Barrick Gold says its push to transform the Lumwana copper mine in Zambia into a premier asset with a life-extending beyond 2060 is gaining momentum with a strong performance in the past quarter that has added fuel to its continued production ramp-up.
A tier-one copper asset is an asset with a reserve potential of greater than five million tonnes of contained copper.
“Since Barrick refocused its strategy in Africa in 2019, Lumwana has become a key element in the expansion of our strategic copper portfolio and a significant contributor to our bottom line,” said company president and chief executive Mark Bristow.
“At the same time, its importance to Zambia has grown. Since 2019, it has contributed more than $2.3 billion to the country’s economy in the form of royalties, taxes, salaries, and purchases from local suppliers.”
He also said the Lumwana pre-feasibility study is progressing in line with the company’s plans to transform its long-term copper profile through the delivery of the envisioned super pit.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
