Barrick has accelerated the Lumwana copper mine’s super pit expansion project with the first production now scheduled for 2028.
Barrick president and chief executive Mark Bristow advised Zambian president Hakainde Hichilema at their meeting that the project will transform Lumwana into one of the world’s major copper mines, with a projected annual production of around 240,000 tonnes per year over a 30-year plus life.
The estimated cost of the project is almost $2 billion and construction is scheduled to start towards the end of this year.
Lumwana, the once struggling mine, has been restructured and re-engineered into a significant contributor to Barrick’s expanding copper portfolio.
The ramp-up of the reopened Malundwe pit and completion of the transition to owner mining supported the achievement of its production guidance for 2023.
“We are in discussion with the Ministry of Green Economy and Environment to facilitate the required licensing and our partnership with local government,” said Bristow.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
