Barrick plans nearly $2bn Zambia copper expansion
Canada-headquartered miner Barrick said on Wednesday it will invest almost $2-billion to expand copper production at Lumwana, in Zambia, to about 240 000 t/y.
The investment would elevate the once-unprofitable operation into the front ranks of copper producers, the TSX- and NYSE-listed company said.
The project’s accelerated work programme is targeting completion of the full feasibility study by the end of 2024, bringing expected expanded process plant production forward to 2028.
Barrick CEO Mark Bristow said Lumwana was on track to deliver its production guidance for 2023 and was ramping up owner mining with both the reopening of the Malundwe pit, as well as delivery of the new owner mining pre-stripping fleet. The mine is forecast to produce between 260-million and 290-million pounds this year.
Bristow, who met with Zambian President Hakainde Hichilema on Tuesday, commented that transformation of Lumwana into a world-class producer would provide strong impetus for the government’s thrust to revive the country’s copper industry.
Zambia has set itself the target of producing three-million tonnes of copper by 2030.
Hichilema stated he was elated by the news of the planned expansion. “This is a show of confidence in our New Dawn government by one of the world’s leading mining companies. Our laser focus is on establishing Zambia as a global mining destination."
Hichilema called on Barrick to prioritise local content and increase the participation of Zambian suppliers to the Lumwana mine. He also encouraged Barrick to deploy the most advanced mining technology and invest in downstream value addition in support of the New Dawn’s vision of establishing green industrial parks in Zambia.
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