In a bold pivot from political uncertainty in Mali, Canadian mining giant Barrick Gold Corporation is placing its bets on Zambia—backing the country’s growing reputation as a copper powerhouse with a $2 billion expansion of its Lumwana mine.
The expansion project, already in motion, is set to double Lumwana’s annual copper production to 240,000 tonnes, powered by a new processing plant capable of handling 50 million tonnes of ore a year. For Zambia, this isn’t just another mining deal—it’s a strategic move that could position the nation as a global hub for copper, a metal critical to the world’s energy transition.
During a recent visit to the capital, Lusaka, Barrick’s CEO Mark Bristow emphasized that this isn’t just a project—it’s a long-term partnership with Zambia.
“When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming,” Bristow told reporters. “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.”
Since Barrick acquired Lumwana, it has pumped over $4 billion into Zambia’s economy through taxes, wages, and local procurement. In the first quarter of 2025 alone, over 80% of Lumwana’s $177 million spending went directly to Zambian suppliers. The company says 99% of its 12,000-strong workforce is Zambian, with nearly half coming from surrounding communities.
Beyond mining, Barrick claims it is helping shape Zambia’s future. New developments include a regional airstrip, the Manyama township, and a state-of-the-art training centre designed to boost technical and mining skills among young Zambians. These align with the country’s broader development goals under its Mining and Minerals 2031 strategy.
Sustainability is also becoming a cornerstone of Barrick’s presence in Zambia. The company is collaborating with local leaders and the Forestry Department to develop a forest preservation initiative that will cover up to 300,000 hectares.
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The plan? To protect biodiversity, provide sustainable jobs, and generate future carbon credits—turning conservation into a long-term economic asset. “Lumwana is becoming a flagship for sustainable copper mining,” Bristow said. “It demonstrates how a world-class mine can help build an industrial ecosystem while protecting the environment.”
While Zambia is welcoming Barrick’s dollars and infrastructure, Mali is now locked in a bitter dispute with the company. Tensions began when Mali’s military government amended its mining code in 2023 to demand up to a 50% state stake in all mining projects—retroactively. Barrick rejected the move, calling it a breach of pre-existing agreements at its Loulo-Gounkoto gold mine.
The standoff escalated dramatically when Malian authorities seized over a tonne of gold—worth more than $100 million—using military helicopters. The action followed earlier export bans and administrative clampdowns. In response, Barrick has filed for international arbitration, accusing the West African country of violating investment treaties.
Observers say the dispute reflects a larger trend of “resource nationalism” emerging across several African states ruled by military regimes.
Barrick’s renewed focus on Zambia is also a strategic response to global demand. With the rise of electric vehicles, renewable energy, and digital infrastructure, copper has become a vital commodity in the global energy transition. Africa, rich in natural resources but still underdeveloped in value-added processing, is suddenly center stage.
Bristow and his team believe Zambia is ripe for this moment.
“We’re not just extracting copper—we’re building capacity, creating jobs, and laying the foundation for long-term economic impact,” he said. And so far, the numbers are on their side. With no major environmental incidents reported and solid quarterly performance, Lumwana is not just growing—it’s thriving.
As Mali faces investor scrutiny, Zambia appears to be reaping the benefits of policy stability, infrastructure development, and a willingness to partner for long-term gains. And in the world of mining—where patience is as important as capital—that might be the most valuable resource of all.
