Barrick Files Technical Reports for Lumwana Expansion and Reko Diq Projects

Barrick Gold Corp has filed technical reports for its Reko Diq and Lumwana Expansion projects in Pakistan and Zambia, respectively, outlining significant development and production growth plans.

Barrick, which owns a 50% stake in Reko Diq and operates it through the Reko Diq Mining Company (RDMC), has completed a feasibility study detailing a phased development approach:

• Phase 1 (2028): Initial throughput of 45 million tonnes per year.
• Phase 2 (2034 onward): Expansion to 90 million tonnes per year.

The project includes two open-pit mines—Western Porphyries (main pit) and Tanjeel (satellite pit)—along with a processing plant and associated infrastructure. It will produce copper concentrate containing gold, which will be processed by third-party smelters.

As of December 31, 2024, the updated mineral resource estimate includes:

• 3.9 billion tonnes at 0.43% copper, containing 17 million tonnes of copper (indicated).
• 3.7 billion tonnes at 0.25% gold, containing 29 million ounces of gold (indicated).

The project’s capital costs are estimated at:

• $5.6 billion for Phase 1 to reach initial production.
• $3.3 billion for Phase 2 to expand capacity.
• $3.8 billion in sustaining capital over the mine’s lifespan, with a closure cost of $72 million.

RDMC is expected to pay $7.08 billion in taxes over the mine’s life.

Barrick fully owns Lumwana Mining Company in Zambia, which operates the Lumwana mine with two existing open pits, Chimiwungo and Malundwe. The feasibility study for the expansion includes:

• Expansion of Chimiwungo and Malundwe open pits.
• Development of two new pits: Kamisengo and Kababisa.
• Doubling of processing plant capacity from 27 million tonnes per year to a peak of 54 million tonnes per year.
• Upgrades to tailings, water supply, and site infrastructure.

As of December 31, 2024, the updated mineral reserves and resources are:

• Proven and probable reserves: 1.6 billion tonnes at 0.52% copper, containing 8.3 million tonnes of copper.
• Indicated mineral resources: 1.8 billion tonnes at 0.50% copper, containing 9.2 million tonnes of copper.

The expansion represents a 180% increase in contained copper reserves compared to 2023, extending the mine’s lifespan by 17 years to 2057.

Annual copper production is expected to rise from 120,000–140,000 tonnes to an average of 240,000 tonnes, positioning Lumwana among the world’s top 25 copper producers.

Barrick’s continued investment in both projects underscores its long-term commitment to expanding global copper production and strengthening its portfolio.