Barrick Gold Starts Development of Lumwana Super Pit Expansion
Barrick Gold Corporation GOLD recently announced the official commencement of the development of a Super Pit at its Lumwana copper mine in Zambia. The Super Pit Expansion feasibility study is anticipated to be completed by the end of the year, with construction beginning in 2025. Upon completion, the $2 billion project has the potential to transform Lumwana into a long-term, high-yielding, top-25 copper producer and Tier One copper mine.The expansion entails doubling the present process circuit's throughput and substantially boosting mining volumes. Plant throughput will increase from 27Mt to 52Mt, doubling the mine's annual copper production from 120kt to a life-of-mine average of 240kt. The process plant development is backed by a gradual increase in overall mining volumes, which are expected to rise from 150Mt in 2025 to around 240Mt in 2028 and then to an average rate of 290t per year beginning in 2030.The Super Pit Expansion was Barrick's focus on establishing a lasting legacy by developing local capacity in the region, which would benefit local communities and businesses during the construction and operational stages. The expansion will require around 550 additional personnel over the next five years to support the ramp-up and a further 2,500 construction workers over three years, ending in 2028.The company also intends to construct vital infrastructure, such as an industrial supplier park and an airstrip. This will allow important suppliers to establish there and form an economic hub that will promote growth and development in the wider region.Barrick’s shares have gained 35.4% in the past year compared with a 45.9% rise in the industry.Image Source: Zacks Investment ResearchFor 2024, Barrick anticipates attributable gold production to be in the range of 3.9-4.3 million ounces. All-in-sustaining costs (AISC) are projected to be $1,320-$1,420 per ounce. Cash costs per ounce are forecast to be $940-$1,020. The company also expects the cost of sales to be $1,320-$1,420 per ounce.GOLD expects a copper production of 180,000-210,000 tons at an AISC of $3.10-$3.40 per pound, cash costs per pound of $2-$2.30, and cost of sales of $2.65-$2.95 per pound.Capital expenditures are projected in the range of $2,500-$2,900 million for 2024.Barrick Gold Corporation Price and Consensus Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation QuoteZacks Rank & Other Key PicksGOLD currently carries a Zacks Rank #2 (Buy).Other top-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Centrus Energy Corp. LEU. Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 135.6% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.The Zacks Consensus Estimate for IAG’s current-year earnings is pegged at 49 cents, indicating a year-over-year rise of 444.4%. The Zacks Consensus Estimate for IAG's current-year earnings has been going up in the past 30 days. IAG, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 200%. The company's shares have rallied roughly 132.3% in the past year.The Zacks Consensus Estimate for Centrus’ current-year earnings is pegged at $3.06 per share. LEU, a Zacks Rank #1 stock, beat the consensus estimate in three of the last four quarters while missed once, with the average earnings surprise being 107.1%. LEU has rallied around 26.8% in the past year. Infrastructure Stock Boom to Sweep AmericaA massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.The only question is “Will you get into the right stocks early when their growth potential is greatest?”Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How To Profit From Trillions On Spending For Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Iamgold Corporation (IAG): Free Stock Analysis Report Barrick Gold Corporation (GOLD): Free Stock Analysis Report Centrus Energy Corp. (LEU): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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