Barrick, a major player in gold and copper mining, has begun preparing for the development of the Lumwana super pit as part of a potential $2bn (C$2.71bn) expansion project, pending a final investment decision.
If approved, this expansion would transform the Zambian Lumwana mine into a key global source of copper. The feasibility study for the project is expected to be completed by the end of the year, with construction projected to start in 2025.
The $2bn expansion could elevate Lumwana to a top-25 copper producer and establish it as a Tier One copper mine, capable of long-term high production. The plan involves initially doubling the capacity of the existing processing circuit, followed by a substantial increase in mining volumes.
Upon completion, plant throughput will increase from 27 million tonnes (mt) to 52mt, doubling copper output from 120,000 tonnes per annum (tpa) to an average of 240,000tpa over the mine’s lifespan.
