06:02 PM EDT, 09/11/2024 (MT Newswires) -- Barrick Gold (GOLD) said late Wednesday that the feasibility study for its Lumwana mine expansion in Zambia is expected to be completed by the end of the year, with construction to start in 2025.

The company said the expansion will increase production capacity to 52,000 tonnes, up from 27,000 tonnes, and raise yearly copper output from 120,000 tonnes to a sustainable average of 240,000 tonnes annually.

Total mining volumes are set for a year-on-year increase to about 240 metric tonnes in 2028 from 150 metric tonnes in 2024 and then to an average of 290 metric tonnes per annum from 2030 onwards.

The company expects the phased ramp-up will enable annual operating cash flow and free cash flow to improve by as much as 85% and 60%, respectively.

"These production and cost improvements will contribute to an estimated incremental net present value of $1.7 billion," Sebastiaan Bock, chief operating officer for Africa and Middle East, said.

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