Barrick Gold Investing in Expansion of Lumwana Mine in Zambia

By Robb M. Stewart

Barrick Gold will invest almost $2 billion to expand its Lumwana mine in Zambia into a "super pit" and the miner into one of the world's largest copper producers.

The expansion project at Lumwana will boost annual production to an estimated 240,000 metric tons of copper from a 50-million ton a year processing plant with a 36-year life of mine, the Canadian company said.

Barrick said its accelerated work program is targeting the completion of a full feasibility study by the end of next year, which would bring expended process plant production forward to 2028.

Following a meeting between Barrick President and Chief Executive Mark Bristow and Zambian President Hakainde Hichilema, the company said the Lumwana operation was on track to deliver its production guidance for 2023.

Barrick is seeking to build Lumwana into one of its top tier assets with a life that extends beyond 2060. The operation is a pillar of Barrick's focus on copper production that, alongside the majority-owned Reko Diq project in Pakistan, are expected to drive the company into the top leagues as a copper producer that sit alongside its massive gold operations.

The company has forecast Lumwana will produce between 260 million and 290 million pounds of copper in 2023, after production of 67 million pounds in the second quarter of the year.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

October 04, 2023 07:42 ET (11:42 GMT)

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