Barrick Gold to invest nearly $2 billion in Zambia mine to raise copper output

(Reuters) – Barrick Gold said on Wednesday it would invest nearly $2 billion as part of a project to increase copper production at its Lumwana mine in Zambia.

The expansion is part of the company’s plans to extend the life of the mine to 2060. Zambia is Africa’s second-largest copper producer after its northern neighbour, the Democratic Republic of Congo.

The project aims to complete the full feasibility study by the end of 2024, bringing the expanded production forward to 2028, the company said.

Barrick had in July said it was keen to explore more copper deposits in Zambia and Congo, seeking to expand its presence on the African copperbelt.

(Reporting by Seher Dareen in Bengaluru; Editing by Shounak Dasgupta and Arun Koyyur)