Barrick Gold Targets Over 400,000 Tonnes of Copper Production Annually by 2030

August 21, 2024

Barrick Gold, the Canadian metals giant with assets across Zambia, the Democratic Republic of Congo (DRC), Tanzania, and other global locations, has expressed confidence in boosting its copper production to over 400,000 tonnes per year by 2030. The Toronto- and New York-listed company also aims to increase its gold output by 30%, according to a recent report by *Mining Weekly*.

Key to this ambitious copper production goal is the expansion of the Lumwana Copper Mine in Zambia, which, according to Barrick CEO Mark Bristow, is expected to increase output to 240,000 tonnes annually. Additionally, Barrick’s share of the first phase of the Reko Diq project in Pakistan will contribute another 100,000 tonnes of copper and 120,000 ounces of gold each year. The project's second phase is expected to further boost output to 400,000 tonnes of copper and 500,000 ounces of gold, with Barrick receiving half of these totals.

"Just on those two assets, we're at more than 400,000 tonnes of copper, which puts us into the mid-copper producer category," Bristow remarked.

In addition to its African and Asian operations, Barrick has copper mines in Saudi Arabia and Chile and is exploring opportunities in the Central African Copperbelt, which spans northern Zambia and southern DRC, as well as in the US, Ecuador, and Peru.

Bristow also emphasized Barrick's commitment to environmental sustainability, highlighting the company’s efforts in the DRC, particularly at the Kibali Gold Mine. He noted that the site now boasts greater biodiversity than when Barrick first arrived, thanks to environmental controls and efforts to restore natural habitats.

In Tanzania, Barrick has successfully resolved a long-standing tax dispute involving Acacia Mining, which it acquired in 2019. The resolution has led to a more transparent tax relationship with the Tanzanian government, further solidifying Barrick's operational presence in the region.

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