Canadian miner shifts focus to Zambia with $2 billion investment deal amid Mali tensions
Barrick Gold Corporation is investing $2 billion in expanding the Lumwana copper mine in Zambia to enhance production capabilities.
The emphasis on Zambia comes amidst Barrick's ongoing legal disputes with the Mali government concerning mining agreements.
The expansion includes doubling copper output and introducing new infrastructure like a high-capacity processing plant and energy supply lines.
Canadian multinational, Barrick Gold Corporation is pressing ahead with its $2-billion expansion of the Lumwana copper mine in Zambia, positioning the southern African nation's status as a global copper hub and deepening local industrial capacity.
The expansion, already under way, aims to double annual copper output at Lumwana to 240,000 tonnes, using a new processing plant that can handle 50 million tonnes of ore annually.
The project also includes new electricity lines being built with Zambia's national power company, ZESCO.
Speaking during a visit to Lusaka, the country's capital city, Barrick Gold's CEO, Mark Bristow, said the mine's transformation signals not just operational progress, but a long-term commitment to Zambia's economic future.
' When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming. Today, it's a growing force in African copper.' He said
' With this expansion gaining momentum, Lumwana is on course to join the world's list of large and strategically important copper mines, and a powerful driver of growth for both Zambia and Barrick,' Bristow said during a recent visit to Lusaka.' He added.
Since taking over Lumwana, Barrick has contributed over $4 billion to the Zambian economy through taxes, wages, and local business contracts. In just the first quarter of 2025, 81% of the mine's spending, about $177 million went to Zambian suppliers. Nearly all the mine's 12,000 workers are Zambian, and almost half come from nearby communities.
The company is also building new facilities, including the Manyama township, a training centre to help Zambians gain mining and technical skills, and a regional airstrip. These projects support Zambia's long-term mining development plans under the Mining and Minerals 2031 policy.
Environmental sustainability is also central to the Canadian mining giant's strategy. The company is reportedly working with local leaders and Zambia's Forestry Department on a large forest protection project that will cover up to 300,000 hectares. The aim is to protect the environment, support local livelihoods, and create carbon credits i n the future.
'Lumwana is becoming a flagship for sustainable copper mining. It demonstrates how a world-class mine can help build an industrial ecosystem while protecting the environment and expanding economic opportunity, ' Bristow said.
Mali targets Barrick in mining row
Barrick Gold's dispute with Mali began after the country's 2023 mining code granted the state up to a 50% stake in projects and sought to apply the new terms retroactively. Barrick rejected this, calling it a breach of existing agreements tied to its Loulo–Gounkoto mine.
Tensions escalated when the junta appointed a provisional administrator and seized one tonne of gold—worth about $107 million—by military helicopter, following earlier seizures and export blocks.
Barrick has since launched international arbitration, accusing Mali of violating investment treaties in a case that underscores rising resource nationalism across military-led African states.
Barrick Gold's investment in Zambia underlines Africa's growing importance in the global energy transition as copper becomes increasingly vital for electric vehicles and green technologies.
With no major environmental incidents reported and strong quarterly performance, Lumwana is not only expanding production but also strengthening its legacy across Zambia and Africa.
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