Lumwana Super Pit Project On Track For First Production In 2028

Lumwana Super Pit Project On Track For First Production In 2028

LUSAKA, ZAMBIA – Barrick Gold Corporation reported that the Lumwana copper mine’s Super Pit expansion project has been accelerated with first production now scheduled for 2028. The project will transform Lumwana into one of the world’s major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year life1. It is a key component of the Zambian government’s drive to revive the country’s copper industry over the next 10 years. The estimated cost of the project is almost $2 billion and construction is scheduled to start towards the end of this year.

Since Barrick refocused its strategy in 2019, Lumwana, the once struggling mine, has been restructured and re-engineered into a significant contributor to Barrick’s expanding copper portfolio. The ramp-up of the reopened Malundwe pit and completion of the transition to owner mining supported the achievement of its production guidance for 2023.