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Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) has officially launched the development of a Super Pit at its Lumwana copper mine, marking a significant milestone in Zambia’s mining sector. The event was presided over by President Hakainde Hichilema, who was accompanied by members of his cabinet.
A feasibility study for the ambitious Super Pit Expansion is expected to be completed by the end of this year, setting the stage for construction to commence in 2025. The $2 billion project has the potential to elevate Lumwana into a world-class operation, positioning it as a top 25 copper producer and a Tier One mine upon completion.
The expansion will involve doubling the throughput of the existing processing circuit and significantly boosting mining volumes. Once fully operational, the mine’s annual copper production is expected to rise from 120,000 tonnes to an average of 240,000 tonnes per year. This increase in production will be driven by the plant’s capacity growth from 27Mt to 52Mt, alongside a gradual increase in total mining volumes from 150Mt in 2025 to 290Mt per annum by 2030.
At the groundbreaking ceremony, attended by the Barrick Board of Directors, Barrick President and Chief Executive Officer Mark Bristow noted the project’s focus on sustainability and local development. “The Super Pit Expansion will create a lasting legacy by fostering local capacity, benefiting communities and businesses throughout both the construction and operational phases,” noted Bristow. The expansion will create around 550 permanent jobs over the next five years, in addition to 2,500 construction roles during the peak building phase through 2028.
Bristow also highlighted plans to build key infrastructure, including an airstrip and an industrial supplier park, which will encourage suppliers to establish operations in the region, promoting further economic growth.
Hichilema hailed the partnership with Barrick as a cornerstone of Zambia’s economic future. He concluded, “Mining is central to Zambia’s economy, and together with Barrick, we are creating a unified vision to develop a new economic frontier in the north.”
