Barrick’s US$2 Billion Lumwana Expansion Nears Key Milestone as New Copper Mill Takes Shape
Barrick Advances US$2 Billion Lumwana Expansion Project, Paving Way for Major Copper Production Increase by 2028
Barrick Mining’s ambitious US$2 billion expansion of the Lumwana Copper Mine in Zambia is progressing on schedule, with construction of the project’s new processing mill approaching completion as the company moves closer to its goal of significantly increasing copper production.
The expansion project, one of the largest mining investments currently underway in Africa, is expected to transform Lumwana into a major long-life copper operation.
Once completed, the project will more than double annual copper production capacity from approximately 117,000 tonnes to 240,000 tonnes, with first copper from the expanded operation targeted for the end of the first quarter of 2028
Barrick reported that construction activities remain on track, with all major long-lead equipment already procured and delivered.
Key components, including mill shells, trunnions, the primary crusher and the tailings thickener, have reached the site.
Work on the primary crusher continues to advance, while final lifts on the new mill structure are expected to be completed during the fourth quarter of 2026.
Construction of the tailings storage facility is also scheduled to begin during the same period.
To date, approximately US$795 million has been invested in the expansion, with the overall capital budget remaining unchanged at US$2 billion.
The development forms a cornerstone of Barrick’s strategy to strengthen its exposure to copper as global demand for the metal increases, driven by the energy transition, electrification and expanding infrastructure requirements.
The Lumwana expansion is expected to extend the mine’s lifespan to around 30 years at the higher production rate, reinforcing its role as a strategic asset within Zambia’s mining sector.
The project also aligns with Zambia’s ambition to increase national copper production to three million tonnes annually by 2031.
Barrick continues to deliver strong operational performance across its portfolio. During the third quarter, the company produced 50,000 tonnes of copper and 816,000 ounces of gold, generating revenue of US$5.07 billion.
The miner maintained its 2026 copper production guidance of between 190,000 and 220,000 tonnes and reaffirmed its gold production forecast of between 2.9 million and 3.25 million ounces.
Barrick President and Chief Executive Officer Mark Bristow said the company remains well positioned to meet its annual targets while advancing its long-term growth strategy, with copper expected to play an increasingly important role alongside gold in the company’s portfolio.
As construction progresses, the Lumwana expansion is set to become a key contributor to Zambia’s mining growth, strengthening the country’s position as one of Africa’s leading copper-producing nations and enhancing its role in global critical minerals supply chains.
