Barrick Gold Investing in Expansion of Lumwana Mine in Zambia
04 Octobre 2023 - 1:57PM
Dow Jones News
By Robb M. Stewart
Barrick Gold will invest almost $2 billion to expand its Lumwana
mine in Zambia into a "super pit" and the miner into one of the
world's largest copper producers.
The expansion project at Lumwana will boost annual production to
an estimated 240,000 metric tons of copper from a 50-million ton a
year processing plant with a 36-year life of mine, the Canadian
company said.
Barrick said its accelerated work program is targeting the
completion of a full feasibility study by the end of next year,
which would bring expended process plant production forward to
2028.
Following a meeting between Barrick President and Chief
Executive Mark Bristow and Zambian President Hakainde Hichilema,
the company said the Lumwana operation was on track to deliver its
production guidance for 2023.
Barrick is seeking to build Lumwana into one of its top tier
assets with a life that extends beyond 2060. The operation is a
pillar of Barrick's focus on copper production that, alongside the
majority-owned Reko Diq project in Pakistan, are expected to drive
the company into the top leagues as a copper producer that sit
alongside its massive gold operations.
The company has forecast Lumwana will produce between 260
million and 290 million pounds of copper in 2023, after production
of 67 million pounds in the second quarter of the year.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
October 04, 2023 07:42 ET (11:42 GMT)
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