Lumwana mine
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The Lumwana mine is a large
copper mine Copper extraction refers to the methods used to obtain copper from its ores. The conversion of copper consists of a series of physical and electrochemical processes. Methods have evolved and vary with country depending on the ore source, loca ...
located in north-west
Zambia Zambia (), officially the Republic of Zambia, is a landlocked country at the crossroads of Central, Southern and East Africa, although it is typically referred to as being in Southern Africa at its most central point. Its neighbours are t ...
in North-Western Province. Lumwana is owned by Barrick Gold and represents one of the largest copper reserves in
Zambia Zambia (), officially the Republic of Zambia, is a landlocked country at the crossroads of Central, Southern and East Africa, although it is typically referred to as being in Southern Africa at its most central point. Its neighbours are t ...
and in the world having estimated 5.014 billion pounds of proven and probable copper reserves of ore grading 0.68% copper. The mine is operated by Lumwana Mining Company Limited (LMC).


Timeline

In 2019, Barrick Gold considered selling the mining operation after receiving interest from potential buyers following its merger with Randgold Resources Ltd., however the discussions fell through. It had previously in the same year attracted interest from companies including China Minmetals Corp., Jiangxi Copper Co. and Zijin Mining Group Co. In an interview in November 2021, Barrick Gold CEO, Mark Bristow, indicated Lumwana copper mine was on course to contribute roughly 20% of the group’s annual EBITDA largely due to the increase in the copper price.The improvement in the copper price also meant that Barrick will have more flexibility on whether it proceeds to the development of a super-pit at Lumwana. He also added that the normalisation of Zambia’s fiscal regulations with the reintroduction of mineral royalties being deductible from corporate tax was a significant event.


References

{{reflist Copper mines in Zambia North-Western Province, Zambia Barrick Gold