Barrick Announced Investment in Zambia Copper Mine Expansion

SEATTLE (Scrap Monster): Barrick Gold Corporation announced investment of approximately $2 billion in an expansion project at Lumwana copper mine in Zambia. The expansion is aimed at increasing the annual production from the mine to 240,000 tonnes of copper over a 36-year mine life.

The key announcement was made by Mark Bristow, president and chief executive, Barrick Gold after his meeting with Zambian President Hakainde Hichilema. Further, he noted that the transformation of the Zambian copper mine into a world-class producer will provide momentum for government’s efforts to revive the country’s copper industry. Also, the Barrick chief noted that the company is on track to deliver its production guidance for the current year.

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The miner expects to complete the full feasibility study by end-2024. The expanded process plant is slated to start production in 2028.

Barrick had taken over the Lumwana copper operations in 2019. Since then, it has contributed almost $3 billion to the country’s economy and provided enormous local employment. Almost 99.3% of the mine’s total workforce are Zambian nationals, the company press release noted.

President Hakainde Hichilema stated that he was elated by the interest shown by Barrick in the expansion project. It demonstrates the confidence in the country’s government by one of the world’s leading miners. Barrick is a key strategic partner in its journey towards 3 million tonnes of copper production by the end of this decade.