Global gold and copper mining giant Barrick has signed a memorandum of understanding (MOU) with Industrial Resources Limited (IRL), a subsidiary of Zambia’s Industrial Development Corporation, to enhance mineral exploration and mining in the resource-rich nation.
The agreement aligns with Zambia’s ambition to ramp up copper production to 30 million tons annually in the coming decades, according to Barrick CEO Dr. Mark Bristow. He made the announcement on Wednesday while presenting Barrick’s latest financial results, despite challenges in Mali, where gold sales have declined due to government-imposed export restrictions.
The MOU aims to unlock Zambia’s mineral potential, particularly supporting Barrick’s Lumwana Super Pit copper expansion project, which has now progressed to full permitting status.
Barrick acquired Lumwana copper mine in 2011 when it was unprofitable, leading to a $5 billion write-down over the past five years. However, disciplined cost management and extensive exploration have significantly increased copper reserves, extending the mine’s lifespan by over 20 years.
“Today, the mine is sustainably profitable and a pillar of our copper growth strategy,” Bristow stated while presenting fourth-quarter results.
Lumwana’s record-breaking production in Q4 2024 helped bring it back in line with guidance, while also reducing costs. With the Super Pit expansion feasibility study completed, project development is now underway following board approval.
Bristow emphasized that the project’s funding will come from Barrick’s existing and forecasted cash flows, without the need for new share issuance or additional debt.
The Barrick CEO highlighted that emerging markets offer a key advantage, allowing major mining expansions to progress faster than in developed economies, without compromising quality or standards.
Despite success in Zambia, Barrick faces ongoing difficulties in Mali, where gold production at Loulo-Gounkoto increased by 8% in Q4, exceeding annual guidance. However, export restrictions and the detention of some Barrick personnel have complicated operations.
Bristow described the arrests as unjust, stating that Barrick is actively engaging with Malian authorities to secure the release of its team and find a sustainable resolution. The company has also filed for arbitration to protect its rights but remains committed to working towards a long-term solution.
Since 2005, Barrick has contributed $3.2 billion to the Malian Treasury through dividends, royalties, and taxes. In 2023 and 2024 alone, the company paid $400 million and $460 million, respectively. If operations had continued undisrupted, contributions in 2025 were projected to exceed $550 million at current gold prices.
Beyond finances, Barrick has also focused on developing local talent and businesses in Mali. The company has helped Malian professionals secure global roles and supported local businesses that now operate beyond Mali’s borders.
