Barrick Gold Injects $2B In Zambia Mine Expansion, Projects Multi-Fold Annual Copper Production Growth
Portfolio Pulse from Lekha Gupta
Barrick Gold Corp (NYSE:GOLD) plans to invest $2 billion in the expansion of Lumwana Mine in Zambia, aiming to increase its annual copper production to 240,000 tonnes. The company aims to complete the full feasibility study by the end of 2024 and expects to meet FY23 production guidance. Barrick Gold's Q2 cash and cash equivalents were $4.16 billion, with a debt of $4.77 billion. The company's shares are currently trading lower by 2.22% at $13.87.
October 04, 2023 | 2:52 pm
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Barrick Gold's $2 billion investment in the Lumwana Mine expansion could lead to increased copper production, potentially boosting revenues. However, the company's shares are currently trading lower.
The $2 billion investment in the Lumwana Mine expansion is a significant move for Barrick Gold, potentially leading to increased copper production and revenues. However, the impact on the company's stock price is currently negative, with shares trading lower. The long-term impact will depend on the success of the expansion and the market conditions for copper.
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IMPORTANCE 80
RELEVANCE 100