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Barrick Gold (NYSE:GOLD) wants to expand and extend the life of its Lumwana copper mine in Zambia and explore for more copper deposits in Congo, Africa’s top two copper producing countries, as it seeks to grow its presence on the continent, CEO Mark Bristow said Friday.
Barrick (GOLD) is considering plans to develop the Lumwana mine, which currently produces 267K metric tons of copper, into a Tier 1 asset – with a reserve potential of greater than 5M tons of contained copper – and extend the life of the operation to 2060.
Additional expansion opportunities are being assessed, and the Lumwana pre-feasibility study is progressing in line with the company’s plans to transform its long-term copper profile through the delivery of the envisioned super pit, Bristow said.
Barrick (GOLD) plans to spend more to build Lumwana into a bigger operation, Bristow said, while declining to provide specifics.
The CEO also refused to comment on speculation that his company was interested in First Quantum Minerals but said Barrick (GOLD) would use caution in doing deals in the sector.
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