Barrick’s Lumwana Mine Fuels Zambia’s Economic Growth With Major Expansion on the Horizon
Lumwana Mine, Zambia – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has reaffirmed its commitment to Zambia’s economic growth, contributing over $3.7 billion since 2019.
In 2024 alone, Lumwana’s operations contributed $887 million to the economy through royalties, taxes, salaries and procurement of goods and services, solidifying its position as one of the nation’s top five taxpayers.
Copper production for 2024 was within guidance, supported by investments in operator training and an upgraded ultra-class fleet.
Lumwana remains a leader in advancing local content, with 72% of the $906 million spent on goods and services in 2024 going to Zambian suppliers and contractors.
This brings the total spend on local goods and services to $2.5 billion since 2019. The company’s Business Accelerator Programme is further building capacity, targeting 150 SMEs to support the upcoming Superpit expansion.
The Lumwana expansion will double its current copper production to a life-of-mine average of 240kt a year with an additional 2,500 construction workers to be employed over the construction period through to 2028.1
In addition to this, the expansion is set to create a further 550 permanent roles. To meet these demands, Lumwana is extending its Technical Education, Vocational and Entrepreneurship Training Authority (TEVETA) accredited training centre to equip local workers with critical skills.
Currently, 99% of Lumwana’s employees are Zambian nationals, a testament to Barrick’s focus on sustainable workforce development.
“We are transforming the surrounding Kalumbila District into a mining-powered economic hub that will endure beyond Lumwana’s expanded life of mine,” said Barrick president and CEO Mark Bristow, speaking from Lumwana.
Plans include new employee housing in the Manyama town, an industrial supplier park and an airport which is expected to be operational by the end of 2025.
The master plan, developed in collaboration with local authorities, aligns with Zambia’s integrated development strategy.
Barrick is actively supporting Zambia’s ambition to increase copper output to 3Mt by 2031 through its Lumwana expansion and securing further exploration licenses in the Northern Province.
Additionally, the company is supporting Zambia’s power challenges in collaboration with ZESCO. Since September 2024, Lumwana’s co-generation initiatives have reduced its reliance on the grid, helping to alleviate the supply-demand gap.
A joint working group, led by Barrick, is now focused on upgrading the northwestern power corridor, benefiting mines, local communities and domestic consumers alike.
Barrick’s vision for Lumwana extends beyond mining ensuring the benefits of its investments endure well into the future.
