(Ecofin Agency) - In line with its ambition to boost the country’s annual copper output to 3 million tons by 2032, Zambia’s government bets on several projects, including one to expand the Lumwana mine. Barrick, the mine’s Canadian operator, recently said the expansion works should begin this year.

On February 19, Barrick released a technical report detailing plans to expand the Lumwana copper mine. The report outlines modifications needed to double annual production from 155,000 tonnes expected this year to 240,000 tonnes over 36 years.

The project plans to increase ore processing from 27 million tonnes per year to 52 million tonnes, reaching a peak of 54 million tonnes. To support this, Barrick will build an additional mill. The total investment for the Lumwana expansion is estimated at $2 billion, with construction set to start in 2025.

The economic analysis in the report shows an after-tax net present value of $3.9 billion and an internal rate of return of 49%, assuming a copper price of $4.03 per pound.

A Key Project for Zambian Copper Production

If all goes as planned, the mine could reach its target of producing 240,000 tonnes of copper annually by 2028. This would help the Zambian government achieve its goal of producing 3 million tonnes of copper yearly by 2031.

Zambia is Africa's second-largest copper producer but has seen production decline in recent years. However, there was a rebound of 12% year-on-year in 2024, according to Mines Minister Paul Kabuswe. The country produced 732,580 tonnes in 2023 and 820,670 tonnes last year. This growth is expected to continue with the Lumwana expansion and the revival of other mines like Konkola Copper and Mopani.

Aurel Sèdjro Houenou (intern)

Edited in English by Ange Jason Quenum