Barrick's Lumwana Super Pit Project On Track For First Production In 2028; The Project Will Transform Lumwana Into One Of The World's Major Copper Mines, With Projected Annual Production Of Around 240,000 Tonnes Per Year Over A +30-year Life
Portfolio Pulse from Benzinga Newsdesk
Barrick Gold Corporation's Lumwana copper mine Super Pit expansion in Zambia is on track for first production in 2028. The project, costing nearly $2 billion, aims to transform Lumwana into a major copper mine with an annual output of 240,000 tonnes over 30+ years. The mine has been restructured since 2019, contributing $3 billion to Zambia's economy and focusing on local procurement and community development through initiatives like the Business Accelerator Program and REDD+ for conservation.
January 23, 2024 | 3:36 pm
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POSITIVE IMPACT
Barrick Gold's Lumwana mine expansion is expected to significantly increase copper production, contributing to the company's revenue and growth in the long term.
The news of the Lumwana mine expansion is directly related to Barrick Gold and is likely to be viewed positively by investors, as it indicates potential for increased production and revenue. The significant investment and long-term outlook demonstrate the company's commitment to growth in the copper sector, which could lead to a positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100