Barrick's Lumwana Mine Fuels Zambia's Economic Growth With Major Expansion on the Horizon

Core Insights - Barrick Gold Corporation has reaffirmed its commitment to Zambia's economic growth, contributing over $3.7 billion since 2019, with Lumwana's operations alone contributing $887 million in 2024 [1][2] - The Lumwana expansion is set to double copper production to an average of 240,000 tonnes per year, creating 2,500 construction jobs and 550 permanent roles [3][4] - Barrick is actively supporting Zambia's goal to increase copper output to 3 million tonnes by 2031 through its Lumwana expansion and collaboration with local power supplier ZESCO [5][6] Economic Contributions - In 2024, Lumwana contributed $887 million to Zambia's economy through royalties, taxes, salaries, and procurement [1] - 72% of the $906 million spent on goods and services in 2024 went to Zambian suppliers, totaling $2.5 billion since 2019 [2] Workforce Development - 99% of Lumwana's employees are Zambian nationals, highlighting the company's focus on sustainable workforce development [3] - The company is extending its training center to equip local workers with critical skills for the upcoming expansion [3] Infrastructure Development - Plans include new employee housing, an industrial supplier park, and an airport expected to be operational by the end of 2025, developed in collaboration with local authorities [4] - The master plan aligns with Zambia's integrated development strategy [4] Future Outlook - Barrick's vision for Lumwana extends beyond mining, ensuring the benefits of its investments endure well into the future [6] - The company is focused on upgrading the northwestern power corridor to benefit mines, local communities, and domestic consumers [5]