Barrick’s Lumwana Super Pit Project Scheduled for 2028 Production Commencement

Barrick Gold Corp.'s Lumwana copper mine in Zambia is set for a significant expansion with its Super Pit project, now accelerated for a production start in 2028. This development is part of the Zambian government's initiative to rejuvenate the country's copper industry over the next decade. The Super Pit expansion is projected to transform Lumwana into one of the world's major copper mines, with an annual production of approximately 240,000 tonnes over a life span extending beyond 30 years. The estimated cost of this ambitious project is nearly $2 billion, with construction set to begin towards the end of this year.

Since Barrick's strategic refocus in 2019, Lumwana has evolved from a struggling mine into a key contributor to Barrick's copper portfolio. Local procurement and community engagement initiatives form a crucial part of this project, aligning with Barrick's partnership philosophy. The scientific and technical information for the project has been reviewed and approved by qualified personnel, adhering to industry standards.