The mission will remodel Lumwana into one of many world’s main copper mines, with projected annual manufacturing of round 240,000 tonnes per yr over a +30-year life 1 . It’s a key part of the Zambian authorities’s drive to revive the nation’s copper business over the subsequent 10 years. The estimated value of the mission is sort of $2 billion and building is scheduled to begin in direction of the top of this yr.
Since Barrick refocused its technique in 2019, Lumwana, the as soon as struggling mine, has been restructured and re-engineered into a big contributor to Barrick’s increasing copper portfolio. The ramp-up of the reopened Malundwe pit and completion of the transition to proprietor mining supported the achievement of its manufacturing steerage for 2023.
Since 2019, Lumwana has contributed virtually $3 billion to the Zambian economic system within the type of royalties, taxes, salaries and the procurement of products and companies from native companies.
Native procurement of $472 million in 2023 made up greater than 81% of whole spend for Lumwana. Barrick has additionally launched a Enterprise Accelerator Program designed to construct the enterprise capability of the Zambian contractors in its provide chain, equipping them to develop and diversify their enterprises and stay sustainable past Lumwana’s lifetime of mine.
“Consistent with Barrick’s partnership philosophy, our REDD+ initiative will uplift our host communities via conservation of the pure forest surrounding the mine. Assets have already been allotted and engagement with the communities is underway. We’re in dialogue with the Ministry of Inexperienced Economic system and Atmosphere to facilitate the required licensing and our partnership with native authorities,” Bristow mentioned.
Barrick enquiries
Zambia Nation Supervisor
Anthony Malenga
+260 977 730 513
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Electronic mail: barrick@dpapr.com
Web site: www.barrick.com
Endnote 1
Indicative copper manufacturing profile from Lumwana, which is conceptual in nature. Topic to vary following completion of the pre-feasibility examine.
Technical Info
The scientific and technical data contained on this press launch has been reviewed and accredited by Richard Peattie, MPhil, FAusIMM, Mineral Assets Supervisor: Africa & Center East; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, in his capability as Mineral Useful resource Administration and Analysis Govt — each “Certified Individuals” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives .
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Sure data contained on this press launch, together with any data as to our technique, initiatives, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic truth, are forward-looking statements. The phrases “remodel”, “develop”, “goal”, “count on” “progress”, “on observe”, “scheduled” and related expressions determine forward-looking statements. Specifically, this press launch comprises forward-looking statements together with, with out limitation, with respect to: deliberate capital expenditures and the anticipated advantages from the Lumwana Tremendous Pit enlargement mission, together with the anticipated timing of building and first manufacturing, estimated annual manufacturing and potential lifetime of mine extensions; Lumwana’s potential transformation right into a world-class copper mine; Barrick’s copper portfolio; Barrick’s partnership with Zambia and Lumwana’s contributions to the Zambian economic system; Barrick’s dedication to native procurement and creating long-term worth for its host communities in Zambia together with via the Enterprise Accelerator Program; Barrick’s sustainability technique; and Barrick’s future investments in group initiatives and contributions to the Zambian economic system, together with via its REDD+ initiative.
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