Name of the Project
Lumwana superpit expansion.

Location
Zambia.

Project Owner/s
Barrick Gold.

Project Description
The expansion project will unlock the potential to transform the Lumwana mine into a long-life, high-yielding, top-25 copper producer and a Tier 1 copper mine capable of contending with the volatility of copper demand cycles, Barrick CEO Mark Bristow said in September 2024.

The expansion entails doubling throughput by twinning the existing process circuit and then significantly increasing mining volumes.

Plant throughput will increase from the current 27-million tonnes to 52-million tonnes, doubling the mine’s copper production from 120 000 t/y to a life-of-mine (LoM) average of 240 000 t/y.

The process expansion is supported by a ramp-up of mining volumes, which are planned to increase incrementally year-on-year, from 150-million tonnes a year in 2024 to about 240-million tonnes a year in 2028, and to an average rate of 290-million tonnes a year from 2030.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Barrick says phased ramp-up will allow for a competitive cost profile over the LoM. Yearly operating cash flow and free cash flow are projected to improve by up to 85% and 60% respectively, based on the long-term copper price consensus. These production and cost improvements will contribute to an estimated incremental net present value (NPV8) of $1.7-billion, according to Barrick chief operating officer for Africa and Middle East Sebastiaan Bock. At a flat long-term average copper price consensus of $4.13/lb, Barrick estimates that the project will deliver an incremental internal rate of return (IRR) of 20% and a total mine IRR of more than 50%, paying back the initial expansion capital about two years after the expansion is complete.

Capital Expenditure
To be confirmed.

Planned Start/End Date
Commissioning of the new process plant is planned to start in the second half of 2027.

Latest Developments
The feasibility study for the expansion is expected to be completed by the end of 2024, paving the way for construction to start in 2025.

Key Contracts, Suppliers and Consultants
No details available.

Contact Details for Project Information
Barrick Gold investor and media relations, Kathy du Plessis, tel +44 20 7557 7738 or email barrick@dpapr.com.