- Barrick Gold has reported its Lumwana copper mine in Zambia is on track for first production by 2028 after its Super Pit expansion project has been accelerated
- The project will transform into one of the world’s largest copper mines with a projected annual production of 240,000 tons per year over a 30-year life
- Since 2019, Lumwana has been restructured and re-engineered into one of Barrick’s significant contributors in its copper portfolio
- Shares of Barrick Gold are up 1.47 per cent to C$21.34 as of 12:09 pm ET
Barrick Gold (TSX:ABX) is officially gearing up for production at its Lumwana copper mine in Zambia.
In a news release, the company stated production at the mine is on track for first production by 2028 after its Super Pit expansion project has been accelerated.
According to Barrick Gold, the Lumwana copper mine will transform into one of the world’s largest copper mines with projected annual production of 240,000 tons per year over a 30-year lifespan.
Cost of the project is almost US$2 billion with construction anticipated to start towards the end of 2024.
Lumwana has also contributed almost $3 billion to the Zambian economy since 2019 through royalties, taxes, salaries and the purchase of goods and services from local businesses.
The company also launched a Business Accelerator Program to build the business capacity of Zambian contractors in its supply chain.
Barrick Gold is a Canada-based gold and copper producer and has ownership interests in producing gold mines in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania and the United States.
Shares of Barrick Gold are up 1.47 per cent to C$21.34 as of 12:09 pm ET.
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