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Barrick Gold (NYSE:GOLD) said Wednesday it plans to spend nearly $2B to expand its Lumwana mine in Zambia into a “super pit,” elevating the once-unprofitable operation into the front rank of global copper producers.
The expansion project will boost production to ~240K metric tons/year of copper from a 50M tons/year processing plant with a 36-year life of mine, the company said.
Barrick (GOLD) said its accelerated work program will target the completion of a full feasibility study by the end of 2024, bringing expected expanded process plant production forward to 2028.
Barrick (GOLD) said the Lumwana operation is on track to deliver its production guidance for 2023; the company has forecast Lumwana will produce 260M-290M lbs of copper this year, after reporting Q2 output of 67M lbs.
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