Kenyan businessman Julius Mwale inks deal with Zambia

Oluwatosin Racheal Alabi -

Key points:

  • Kenyan businessman Julius Mwale signed a comprehensive agreement with the Industrial Development Corporation (IDC) of Zambia.
  • U.S. firm KoBold Metals discovered large copper deposits near the DRC border.
  • Mwale Medical and Technology City (MMTC) aims to construct 18 smart cities across Africa by 2050, powered by advanced batteries.

Julius Mwale, the visionary founder of  Mwale Medical and Technology City (MMTC), has recently inked a deal for smart cities, mining, infrastructure and agriculture, to help IDC fulfil its mandate of developing Zambia’s domestic industrial capacity and creating jobs.

The Industrial Development Corporation (IDC) of Zambia, chaired by President Hakainde Hichilema, signed a comprehensive agreement with Kenyan businessman Julius Mwale. The deal, finalized after seven months of negotiations, focuses on developing smart cities, mining, infrastructure, and agriculture in Zambia.

The agreement was solidified following Mwale’s visit to Zambia’s state house in October, at Hichilema’s invitation, after a Zambian delegation visited MMTC in Butere, Kenya, in September 2023 for benchmarking.

Hichilema introduced Mwale’s consortium to IDC, leading to this strategic partnership aimed at fulfilling IDC’s mandate of enhancing Zambia’s domestic industrial capacity and job creation.

The deal follows a major discovery by US firm KoBold Metals of large copper deposits at its Mingomba copper project near the DRC border. It was supported by billionaires like Bill Gates and Jeff Bezos, KoBold Metals has raised $150 million for exploration, positioning Zambia as a key player in the global race for critical minerals essential for the energy transition.

“We will start immediately in July and work to fulfill the agreement,” said Norbert Mugeni, a chemical engineer and assistant project manager in the energy division of MMTC. The consortium plans to mine nickel, cobalt, and copper, with a focus on building battery manufacturing plants for electric vehicles (EVs) in Zambia’s Kasempa region.

Jack Chadukwa, CEO of Afritechnics in Zambia and a consortium member, emphasized the goal of creating value-added industries and generating thousands of jobs. “We are glad to be part of Mwale’s consortium to replicate what we saw at MMTC in Kenya here in Zambia,” he said. The consortium aims to build smart cities, roads, and new factories while investing in healthcare and agriculture.

With $2.4 billion secured for these projects, Mwale’s consortium is set to transform Zambia’s industrial landscape. As Africa’s second-largest copper producer after the DRC, Zambia’s substantial nickel deposits attract global investors. The electrical battery market, estimated to be worth $43 trillion between now and 2050, presents immense opportunities. MMTC’s ambitious plan to build 18 smart cities in Africa by 2050, powered by advanced batteries, aligns with this global trend.

Billionaires.Africa reported that MMTC has already expanded into 12 African countries and by 2050, the company aims to construct 18 smart cities and empower 800 million people across the continent. Mwale’s foray into Zambia shows an important step to achieving his expansion goals.