Mr. Mark Bristow reports

BARRICK STRENGTHENS ZAMBIA PARTNERSHIP, INVESTS IN MAJOR EXPANSION OF LUMWANA MINE

The transformation of Barrick Gold Corp.'s Lumwana mine into a world-class producer will provide strong impetus for the government's thrust to revive the country's copper industry, president and chief executive Mark Bristow said yesterday after a meeting with Zambian President Hakainde Hichilema.

Barrick is investing almost $2-billion (U.S.) in an expansion project designed to increase Lumwana's annual production to an estimated 240,000 tonnes of copper from a 50-million-tonne-per-year processing plant over a 36-year life of mine, elevating this once-unprofitable operation into the front rank of copper producers. The project's accelerated work program is targeting completion of the full feasibility study by the end of 2024, bringing expected expanded process plant production forward to 2028.

Since Barrick took over operations at Lumwana in 2019, the mine has contributed almost $3-billion (U.S.) to the Zambian economy in the form of taxes, royalties, salaries and the procurement of goods and services. In addition to its local procurement policy, the company is also committed to local employment, and 99.3 per cent of Lumwana's current work force are Zambian nationals.

"Barrick believes that its host countries are its key stakeholders and that partnering with them creates sustainable value for both of us. In Zambia, as elsewhere in our global network, we seek to share the economic benefits generated by our mines with the countries' governments and people, notably our neighbouring communities," Mr. Bristow said.

Last year, Barrick launched a business accelerator program aimed at building business capacity for the Zambian contractors in Lumwana's supply chain and to support them in effecting their own growth plans. It is also partnering with the country's Ministry of Small and Medium Enterprises to support the development of these businesses.

Looking at Lumwana's current performance, Bristow said it was on track to deliver its production guidance for 2023 and was ramping up owner mining with both the reopening of the Malundwe pit as well as delivery of the new owner mining prestripping fleet.

Mr. Hichilema stated he was elated by the news of the planned expansion: "This is a show of confidence in our New Dawn government by one of the world's leading mining companies. Our laser focus is on establishing Zambia as a global mining destination. We have also set ourselves the target of producing three million tonnes of copper by 2030. Barrick is a key strategic partner on this journey."

Mr. Hichilema called on Barrick to prioritize local content and increase the participation of Zambian suppliers to the Lumwana mine. He also encouraged Barrick to deploy the most advanced mining technology and invest in downstream value addition in support of New Dawn's vision of establishing green industrial parks in Zambia.

Technical information

The scientific and technical information contained in this press release has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, mineral resources manager, Africa and the Middle East, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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