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Barrick Mining's $2 Billion Lumwana Super Pit Expansion on Track
Barnes Barnes (US:B) ZACKSยท2025-07-11 13:06

Core Insights - Barrick Mining Corporation is advancing its $2 billion Super Pit Expansion Project at the Lumwana mine, aiming to transform it into a Tier One copper mine [1][2] - The expansion will double Lumwana's copper output to 240,000 tons annually, supported by a new processing plant with a capacity of 50 million tons per year [2][6] - Lumwana has significantly contributed to Zambia's economy, with over $4 billion generated since 2019, primarily through local procurement [3][6] - The mine is leading an environmental initiative through a REDD+ forest conservation program, covering 300,000 hectares, aimed at generating carbon credits and promoting sustainable practices [4][6] - Barrick's shares have increased by 13.7% over the past year, compared to a 33.7% rise in the industry [5] Economic Impact - Lumwana has contributed more than $4 billion to Zambia's economy through taxes, royalties, wages, and local procurement since 2019 [3] - 79% of total procurement, amounting to over $3.4 billion, has been spent with Zambian suppliers [3] - In Q1 of this year, $177 million, or 81% of procurement, was allocated to local contractors [3] Environmental Initiatives - The REDD+ program aims to conserve 300,000 hectares and generate future carbon credits while promoting sustainable livelihoods and biodiversity [4][6] - The initiative is developed in partnership with local chiefdoms and the Forestry Department [4] Industry Performance - Barrick Mining's shares have gained 13.7% over the past year, while the industry has seen a 33.7% increase [5]