Barrick Expands Lumwana Mine Reserves and Production Capacity

Barrick Gold has significantly increased the proven and probable mineral reserves at its Lumwana mine in Zambia by 180%, reaching 1.6 billion tonnes at 0.52% copper. The expansion project aims to double annual copper production from the current 120,000-140,000 tonnes to an estimated 240,000 tonnes, extending the mine’s operational life to 2057.

The company recently filed a technical report outlining the planned expansion, which involves scaling up mining operations at Chimiwungo and Malundwe, opening two new open pits at Kamisengo and Kababisa, and upgrading the processing plant and associated infrastructure. The processing plant’s capacity is set to double from 27 million tonnes per year to 54 million tonnes at peak design, with a targeted 52 million tonnes for production. This expansion aims to enhance operational efficiency and sustainability, supported by improved tailings and water supply infrastructure.

As of December 31, 2024, the mineral resource estimate (MRE) for Lumwana stood at 1.8 billion tonnes grading 0.50% copper, containing 9.2 million tonnes of metal. The increase in reserves is expected to position Lumwana among the world’s top 25 copper producers.

Zambia is set to benefit from higher revenues as Barrick’s contributions in taxes and economic activities increase over the mine’s extended lifespan. The expansion underscores Barrick’s commitment to long-term copper production in the region, reinforcing Zambia’s role in the global copper supply chain.