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 contributing $887 million to the economy in 2024 alone [1][2][5] - Lumwana's expansion is set to double its current copper production to an average of 240,000 tonnes per year, creating 2,500 construction jobs and 550 permanent roles [3][4] - The company is focused on advancing local content, with 72% of the $906 million spent on goods and services in 2024 going to Zambian suppliers [2][3] Economic Contributions - Since 2019, Barrick has spent a total of $2.5 billion on local goods and services, reinforcing its role as one of Zambia's top five taxpayers [1][2] - In 2024, Lumwana's operations contributed $887 million through royalties, taxes, salaries, and procurement [1] Expansion Plans - The Lumwana expansion will increase copper production capacity significantly, with plans to employ an additional 2,500 construction workers and create 550 permanent jobs [3][4] - The company is extending its training center to equip local workers with necessary skills, with 99% of Lumwana's employees being Zambian nationals [3] Infrastructure Development - Plans include transforming the Kalumbila District into a mining-powered economic hub, with new employee housing, an industrial supplier park, and an airport expected to be operational by the end of 2025 [4] - The master plan aligns with Zambia's integrated development strategy, developed in collaboration with local authorities [4] Support for National Goals - Barrick is supporting Zambia's ambition to increase copper output to 3 million tonnes by 2031 through its Lumwana expansion and securing further exploration licenses [5] - The company is also addressing Zambia's power challenges through co-generation initiatives, reducing reliance on the grid [5]