The investment will increase annual production at the Lumwana mine in the country’s Copperbelt.

Canada’s Barrick Gold (Barrick) will invest US$2Bn in an expansion project at the Lumwana mine in Zambia which will boost output to 240ktpy Cu from a 50Mtpy process plant over a 36-year life of mine. As part of its planning, Barrick is currently undertaking a full feasibility study and is targeting completion by the end of 2024. It also anticipates bringing the expanded process plant production forward to 2028.

The Lumwana copper mine is a conventional open pit operation located about 100km west of Solwezi in Zambia’s Copperbelt. Lumwana ore, which is predominantly sulphide, is treated through a conventional sulphide flotation plant, producing copper concentrate. The concentrate is smelted into refined metal at the Chambishi smelter and Konkola copper mine smelter and Nchanga. Barrick’s most recent quarterly results revealed copper production of 67Mlbs (30.4kt Cu) in Q2 and it stated that it was on track to deliver its production guidance for the year.

The news will be a timely boost for the Zambian government. The country is one of the largest copper producers in Africa, but earlier this year Zambia’s Ministry of Finance & National Planning stated in a report that copper production would fall by 10% to 682kt Cu in 2023. This would be its lowest level since 2009. According to the USGS, Zambia accounts for just over 2% of the world’s copper reserves and the government is keen to exploit its copper mineral wealth by setting a target aimed at boosting copper production to 3Mtpy by 2030. For Barrick, this investment will assist the Zambian government in achieving its target and further increase its exposure to a metal that is crucial for the energy transition.