+27 71 448 3496

Barrick’s Lumwana in Zambia earmarked to become a superpit

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

Barrick’s Lumwana in Zambia earmarked to become a superpit   

Barrick Gold Corporation’s drive to transform the Lumwana copper mine in Zambia into a Tier One asset with a life extending beyond 2060 is picking up speed.

Lumwana, a conventional open pit (truck and shovel) operation is located about 100km west of Solwezi in Zambia’s Copperbelt, recorded a strong performance in the past quarter adding impetus to its continuing production ramp-up.

According to Mark Bristow, President and CEO of Barrick Gold the transformation of Lumwana from a marginal copper asset into a world-class operation demonstrates the commitment of the company to expand its copper holdings in Africa and globally.

“Since 2019 Lumwana’s fortunes had been turned around completely. Its life has been extended and it has been built into a profitable business, with significant growth opportunities,” says Bristow.

Today, Lumwana is one of Zambia’s largest copper producers and employs more than 4,400 people, 99.3% of them Zambian nationals.

Lumwana’s full potential revealed (Barrick’s Lumwana in Zambia earmarked to become a superpit)

Bristow adds that the mine’s full potential was only now being revealed. “Additional expansion opportunities, identified through an updated geological model, are currently being assessed, while drilling at the Kababisa prospect highlights potential mining flexibility through higher grades,” he says.

The Lumwana pre-feasibility study is progressing in line with Barrick’s plans to transform its long-term copper profile through the delivery of the envisioned super pit.

“Since Barrick refocused its strategy in Africa in 2019, Lumwana has become a key element in the expansion of our strategic copper portfolio and a significant contributor to our bottom line.

“At the same time its importance to Zambia has grown. Since 2019 it has contributed more than USD2.3-billion to the country’s economy in the form of royalties, taxes, salaries and purchases from local suppliers,” says Bristow.

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.

“Promising drill results at the Lubwe satellite target are increasing our confidence that we will be able to develop a super pit and still keep producing at today’s rates and more.”

Extending the life of mine (Barrick’s Lumwana in Zambia earmarked to become a superpit)

“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,” Bristow concludes.

Barrick’s Lumwana in Zambia earmarked to become a superpit   


Barrick’s Lumwana in Zambia earmarked to become a superpit   

WhyAfrica provides on the ground information and business intelligence about the sustainable utilisation and extraction of natural resources in Africa, and can assist your company through:  

  1. Membership:
  • WhyAfrica’s membership offers great business insights to you, your company, and clients.
  • Amongst many other benefits, we will publish editorial content about you or your company on the WhyAfrica online platform and on all WhyAfrica’s social media pages – the annual fee is R5,500 and you can find out more or subscribe here: https://www.whyafrica.co.za/product/membership/ 
  1. Sponsorship:
  • WhyAfrica’s annual 45-day African Road Trip takes place in July and August. We will visit more than 30 project sites and this year we plan to visit Angola, Zambia and Malawi. Sponsoring the Road Trip, or to be a WhyAfrica member, gives you unparalleled insight into the business environment of the countries that we travel to and the project sites we visit.
  • To be a member or sponsor allows you access to invaluable, on the ground, business intelligence and a great marketing opportunity for all companies doing business in Africa.
  • The main aim of our Road Trips is to promote Africa as an investment destination and to showcase Africa’s greatest companies, and projects to our large global audience, which includes a list of potential investors, venture capitalists and serial entrepreneurs.
  • To view the photos of last year’s Southern Africa Road Trip click on the gallery link or follow our Instagram account at why.africa https://www.whyafrica.co.za/road-trips/whyafrica-road-trips/. 
  1. Advertising:
  • We publish daily online articles on our WhyAfrica platform and post them on social media every day. Our combined online reach is more than 45,000. In-article banner ads are highly successful advertising tools as is advertising space on our website.
  • In addition to our bi-weekly newsletters, we publish two printed- and two interactive digital magazines per year. The printed magazines are distributed at major events and conferences throughout the year, and also on our WhyAfrica Road trips.
  • Digital magazines are e-mailed to all our subscribers and shared on our social media platforms. A copy of the latest edition is automatically attached to all our outgoing e-mails.
  • WhyAfrica magazines provide great marketing opportunities. There are also in-article and on-line advertising opportunities at exceptional rates. Contact me for more information on leon@whyafrica.co.za or give me a call.
  • To subscribe to WhyAfrica’s free newsletters and magazines click on the link and register: https://www.whyafrica.co.za/subscribe/  
  1. 4. Partnerships
  • Maximise your African exposure and link with our large business network through becoming one of only 10 WhyAfrica partners. We have only five prime partnership positions left for 2023, so contact me at leon@whyafrica.co.za before the end of March to get the best deal.

Barrick’s Lumwana in Zambia earmarked to become a superpit   


Share Article


AgricultureEnvironmental Management & Climate ChangeEnergyESGInfrastructureMiningPolitical EconomyTourism and ConservationWater Management