{"id":34046,"date":"2022-11-06T21:50:35","date_gmt":"2022-11-06T21:50:35","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042"},"modified":"2022-11-06T22:15:31","modified_gmt":"2022-11-06T22:15:31","slug":"barrick-hoping-to-extend-lumwana-mine-to-2042","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042","title":{"rendered":"Barrick hoping to extend Lumwana mine to 2042"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Barrick Gold Corporation says promising drill results could see the life of its Lumwana copper mine extended to 2060 from 2042, its Chief Executive Officer Mark Bristow has said.<\/p>\n

Mr. Bristow said since 2019, Lumwana\u2019s fortunes had been turned around, making it one of Zambia\u2019s largest copper producers. He said a new mineral royalty tax regime, which is scheduled to come into effect in January next year, would unlock additional free cash flow for the company.<\/p>\n

And Mr Bristow says the transformation of Lumwana from a marginal copper asset into a world-class operation demonstrates the commitment of Barrick Gold Corporation to expanding its copper holdings in Africa and globally.<\/p>\n

Mr. Bristow said Lumwana Mine life has been extended and it has been built into a profitable business, with significant growth opportunities. He said a solid year to date performance has kept it on track to achieve its annual production guidance.<\/p>\n

Now one of Zambia\u2019s largest copper producers, it employs more than 4,400 people, 99.3% of them Zambian nationals. It has an exceptional safety record, with no fatalities since 2016 and a lost time injury frequency rate of less than 1.0% over the past 10 years1.<\/p>\n

\u201cAs a lower-grade mine, Lumwana is volume-driven and there is a strong focus on driving down operational costs by achieving efficiencies through scaled operations. This year\u2019s production has already benefited from the improved runtimes provided by a new fleet of trucks and shovels. The planned upgrade of the conveyor system will secure steady ore delivery to the plant, boosting throughput and production next year,\u201d Mr. Bristow said.<\/p>\n

\u201cPromising drill results at the Lubwe satellite target are increasing our confidence that we will be able to develop a super pit and still keep producing at today\u2019s rates and more. Should the super pit prove viable, it will substantially extend the mine\u2019s life with a two year pre-feasibility study scheduled to commence in 2023. In addition to Lubwe, the assessment of the Kamaranda and Kababisa prospects is ongoing with drill programmes planned for the fourth quarter and potential to add additional satellites. It\u2019s worth noting that the government\u2019s new mineral royalty tax regime, scheduled to come into effect in January next year, will unlock additional free cash flow for Barrick, allowing us to reinvest in Lumwana.\u201d<\/p>\n

Asked if Barrick, had an interest in investing in Mopani Copper Mines, Bristow said the company was open to opportunities. \u201cWe will look at all opportunities that come our way,\u201d he said.<\/p>\n

Zambia is looking for an outside investor to reinvigorate Mopani Copper Mines, which needs a big cash injection to ramp up production. Mopani, a large mine and smelter complex, is looking for new investors after Glencore sold the asset to ZCCM-IH in January last year. ZCCM-IH hired Rothschild in June to help find a new investor to upgrade and expand it.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Barrick Gold Corporation says promising drill results could see the life of its Lumwana copper mine extended to 2060 from 2042, its Chief Executive Officer Mark Bristow has said. Mr. Bristow said since 2019, Lumwana\u2019s fortunes had been turned around, making it one of Zambia\u2019s largest copper producers. He said a new […]<\/p>\n","protected":false},"author":84,"featured_media":34045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-34046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nBarrick hoping to extend Lumwana mine to 2042 - Zambia<\/title>\n<meta name=\"description\" content=\"Barrick Gold Corporation says promising drill results could see the life of its Lumwana copper mine extended to 2060 fro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Barrick hoping to extend Lumwana mine to 2042\" \/>\n<meta property=\"og:description\" content=\"Barrick Gold Corporation says promising drill results could see the life of its Lumwana copper mine extended to 2060 fro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-06T21:50:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-06T22:15:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/11\/postQueueImg_14-636831ee06c07.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"453\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Barrick hoping to extend Lumwana mine to 2042\",\"datePublished\":\"2022-11-06T21:50:35+00:00\",\"dateModified\":\"2022-11-06T22:15:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042\"},\"wordCount\":490,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/11\/postQueueImg_14-636831ee06c07.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barrick-hoping-to-extend-lumwana-mine-to-2042\",\"name\":\"Barrick hoping to extend Lumwana mine to 2042 - 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