Barrick launches Lumwana copper expansion project

BARRICK on Wednesday started the development of its Lumwana super pit, a development that comes ahead of a $2bn expansion that is waiting on a final investment decision. If approved, the expansion will establish the Zambian mine as an important source of copper supply.“Mining plays a key role in Zambia’s economic structure and our partnership with Barrick is creating one team with a shared vision to develop a new economic frontier in the North-Western Province of the country and beyond,” said Zambian president Hakainde Hichilema who attended an official launch of the project.The expansion involves first doubling throughput of the existing process circuit and then significantly increasing mining volumes, said Barrick.Plant throughput will grow from the current 27 million tons (Mt) to 52Mt, doubling the mine’s annual copper production from 120,000 tons to a life-of-mine average of 240,000 tons a year, it said.The process plant expansion is supported by a ramp-up of total mining volumes, which are planned to increase incrementally year-on-year, from 150Mt in 2025 to about 240Mt in 2028 and then to an average rate of 290Mt annually from 2030 onward.Post-expansion, cost of sales and cash costs are estimated at approximately $2.36/lb and $1.85/lb, respectively “placing Lumwana in the first quartile of the industry, excluding the benefit of any by-products,” the company said in September.“The phased ramp-up will enable a competitive cost profile over the life of the mine and annual operating cash flow and free cash flow are projected to improve by as much as 85% and 60%, respectively, based on the long-term copper price consensus,” said Barrick’s COO for Africa and the Middle East, Sebastiaan Bock.The post Barrick launches Lumwana copper expansion project appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com