Barrick Strengthens Zambia Partnership, Invests $2B in Major Expansion of Lumwana Mine
Portfolio Pulse from Benzinga Newsdesk
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is investing $2 billion in an expansion project at its Lumwana mine in Zambia. The project aims to increase the mine's annual copper production to 240,000 tonnes from a 50 million tonne per annum process plant over a 36-year life of mine. The full feasibility study is expected to be completed by the end of 2024.
October 04, 2023 | 10:50 am
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Barrick Gold's significant investment in the Lumwana mine expansion could potentially boost its copper production and profitability in the long term.
The $2 billion investment in the Lumwana mine expansion is a significant move for Barrick Gold. This could potentially increase the company's copper production, which would likely lead to increased revenues and profitability in the long term. However, the impact on the company's stock price in the short term may be neutral as the full feasibility study is expected to be completed by the end of 2024 and the expanded process plant production is not expected until 2028.
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