Barrick Gold Corp. progresses $2bn copper mine expansion project in Zambia

Published: 2026-05-13 01:20:11 ET ABX.TO

Published on 05/13/2026 at 01:20 am EDT

Barrick Gold Corp (NYSE: B, TSE: ABX) has said construction at the Lumwana super pit copper expansion project in Zambia advanced on time and budget during Q1 2026 with first production expected by March 2028.

Mining Weekly reported on May 11 that the group expects capex for this year at Lumwana Copper Mine to be at the lower end of the $750mn to $850mn guidance. In total, the project in the southern African nation which is also the continent’s number two copper producer is set to cost $2bn, the paper reported quoting a quarterly update by Barrick.

The initial lift of the mill building wall was completed during the quarter, with mill shells delivered to site and the first loads of structural steel expected in the three months ending June 30.

Overall, first-quarter copper production of 49,000 tonnes was in line with projections.

Copper production guidance for the year remains unchanged at 190,000 tonnes to 220,000 tonnes.

“Copper performed well and is an important part of the growth pipeline,” Barrick president and CEO Mark Hill said.

First-quarter group gold production of 719,000 ounces (oz) was above guidance on the ramp-up at Loulo-Gounkoto in Mali in west Africa, as well as performances at NGM in the US and Veladero in Argentina.

According to Mining Weekly, Barrick generated $5.22bn in revenue in the quarter, $2.55bn in operating cash flow, $1.97bn in attributable operating cash flow, and $1.21bn in attributable free cash flow.

“We started the year with another strong quarter,' Hill added, per Mining Weekly.

'Building on momentum from the fourth quarter, we operated safely and outperformed our plan on both gold production and costs. Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago. Our growth pipeline advanced, with good progress at Lumwana and Fourmile. Most importantly, we continued to improve safety.”