Barrick Gold's 2024 Copper Output Sees Growth with Lumwana Mine Surge

Barrick Gold

Canada-based mining giant Barrick Gold has reported an impressive increase in its copper production for 2024, driven by higher output from the Lumwana mine in Zambia. The company’s performance in the fourth quarter highlighted significant growth, positioning Barrick for continued success in the global copper market.

Increased Copper Production at Lumwana

Barrick Gold produced 64,000 tons of copper in the fourth quarter of 2024, marking a 33% increase compared to the previous quarter. This surge helped Barrick achieve a total output of 195,000 tons for the entire year, reflecting a 2% increase year-over-year.

A standout contributor to this performance was the Lumwana mine, which produced 46,000 tons of copper during the final quarter of 2024, a remarkable 53% rise from the previous quarter. This growth resulted from improved throughput, higher grades, and better recoveries, leading to a total annual production of 123,000 tons at Lumwana—an increase of 4.2% over the previous year.

Strategic Plans for the Future

Looking ahead, Barrick has set ambitious production targets for Lumwana. The company forecasts that in 2025, the mine will produce between 125,000 and 155,000 tons of attributable copper. To support this growth, Barrick plans to begin construction on Lumwana’s expansion this year. The expansion will extend the mine's operational life by 17 years, with the aim of doubling the processing plant’s capacity to 240,000 tons of copper per year.

In addition to Lumwana, Barrick’s other key copper assets are showing consistent results. The company’s 50%-owned Zaldivar mine in Chile and Jabal Sayid mine in Saudi Arabia maintained stable year-on-year copper production. The Zaldivar mine produced 40,000 tons in 2024, while Jabal Sayid produced 32,000 tons. Barrick’s copper production guidance for 2025 indicates a slight increase, with projections of 40,000–45,000 tons from Zaldivar and 25,000–35,000 tons from Jabal Sayid.

A Glimpse at the Future

Looking toward 2025, Barrick's total copper production is expected to rise to between 200,000 and 230,000 tons, up from 195,000 tons in 2024. Moreover, the company has initiated early construction works at the Reko Diq project in Pakistan, with the first production anticipated by the end of 2028.

Barrick Gold’s robust copper production and expansion plans signal a strong outlook for the company’s mining operations. With strategic growth initiatives and stable output from key mines, Barrick is positioning itself to meet the growing global demand for copper, essential for various industries, including renewable energy and electric vehicles.