Barrick Earmarks $2 Billion for Copper ‘Super Pit’ in Zambia
- Expansion part of Barrick’s ambitions to diversify beyond gold
- Lumwana Super Pit expansion would double last year’s output
Lumwana has come a long way since Barrick acquired the open pit operation in 2011.
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Barrick Gold Corp. said it will spend nearly $2 billion to turn its Lumwana mine in Zambia into a “super pit” that transforms the once-unprofitable copper project.
The Lumwana Super Pit expansion aims to double last year’s annual copper production, reaching roughly 240,000 metric tons of copper annually over a 36-year life of the mine, the Canadian company said Wednesday in a statement. Barrick said it plans to finish a feasibility study by the end of next year, bringing expanded processing plant production forward to 2028.