries and companies due to expected shortages of the mineral. Copper is needed in the production of wind turbines, solar panels, electrical infrastructure and electric vehicles.
Faced with increasing demand, several international mining companies have already issued warnings of future production shortages. In this context, new discoveries like that of Mingomba could play a strategic role in rebalancing the market.
Who are the investors and technology funds behind the project?
KoBold Metals is backed by several large investors. These include Breakthrough Energy Ventures (founded by Bill Gates), Jeff Bezos, Ray Dalio, Richard Branson, Jack Ma and Norwegian fund Equinor. They also partner with firms such as Andreessen Horowitz, BHP and T. Rowe Price Group.
This set of support demonstrates the growing link between clean energy, technology finance and mineral exploration. The energy transition requires vast quantities of raw materials, and copper is one of the most sought-after because of its high electrical conductivity.
KoBold plans to start the first phase of mining at the deposit early next decade, once feasibility studies are completed and the necessary permits are obtained.
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