+27 71 448 3496
leon@whyafrica.co.za

Barrick committed to expand copper holdings in Africa

Share Article
Mark Bristow, President and CEO of Barrick Gold Corporation. Image credit: Barrick Gold Corporation.

Barrick committed to expand copper holdings in Africa

Barrick Gold Corporation is committed to expand its copper holdings into Africa. This was the message from Barrick’s President and CEO Mark Bristow at a media briefing held earlier this week.    

“The transformation of the Lumwana mine in Zambia from a marginal copper asset into a world-class operation demonstrates the commitment of Barrick Gold to expand its copper holdings in Africa and globally,” said Bristow.

According to Bristow, Lumwana’s fortunes had been turned around completely since 2019.

Lumwana’s life has been extended and it has been built into a profitable business, with significant growth opportunities. A solid performance in 2022 has kept it on track to achieve its annual production guidance.

Now one of Zambia’s largest copper producers, the mine employs more than 4,400 people, 99.3% of them Zambian nationals. It has an exceptional safety record, with no fatalities since 2016 and a lost time injury frequency rate of less than 1.0% over the past 10 years.

A volume driven mine (Barrick committed to expand copper holdings in Africa)

As a lower-grade mine, Lumwana is volume-driven and there is a strong focus on driving down operational costs by achieving efficiencies through scaled operations.

“This year’s production has already benefited from the improved runtimes provided by a new fleet of trucks and shovels. The planned upgrade of the conveyor system will secure steady ore delivery to the plant, boosting throughput and production next year,” said Bristow.

Promising drill results at the Lubwe satellite target has increased the Lumwana team’s confidence that they will be able to develop a super pit and still keep producing at today’s rates and more.

Should the super pit prove viable, it will substantially extend the mine’s life with a two-year pre-feasibility study scheduled to commence in 2023.

In addition to Lubwe, the assessment of the Kamaranda and Kababisa prospects is ongoing with drill programmes planned for the fourth quarter and potential to add additional satellites.

“It’s worth noting that the government’s new mineral royalty tax regime, scheduled to come into effect in January next year, will unlock additional free cash flow for Barrick, allowing us to reinvest in Lumwana,” said Bristow.

Barrick committed to expand copper holdings in Africa

WhyAfrica reports about, and publishes newsletters, magazines and research reports about natural resources and the primary sectors of African economies, and the infrastructure, equipment and engineering methods needed to extract and utilise these resources in an efficient, responsible, sustainable, ethic and environmentally friendly way, so that it will benefit the people of Africa.

Furthermore, WhyAfrica promotes Africa as an investment and travel destination, analyses the continent’s business environment and investment opportunities, and reports on how the political economy of African countries affects its development.         

WhyAfrica provides you with business intelligence that matters. Africa is our business, and we want it to be yours too. To subscribe to WhyAfrica’s free newsletter or digital magazine, and for more news on Africa, visit the website at www.whyafrica.co.za or send a direct message. WhyAfrica launched its first ever digital magazine in November 2021.

The company will undertake its annual road trip through South Africa, Zimbabwe, Zambia, the DRC, Malawi, Tanzania and Kenya in 2023. If you are interested in sponsorship or advertising opportunities, please contact me at leon@whyafrica.co.za. We have a wide range of different packages and combo deals to give your company the greatest exposure to a rapidly growing, African readership.  

The 2022 Southern Africa Road trip issue of WhyAfrica’s magazine is now available in print. The magazine was distributed in South Africa, Namibia, Zambia, Zimbabwe, and Botswana during WhyAfrica’s 2022 Southern Africa Overland Road Trip, the company’s new and innovative platform. WhyAfrica has expanded its product range and now offers its readers, followers, advertisers, subscribers and partners the following:

  • Daily 24/7 online articles on WhyAfrica’s website (FREE)
  • Daily updates on WhyAfrica’s social media platforms (FREE)
  • Newsletters delivered to a handpicked audience every two weeks (FREE)
  • Two printed magazine per year distributed at large events and during our road trips across Africa featuring original, in-depth articles (FREE) with great, on-site photographs by the WhyAfrica team (FOR SALE UPON REQUEST)
  • Four digital magazines per year (FREE)
  • Live updates, video clips, articles, and podcasts during and after WhyAfrica’s annual road trips (Southern Africa in 2022, East Africa in 2023 and West Africa in 2024) (FREE)
  • Sponsorship and advertising opportunities for the annual WhyAfrica Overland Road Trips (PAID FOR)
  • A library where companies doing business in Africa can display scientific or research papers (PAID FOR)
  • A product section where companies doing business in Africa can display new offerings or services (PAID FOR)
  • Media partnerships with, and a presence at, most of the major conferences and exhibitions in the African mining, energy, agriculture, infrastructure, water management, ESG, environmental management, tourism, development, and conservation sectors (FREE)
  • WhyAfrica connects potential investors with new ventures in Africa and suppliers and service providers with existing companies in Africa (PAID FOR)
  • WhyAfrica assists companies in generating content focused on the wider African business community (PAID FOR)
  • Partnerships with companies doing business in Africa (PAID FOR)
  • Partnerships with companies thinking about expanding into Africa (PAID FOR)
  • In 2023 subscribers will have access to our in-depth articles about the African political economy, research, and country reports about the countries we visit on our road trips, and trends in the sectors that we cover (PAID FOR)
  • A WhyAfrica book is in the pipeline and if all goes according to plan, should be published towards the end of 2023 (PAID FOR)
  • The WhyAfrica consultancy arm assists and advises companies doing business in Africa through utilising our extensive global business network (PAID FOR)

Become part of the WhyAfrica community. Tell us your story. Expand your footprint across Africa and partner with us to make the most of your African experience. 

Share Article

Sectors

AgricultureEnvironmental Management & Climate ChangeEnergyESGInfrastructureMiningPolitical EconomyTourism and ConservationWater Management