Modern Mining January 2025

TOP PROJECTS

Lumwana Super Pit expansion to boost Zambia’s economy

The Lumwana copper mine, once facing economic challenges, is on the brink of a remarkable turnaround thanks to a substantial investment of approximately $2 billion from Barrick Corporation. This significant funding is part of an ambitious expansion initiative aimed at dramatically increasing Lumwana’s annual copper production, which is crucial for Zambia’s overall economic growth.

U pon the project’s completion, the mine’s production will rise to an impressive 240 000 tonnes of copper annually. This increase will stem from a processing plant designed to handle 50 million tonnes per annum, extending the mine’s operational lifespan to 36 years. This transformation is not just about numbers; it represents a strategic shift that could elevate Lumwana from a previously unprofitable venture to one of the leading copper producers in the region. The successful execution of this expansion project highlights the potential for economic development and the vitality of Zambia’s mining sector. Barrick’s chief executive, Mark Bristow, emphasises the importance of completing an accelerated work programme to finalise a comprehensive feasibility study by the end of 2024.

“This study is essential as it will set the stage for construction in 2025, allowing the enhanced processing plant to be operational by 2028,” he says. “Lumwana has been thoroughly restructured and re-engineered with a clear objective: to become a key player within Barrick’s expanding copper portfolio. As an organic growth initiative, the project records show the probability of elevating the mine’s production by 70% while doubling its lifespan. This sustainable approach maximises resource extraction and ensures ongoing investment in Zambia’s economy,” continues Bristow. Since Barrick took over the operations at Lumwana in 2019, the mine has had a substantial positive impact on the local and national economy, contributing nearly $3 billion

42  MODERN MINING  www.modernminingmagazine.co.za | JANUARY 2025