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Barrick Mining's $2 Billion Lumwana Super Pit Expansion on Track
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Key Takeaways
Barrick is expanding Lumwana to 240,000 tons/year of copper with a new 50M ton plant.
The mine has already delivered $4B in economic impact, mostly through local procurement.
A REDD program tied to Lumwana will conserve 300,000 hectares and generate carbon credits.
Barrick Mining Corporation’s (B - Free Report) $2 billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, fast-tracking its shift into a Tier One copper mine.
Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy.
The expansion project will double Lumwana’s copper output to 240,000 tons annually, supported by a new processing plant with a capacity of 50 million tons per year. Construction at the site is in progress, long-lead equipment has been ordered and infrastructure improvements, including a new power transmission system in collaboration with ZESCO, are advancing to benefit both the mine and the surrounding region.
Since 2019, Lumwana has contributed more than $4 billion to Zambia’s economy through taxes, royalties, wages and local procurement. Of this, more than $3.4 billion or 79% of total procurement, has been spent with Zambian suppliers. In the first quarter of this year alone, $177 million, or 81% of procurement, went to local contractors. Currently, 98% of Lumwana’s workforce consists of Zambian nationals, nearly half of them from neighboring communities.
The mine is also spearheading one of Zambia’s most ambitious environmental and carbon reduction efforts through the creation of a REDD+ forest conservation program, developed in partnership with local chiefdoms and the Forestry Department. Spanning up to 300,000 hectares, the initiative aims to produce future carbon credits while promoting sustainable livelihoods, protecting biodiversity and encouraging responsible land management.
Lumwana is emerging as a model for sustainable copper mining, showcasing how a top-tier operation can support the development of an industrial ecosystem while preserving the environment and creating broader economic opportunities, Barrick noted.
Shares of Barrick have gained 13.7% over the past year compared with a 33.7% rise of its industry.
Image Source: Zacks Investment Research
B’s Zacks Rank & Key Picks
B currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 11.1%. The company's shares have soared 43.3% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Agnico Eagle’s current-year earnings is pegged at $1.61 per share. AEM, carrying a Zacks Rank #1 (Strong Buy), surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with an average earnings surprise of 12.3%. The company's shares have rallied 74.4% in the past year.
Avino Silver, which currently carries a Zacks Rank #1, beat the consensus estimate in each of the trailing four quarters. In this time frame, it delivered an earnings surprise of roughly 104.1%, on average. ASM's shares have rallied 330% in the past year.
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Barrick Mining's $2 Billion Lumwana Super Pit Expansion on Track
Key Takeaways
Barrick Mining Corporation’s (B - Free Report) $2 billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, fast-tracking its shift into a Tier One copper mine.
Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy.
The expansion project will double Lumwana’s copper output to 240,000 tons annually, supported by a new processing plant with a capacity of 50 million tons per year. Construction at the site is in progress, long-lead equipment has been ordered and infrastructure improvements, including a new power transmission system in collaboration with ZESCO, are advancing to benefit both the mine and the surrounding region.
Since 2019, Lumwana has contributed more than $4 billion to Zambia’s economy through taxes, royalties, wages and local procurement. Of this, more than $3.4 billion or 79% of total procurement, has been spent with Zambian suppliers. In the first quarter of this year alone, $177 million, or 81% of procurement, went to local contractors. Currently, 98% of Lumwana’s workforce consists of Zambian nationals, nearly half of them from neighboring communities.
The mine is also spearheading one of Zambia’s most ambitious environmental and carbon reduction efforts through the creation of a REDD+ forest conservation program, developed in partnership with local chiefdoms and the Forestry Department. Spanning up to 300,000 hectares, the initiative aims to produce future carbon credits while promoting sustainable livelihoods, protecting biodiversity and encouraging responsible land management.
Lumwana is emerging as a model for sustainable copper mining, showcasing how a top-tier operation can support the development of an industrial ecosystem while preserving the environment and creating broader economic opportunities, Barrick noted.
Shares of Barrick have gained 13.7% over the past year compared with a 33.7% rise of its industry.
Image Source: Zacks Investment Research
B’s Zacks Rank & Key Picks
B currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 11.1%. The company's shares have soared 43.3% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Agnico Eagle’s current-year earnings is pegged at $1.61 per share. AEM, carrying a Zacks Rank #1 (Strong Buy), surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with an average earnings surprise of 12.3%. The company's shares have rallied 74.4% in the past year.
Avino Silver, which currently carries a Zacks Rank #1, beat the consensus estimate in each of the trailing four quarters. In this time frame, it delivered an earnings surprise of roughly 104.1%, on average. ASM's shares have rallied 330% in the past year.