In just a few years, Barrick Gold, one of the world’s leading gold mining companies, is set to become a major player in the copper industry as well. By the year 2030, the company aims to increase its gold production by 30% and establish itself as one of the top producers of copper, a vital metal for industries like electronics and renewable energy.
Currently, Barrick is well on its way to reaching an impressive annual output of over 400,000 tons of copper. This leap forward will be driven by expansions at its Lumwana mine in Zambia, which will soon produce 240,000 tons of copper each year. Additionally, Barrick’s involvement in the Reko Diq project in Pakistan will add another 100,000 tons of copper and 120,000 ounces of gold annually in its first phase alone.
The Reko Diq mine, located in the Balochistan desert, is particularly noteworthy. It’s a massive open-pit mine, which means it’s easier and faster to extract minerals compared to more complex underground operations. Once fully operational, Reko Diq is expected to produce 400,000 tons of copper and 500,000 ounces of gold each year, half of which will go to Barrick. This would position the company firmly within the ranks of mid-sized copper producers, a significant achievement considering its roots in gold mining.
Barrick’s CEO, Dr. Mark Bristow, highlighted that these projects are not just about quantity but also cost-effectiveness. Both Lumwana and Reko Diq are expected to produce copper at a cost of $3 per pound, making them competitive in the global market.
Beyond these major projects, Barrick has its sights set on further copper opportunities. The company is exploring additional sites in the United States, Peru, Ecuador, and the Central African Copperbelt. These efforts could further boost its copper production, making Barrick a formidable force in the industry.
Bristow also emphasized the long-term potential of the Reko Diq mine. While the current plan covers 40 years of mining, early indications suggest that the mine could operate for up to a century. This kind of longevity is rare in the mining world, making Reko Diq a valuable asset for Barrick’s future.
In addition to its mining operations, Barrick is committed to sustainability and environmental responsibility. The company recently launched a Biodiversity Residual Impact Assessment tool, which aims to measure and manage the environmental impacts of its projects. Bristow is passionate about this initiative, noting that true sustainability means going beyond surface-level efforts like “greenwashing” and focusing on tangible improvements in biodiversity.
For example, at the Kibali gold mine in the Democratic Republic of Congo, Barrick has transformed a previously degraded area into one with greater biodiversity, including more fish, mammals, and birds. The company is applying similar principles in other regions, such as Nevada, where it is working to restore local ecosystems by reintroducing native species and rehabilitating old mine sites.
Barrick’s efforts in community development are also noteworthy. In the Dominican Republic, the company is expanding its Pueblo Viejo gold mine, which has added 20 more years of life to the operation. This project includes the construction of a new tailings facility—a site for storing mining waste—designed to be safe even in earthquake-prone areas. As part of this project, Barrick is also building new villages for displaced residents, complete with homes, food security initiatives, and other essential services.
Looking ahead, Barrick’s growth strategy includes not just expanding its operations but also sharing the benefits with the countries in which it operates. The company has pioneered a Formal Benefit Sharing Partnership model, starting in Tanzania, where it ensures that both the company and the host country equally share the profits from mining operations. This model is now being implemented in other countries, such as Papua New Guinea and Mali, where Barrick is negotiating similar agreements.
Barrick Gold is on a path to significant growth, not just in gold but also in copper. With its strategic expansions, focus on sustainability and commitment to fair profit-sharing, the company is positioning itself as a leader in the global mining industry. By 2030, Barrick could very well be a major player in both gold and copper, two of the most important metals for the future.
Source: Mining Weekly
