Lumwana Mine
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The Lumwana mine is a large
copper mine Copper extraction is the multi-stage process of obtaining copper from its ores. The conversion of copper ores consists of a series of physical, chemical, and electrochemical processes. Methods have evolved and vary with country depending on the ...
located in north-west
Zambia Zambia, officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa. It is typically referred to being in South-Central Africa or Southern Africa. It is bor ...
in North-Western Province. Lumwana is owned by
Barrick Gold Barrick Mining Corporation is a mining company that produces gold and copper. It has mining operations and projects in Argentina, Canada, Chile, Côte d'Ivoire, Democratic Republic of the Congo, Dominican Republic, Ecuador, Egypt, Mali, Pakista ...
and represents one of the largest copper reserves in
Zambia Zambia, officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa. It is typically referred to being in South-Central Africa or Southern Africa. It is bor ...
and in the world having estimated 5.014 billion pounds of proven and probable copper reserves of ore grading 0.68% copper. The mine is operated by Lumwana Mining Company Limited (LMC).


Timeline

In 2019, Barrick Gold considered selling the mining operation after receiving interest from potential buyers following its merger with Randgold Resources Ltd., however the discussions fell through. It had previously in the same year attracted interest from companies including China Minmetals Corp., Jiangxi Copper Co. and Zijin Mining Group Co. In an interview in November 2021, Barrick Gold CEO, Mark Bristow, indicated Lumwana copper mine was on course to contribute roughly 20% of the group’s annual EBITDA largely due to the increase in the copper price. The improvement in the copper price also meant that Barrick will have more flexibility on whether it proceeds to the development of a super-pit at Lumwana. He also added that the normalisation of Zambia’s fiscal regulations with the reintroduction of mineral
royalties A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or ...
being deductible from
corporate tax A corporate tax, also called corporation tax or company tax or corporate income tax, is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but ...
was a significant event.


References

{{reflist Copper mines in Zambia North-Western Province, Zambia Barrick Mining