Barrick Gold is investing almost US$2bn into the expansion of the Lumwana copper mine in Zambia.
Barrick’s official press release was somewhat loosely worded, but the aim seems to be a processing capacity to 50mln tonnes of ore per year and to boost annual copper production to 240,000 tonnes.
In 2022, Lumwana produced just over 120,000 tonnes of copper, itself a considerable boost from the previous year.
Barrick first took over the mine in 2019.
After a meeting with the president of Zambia, Barrick’s chief executive Mark Bristow sought to position Lumwana as a central factor in Zambia’s hoped-for copper mining renaissance.
“Barrick believes that its host countries are its key stakeholders and that partnering with them creates sustainable value for both of us,” Bristow said.
“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.”
Meanwhile, President Hichilema of Zambia said his government had a “laser focus” on establishing Zambia as a global mining destination.
The planned expansion is due for completion in 2028.