Barrick to invest US $2bn in Lumwana mine in Zambia
Barrick Gold has announced investing a sum of US $2 billion in the expansion of its Lumwana copper mine in Zambia with a goal of increasing the annual copper production from the mine.
The expansion project aims to boost Lumwana’s copper production to around 240,000 tonnes annually. This expansion is significant compared to the previous production rate of 50 million tonnes per annum from the process plant.
Lumwana mine
The expansion project is expected to have a 36-year life span. An expedited work program is in place to complete a full feasibility study by the end of the following year (likely the end of the current year in the context provided) and commence operations at the expanded process plant by 2028.
Barrick Gold’s investment in Lumwana is expected to have a positive impact on Zambia’s copper industry and economy. The mine has already contributed approximately $3 billion to the Zambian economy through taxes, royalties, salaries, and procurement of goods and services since its operations began in 2019.
A significant portion of the workforce at the Lumwana mine consists of Zambian nationals, with 99.3% of the workforce being locals. Barrick Gold emphasizes its commitment to partnering with host countries and sharing economic benefits generated by its mines with governments and local communities. This approach is aimed at creating sustainable value for all stakeholders.
The mine is reportedly on track to meet its production targets for the current year, with a production forecast of between 260 and 290 million pounds of copper. Lumwana is described as a conventional open-pit mine located approximately 100km from Solwezi in Zambia’s Copperbelt. It primarily processes sulphide ore using a conventional sulphide flotation plant to produce copper concentrate
