Barrick Gold is to invest almost two billion dollars in an expansion project at its Lumwana copper mine in Zambia. It appears from a press release. The investment aims to increase Lumwana’s annual production to 240,000 tonnes of copper from the previous 50 million tonnes per year.
The life of the mine is 36 years. According to the company, the full feasibility study is expected to be completed by the end of 2024, bringing forward the expected expanded production to 2028. Since Barrick took over Lumwana in 2019, the mine has contributed nearly three billion dollars to the Zambian economy in the form of taxes, royalties, wages and purchases of goods and services.