KEY POINTS
- Barrick Gold’s Lumwana mine expansion feasibility study to conclude in 2024.
- Expansion aims to boost production to 240,000 tons of copper annually.
- Construction is expected to begin in 2025, with commissioning set for 2027.
Barrick Gold’s expansion of the Lumwana mine in Zambia is on track, with its feasibility study expected to conclude by the end of this year.
The construction phase of the project is scheduled to begin in 2025, with the expansion designed to position Lumwana as a major copper producer globally.
Top-tier copper production goals
During a webinar, Barrick’s CEO, Mark Bristow, discussed how the expansion would transform Lumwana into one of the top 25 copper producers worldwide. As reported by Mining Review, the plan aims to increase the mine’s production capacity, enhancing its ability to handle fluctuations in the global copper market.
The proposed expansion will more than double the throughput capacity by twinning the existing processing circuit. This would increase plant throughput from 27 million tons to 52 million tons, resulting in a significant boost in annual copper production.
Current production stands at 120,000 tons, and post-expansion, it is expected to average 240,000 tons annually over the life of the mine.
Phased expansion and economic impact
Sebastiaan Bock, Barrick’s Chief Operating Officer for Africa and the Middle East said the project would see a phased ramp-up of mining volumes, from 150 million tons in 2024 to 240 million tons by 2028, and eventually to 290 million tons per year by 2030.
The goal is to keep costs competitive while ramping up production. According to Mining Review, Bock also noted that the expansion could improve the mine’s annual operating and free cash flow by 85 percent and 60 percent, respectively, boosting the mine’s net present value by $1.7 billion.
The expansion will make Lumwana one of the lowest-cost copper producers, with the cost of sales projected at $2.36 per pound and cash costs at $1.85 per pound. These competitive figures are based on a long-term copper price consensus of $4.13 per pound.
Looking ahead
According to Barrick’s Mineral Resource Management and Evaluation Executive, Simon Bottoms, the company is moving ahead with detailed engineering work.
Major equipment orders, including mills and crushers, have already been placed. Construction is expected to ramp up next year, with commissioning of the new processing plant set to begin in the second half of 2027.
Meanwhile, the permitting process is progressing, with the Environmental and Social Impact Assessment submitted to Zambian authorities. Approval is anticipated by the end of this year, keeping the project on track for its proposed timeline.
