Barrick Gold to Accelerate Zambian Copper Mine Expansion

SEATTLE (Scrap Monster): Barrick Gold is accelerating the proposed expansion of its Lumwana, Zambia copper mine, chief executive Mark Bristow said in his meeting with Hakainde Hichilema, the country’s president. The first production from the mine is now scheduled for 2028, he added.

The Super Pit expansion project is expected to transform Lumwana into one of the world’s major copper mines. The company foresees annual production of around 240,000 tonnes per year over a 30-plus-year life. It will provide significant boost to the government’s ongoing efforts to revive Zambia’s copper industry.

Barrick has been instrumental in restructuring and re-engineering the once struggling mine into a major contributor to its expanding copper portfolio. Since 2019, the mine has contributed approximately $3 million to the country’s economy.

The cost of Lumwana expansion project is estimated at around $2 billion. The construction activities are scheduled to commence by the end of the current year. A report of the full feasibility study is also expected by end-2024.

In addition to accelerating the Lumwana expansion, Barrick has announced its intention to add more copper assets to its African portfolio, thereby expanding its presence in the region. The company aims to double its copper output to almost 1 billion pounds by 2031.

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