Lumwana Expansion In Full Swing As Barrick Builds Tier One Copper Mine

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[{"type":"text","content":"Lumwana Expansion In Full Swing As Barrick Builds Tier One Copper Mine\n\n\n\n\n All amounts expressed in US dollars\n \n\n\n LUSAKA, Zambia, July 10, 2025 (GLOBE NEWSWIRE) -- Construction of the $2 billion Super Pit Expansion Project at Barrick Mining Corporation’s (NYSE:B)(TSX:ABX) Lumwana mine is well underway, accelerating its transformation into a Tier One copper mine.\n \n\n Addressing members of the media and other stakeholders here today, Barrick president and chief executive Mark Bristow said the Lumwana expansion builds on a remarkable turnaround that has seen the operation evolve from a struggling asset into a key pillar of both Barrick’s global copper portfolio and Zambia’s long-term development agenda.\n \n\n “When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming. Today, it’s a growing force in African copper. With this expansion gaining momentum, Lumwana is on course to join the world’s list of large and strategically important copper mines, and a powerful driver of growth for both Zambia and Barrick,” Bristow said.\n \n\n The expansion will double copper production to 240,000 tonnes a year, supported by a 50 million tonne per annum processing plant. Site construction is underway, long-lead equipment orders have been placed, and infrastructure upgrades — including a new power transmission framework developed in partnership with ZESCO — are progressing to support both the mine and the wider region.\n \n\n Since 2019, the mine has contributed over $4 billion to the Zambian economy through taxes, royalties, procurement and wages. More than $3.4 billion has been spent with Zambian suppliers, representing 79% of its total procurement. In Q1 of this year alone, $177 million or 81% of procurement was placed with local contractors. Today, 98% of Lumwana’s workforce are Zambian nationals, with nearly half drawn from nearby communities.\n \n\n As part of an integrated development plan aligned with Zambia’s Mining and Minerals 2031 policy, the Lumwana expansion will drive the development of the Manyama township and industrial supplier park. A new regional airstrip is expected to be completed by the end of the year and a TEVETA-accredited training centre will be launched to expand Zambia’s mining skills base.\n \n\n Th...

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