Mr. Mark Bristow reports

LUMWANA'S SUPER PIT EXPANSION OFFICIALLY LAUNCHED

The development of a super pit at Barrick Gold Corp.'s Lumwana copper mine was officially launched today by the Zambian president, his excellency, Hakainde Hichilema, accompanied by members of his cabinet. All monetary amounts are in United States dollars.

The feasibility study for the super pit expansion is expected by the end of the year, paving the way for construction to start in 2025. Once completed, the $2-billion project unlocks the potential to transform Lumwana into a long-life, high-yielding, top 25 copper producer and a Tier 1 copper mine.

The expansion involves first doubling throughput of the existing process circuit and then significantly increasing mining volumes. Plant throughput will grow from the current 27 million tonnes (Mt) to 52 Mt, doubling the mine's annual copper production from 120,000 t to a life-of-mine average of 240,000 t a year. The process plant expansion is supported by a ramp-up of total mining volumes, which are planned to increase incrementally year-on-year, from 150 Mt in 2025 to approximately 240 Mt in 2028 and then to an average rate of 290 t per annum from 2030 onward.

Speaking at the groundbreaking ceremony also attended by the Barrick board of directors, Barrick president and chief executive Mark Bristow said a critical element of the super pit expansion was its focus on creating a sustainable legacy through the development of local capacity within the region, which would benefit both local communities and businesses throughout the construction and operational phases. The expansion will need around 550 additional workers over the next five years to support the ramp up and an additional 2,500 construction workers for a three-year period to 2028.

"We are also planning to build critical infrastructure, including an airstrip and an industrial supplier park. This will enable key suppliers to establish themselves in the area, creating an economic hub that will further fuel growth and development in the wider region," Mr. Bristow said.

"Mining plays a key role in Zambia's economic structure and our partnership with Barrick is creating one team with a shared vision to develop a new economic frontier in the North-Western Province of the country and beyond," said president Hichilema.

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