Barrick Gold has confirmed that the Lumwana copper mine in Zambia is expected to have a mining life beyond 2060.
In a media statement, Barrick President and CEO Mark Bristow confirmed that the company's efforts to transform its surface mines into Tier 1 assets are accelerating, with strong performance over the past quarter adding momentum to its continued production growth.
Bristow explained that Tier 1 copper assets are defined as copper with a reserve potential of more than 5 million tonnes and a cash cost per pound C1 over the life of the mine is in the lower half of the industry cost curve.
The Lumwana mine is expected to produce between 260 million and 290 million pounds of copper this year at C1 cash costs of between $2 and $2.20 per pound.
Barrick is evaluating other expansion opportunities at the mine, including the prospect of high-grade Kababisa. Bristow said this could increase mining flexibility through higher grades.
Meanwhile, Lumwana's pre-feasibility study is underway, with plans to transform its long-term copper resource profile by delivering a envisaged "super pit."
Lumwana's proven and probable reserves currently stand at 6.2 billion pounds, with measured and indicated copper resources at 13 billion pounds.
The mine became a focus area for Barrick to expand its strategic copper portfolio in Africa in 2019 and has since contributed more than $2.3 billion to the Zambian economy in the form of taxes, royalties, wages and purchases from local suppliers.
Barrick spent $432 million on local purchases last year, or 83 percent of its total, in line with its commitment to local jobs and local business support.
Barrick has also recently launched a commercial acceleration programme to build the capacity of Zambian contractors in the mining supply chain.
