Barrick Set to Double Copper Production at Lumwana Mine in Zambia by 2025

Toronto-based miner Barrick Gold announced that it expects to complete the feasibility study for a significant expansion of its Lumwana copper mine in Zambia by the end of this year, with construction slated to begin in 2025. The planned expansion aims to increase plant throughput from 27 million tonnes to 52 million tonnes annually by twinning the existing process circuit and boosting mining volumes, effectively doubling Lumwana's copper production to an annual average of 240,000 tonnes from the current 120,000 tonnes.

Total mining volumes at Lumwana are expected to increase incrementally, rising from 150 million tonnes this year to approximately 240 million tonnes by 2028, with a target of reaching 290 million tonnes per year by 2030. The expansion will position Lumwana as a Top 25 global copper producer and a Tier One mine, ensuring it can withstand fluctuations in global copper demand cycles.

Sebastiaan Bock, Barrick's Chief Operating Officer for Africa & the Middle East, highlighted the financial benefits of the phased ramp-up, stating, "The phased ramp-up will enable a competitive cost profile over the life of the mine. Annual operating cash flow and free cash flow are projected to improve by as much as 85% and 60%, respectively, based on long-term copper price forecasts." Barrick estimates that the expansion will generate an incremental net present value of $1.7 billion.