Barrick Gold wants to expand its presence in Africa's copper belt, looking to explore for more copper deposits in Zambia and the Democratic Republic of Congo, Chief Executive Officer Mark Bristow said on Friday, Reuters reported.
Bristow said it wants to explore for gold in the southern Congo region, while expanding and extending the life of its Lumwana gold mine in Zambia.
"We are looking for exploration opportunities all over the country, just as we are looking for exploration opportunities in southern Congo," Bristow said.
Barrick is considering plans to develop the Lumwana copper mine into a Tier 1 asset and extend its operating life to 2060. The mine currently produces about 267,000 tons of copper a year.
Zambia is Africa's second-largest copper producer after its northern neighbour Congo. Barrick owns the Lumwana copper mine in Zambia.
Bristow said Barrick plans to spend more to build Lumwana into a bigger business, but he declined to provide figures.
Barrick declined to comment on market speculation that his company was interested in First Quantum Minerals, but said it would take a cautious approach to deals in the sector.
