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Barrick has announced new key targets for its Zambian business including partnering with government to explore some of the parts of the Copperbelt, as it claims contributing over US$4 billion to the Zambian economy through taxes, royalties, procurement and wages.
The regional exploration in Northeast Zambia is being done through the Industrial Development Corporation’s subsidiary Industrial Resources Limited.
Addressing members of the media and other stakeholders in Lusaka on Friday evening at intercontinental hotel, Barrick president, Mark Bristow, highlighted that the exploration initiative was being conducted in areas which had not yet been evaluated.
“Not only are we investing in Lumwana, but we also have started now a partnership with the government where we are looking to explore some of the parts of the Copperbelt in Zambia that have not been evaluated.
“We’re not just expanding a mine, we’re strengthening a partnership. Our teams are actively exploring further growth opportunities across the Zambian Copperbelt, building on our recently signed Memorandum of Understanding with the Government of Zambia,” Bristow, also Barrick Chief Executive, said.
He also announced construction of a new airstrip with potential to become an international airport, expected to be completed by end of this year.
“It has the potential to be an international airport, and we are building a new town in Manyama, and we have started an industrial park, and that will be. We have already got US$300 million of interest to invest in that park,” Bristow said.
Meanwhile, Bristow claimed that the mine since 2019 had contributed over US$4 billion to the Zambian economy through taxes, royalties, procurement and wages.
This, he said, had establish the firm as a key player in the Zambian economy.
He also said construction of the US$2 billion Super Pit Expansion Project at Barrick Mining Corporation’s Lumwana mine was well underway, accelerating its transformation into a Tier One copper mine.
“Today, it’s a growing force in African copper. 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.
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