Barrick says it is investing about $2 billion in an expansion project that would expand Lumwana's yearly production in Zambia to an estimated 240,000 tonnes of copper from a 50 million-tonne-per-annum treatment plant over a 36-year mine life.
The move will propel this once-unprofitable business to the forefront of copper producers.
The company said that the accelerated work programme for the project aims to complete the full feasibility study by the end of 2024, bringing up the anticipated enlarged process plant output to 2028.
“Barrick believes that its host countries are its key stakeholders and that partnering with them creates sustainable value for both of us,” said company chief executive Mark Bristow.
“In Zambia as elsewhere in our global network, we seek to share the economic benefits generated by our mines with the countries’ governments and people, notably our neighbouring communities.”
He said that Lumwana was on track to meet its 2023 production forecast and was scaling up owner-mining with the reopening of the Malundwe pit and the delivery of a new owner-mining pre-stripping fleet.
Zambian president Hakainde Hichilema said Barrick’s planned investment was a vote of confidence in “our New Dawn administration by one of the world's largest mining companies”.
He said Zambia's main objective is to become a global mining hub.
“We have also set ourselves the target of producing 3 million tonnes of copper by 2030. Barrick is a key strategic partner on this journey,” said Hichilema.
Since Barrick took over Lumwana operations in 2019, the mine has provided about $3 billion to the Zambian economy through taxes, royalties, salaries, and the purchase of goods and services.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
