Barrick Gold Corporation announced the Lumwana copper mine's Super Pit expansion project has been accelerated with first production now scheduled for 2028, Barrick president and chief executive Mark Bristow advised Zambian president Hakainde Hichilema at their meeting here on January 23, 2024. The project will transform Lumwana into one of the world's major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year life. It is a key component of the Zambian government's drive to revive the country's copper industry over the next 10 years.

The estimated cost of the project is almost $2 billion and construction is scheduled to start towards the end of this year. Since Barrick refocused its strategy in 2019, Lumwana, the once struggling mine, has been restructured and re-engineered into a significant contributor to Barrick's expanding copper portfolio. Barrick's partnership with Zambia and Lumwana's contributions to the Zambian economy; Barrick's commitment to local procurement and creating long-term value for its host communities in Zambia including through the Business Accelerator Program; Barrick's sustainability strategy; and Barrick's future investments in community projects and contributions to the Zambian economy, including through its REDD+ initiative.