03:04 PM EDT, 10/02/2024 (MT Newswires) -- Barrick Gold Corporation ( GOLD ) on Wednesday afternoon said the development of a Super Pit at its Lumwana copper mine was officially launched today by the Zambian President, His Excellency Hakainde Hichilema, accompanied by members of his cabinet.

According to a statement, 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. Barrick said, once completed, the US$2 billion project will unlock the potential to transform Lumwana into a long-life, high-yielding, top 25 copper producer and a Tier One copper mine.

Wednesday's statement noted the expansion involves first doubling throughput of the existing process circuit and then significantly increasing mining volumes. Plant throughput will grow from the current 27Mt to 52Mt, doubling the mine's annual copper production from 120kt to a life-of-mine average of 240kt 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 150Mt in 2025 to approximately 240Mt in 2028 and then to an average rate of 290t per annum from 2030 onwards.

Speaking at the groundbreaking ceremony also attended by the Barrick board of directors, Barrick president and chief executive Mark Bristow said 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," Bristow said.

Barrick was last seen trading down $0.17 at $27.24 on the TSX.

Price: 27.24, Change: -0.17, Percent Change: -0.62