Barrick Gold Corporation, the owners of Lumwana Mine located in Kalumbila District, North Western Province, have revealed their ambitious plans for a significant investment of two billion dollars into the mine. The primary aim of this substantial capital infusion is to double the mine’s annual copper production while extending the plant’s operational lifespan.
This momentous investment aligns with the government’s strategic vision of increasing the annual copper production capacity to an impressive three million tonnes per annum.
Mark Bristow, President of Barrick Gold Corporation, has shared his excitement about this substantial commitment. He has emphasized that the two billion dollar investment in Lumwana Mine is a dedicated effort to elevate the annual copper production to an estimated 240 thousand tonnes per annum.
Bristow envisions this investment as a game-changer that will transform Lumwana Mine into a globally competitive and highly profitable copper producer. With this level of funding, the mine is poised to reach new heights and reinforce its position on the world stage.
In a statement issued to ZNBC News by Barrick Gold Corporation, Mr. Bristow expressed confidence in the accelerated work program’s ability to complete the full feasibility study by the end of 2024. Furthermore, the investment is expected to extend plant production all the way to 2028, solidifying Lumwana Mine’s role as a cornerstone of Zambia’s copper industry.
How does this benefit the Zambian people? This can only make sense if GRZ increase their stake in the mines otherwise the harvesters are doubling their efforts to clean out our resources at a faster rate than ever before.They ask you for 20 years concessions so that you can’t tax them and then use democracy and capitalism to prevent you from owning majority shares in your own resources ati ni nationalisation iyo and then start pointing fingers at communists parties. Ni Kupusa uko.
Then ZCCM-IH should build a mine from scratch so that you can fully benefit. Why wait for a muzungu to build for you then you want to claim ownership!
Why do you ask such a question, who gets the jobs? Who gets CDF benefits from the tax paid by this mine? Who benefits when the mine buys from local suppliers? Dont be dull ….. You failed with no mine you left running properly.
@Kabola, it’s better the minerals stay in the ground until our people mature and learn how to use them than get scraps you call CDF. You can’t even supplement your own budget without help from the harvesters. ungwele too much.
Unfortunately all the proceeds will go overseas and worse still once the mineral is extracted from the ground it can not re germinate but just leave gapping holes
No one is stopping you to own a mine …. what is stopping you?
#Kabola if you have nothing to say don’t say it. You are talking about something you don’t understand.
You are right. Once the minerals are gone they are gone forever. If ordinary Zambians cannot profit from the extraction, it is better that the minerals stay in the ground until they do!
Unfortunately under upnd they are giving unlimited tax holidays and the freedom to do as they please. Hh who is uncle tom is finishing off what he started during privatisation. We warned you
What will be left for our Children and grand children? You giving all the minerals now to these foreigners. HH was even pleading with the chinese to come and explore more of our minerals.In the meantime your are scheduling the debt to our children and grandchildren.
Can we for once see trickle down effects to the common man – though not sure how
Northwesterners still wallowing
Now you see why African countries still remain poor despite having all the wealth….yes and the money ends up in Europe and USA….its not rocket science….and we think Zambia is poor how can a company spend 2 billion dollars in a poor country….and Zambians go and begg IMF for Kaloba and yet we have trillions worth of resources
This is a good question which is begging for answers.
Our wealth is in the hands of foreigners …and the suffering continues
For these so called investments to make sense and for them to really impact the economy apart from the expected jobs to be created which are often not even many and don’t impact the economy at all, what we need is all money to be invested to be deposited first into a Zambian bank in this case the Central Bank, BOZ and not commercial banks, I repeat not commercial banks. This should be the case going forward with all major investments above a certain threshold of say $5 million. This will ensure Forex will circulate in the economy reducing pressure on the exchange rate as well as investors can easily be tracked for auditory purpose. If we can do this you will all see big changes in the economy.
Zambia must learn to be tougher with western mining companies. Maybe this does not come easily because Zambians are I think naturally good people. Also, individuals in positions of power are too easily swayed by a suitcase of cash. But nobody is going to do it for you. You must learn to be as selfish as the westerners are. Only then will you gain respect and a fair income from your natural resources to make sure the people are all fed and the country can develop. Do not allow the westerners to push you around!
Sometimes one would think that our leaders look up to westerners as if they are Gods. Even the picture of God they have in mind is that of a white Jesus. Ma ngwele of leaders too much pa chalo.
At sixty years of independence with UNZA churning out mining engineers over the years why are there no mines by local investors?!
Look at Singapore economy they got thier independence in 1964 as well.
Profits from foreign owned go out .What we get from taxes and through employment are like crumbs falling from the table.
The electric car is our salvation.The government must support cobalt mining in Mushindamo and nickel mining in Kalumbila by Zambian investors.