BARRICK TARGETS 240, 000 MT COPPER PRODUCTION

BARRICK is targeting to produce 240, 000 tonnes of copper per annum at its Lumwana Mine, following the onboarding of the two exploration projects with an investment of US$2 billion.

An investment worth US$2 billion will be pumped in the expansion project to double copper production to 240, 000 tonnes per annum from a 50 metric tonnes process plant over a 36-year mine life.

Pre-construction is expected to begin in early 2025 for the new plant with first copper anticipated to be produced from the expansion in 2028.

This is according to the Barrick Lumwana Sustainability Manager, Christopher Mukala, at a media briefing in Solwezi yesterday.

Mr Mukala said the Pre-Feasibility Study (PFS) is on track with the inclusion of Kababisa and Kamisengo from the on-dome exploration portfolio into the resource base for technical-financial studies.

These two projects are anticipated to add further copper pounds to the mine plan.

According to Mr Mukala, a full feasibility study is set to be completed end of 2024, bringing expanded process plant production forward to 2028.

“Investment estimated at US$2 billion, expected to double the copper production to 240, 000 tonnes per annum from a 50 metric tonnes per annum process plant over a 36-year mine life.

“Progress on the Kababisa and Kamaranda prospects show potential to provide additional flexibility in the plan to deliver the super pit with indications of higher grades,” Mr Mukala said.

He said Barrick continued discussions with the Government to unlock exploration potential in line with Zambia’s target to produce three million tonnes of copper per annum by 2030.

For 2024, Mr Mukala said: “two targets will be the focus for 2024, namely Chimata and west of Malundwe on the Odile trend.”

He also said domes scale geological exploration activities continued during the fourth quarter of 2023 with the results expected to provide additional targets for exploration drilling.