Zimbabwe lithium miners want royalties to be linked to prices
The battery metal has slumped from a peak in late 2022 amid oversupply and weak demand from the electric vehicle sector.
Barrick Gold (TSX: ABX, NYSE: GOLD) has awarded Metso a major order for the supply of copper concentrator plant equipment to its Lumwana expansion project in Zambia’s North-Western province. The scope of delivery includes key equipment for grinding, flotation, thickening, feeding and filtration.
The value of the order is approximately 70 million euros, to be booked in Metso minerals segment’s 2024 third-quarter order intake.
”We are honored to have been selected by Barrick as the strategic partner for this project,” Markku Teräsvasara, president of the Metso’s minerals business area and the group’s deputy CEO, said in a press release.
According to Teräsvasara, the copper concentrate production process in Lumwana has been designed with sustainability and production efficiency in mind, with most of the equipment selected from Metso’s Planet Positive offering.
Lumwana is a significant contributor in Barrick’s expanding copper portfolio, catering to the rapidly increasing demand for copper required for the energy transition. The project is also elemental in reviving Zambia’s copper industry and contributing to the local economy.
The expansion, according to Barrick, will turn Lumwana into one of the world’s major copper mines, with projected annual production of 240,000 tonnes of copper per annum.
A feasibility study for the expansion project is expected to be delivered by the end of this year.
5 Comments
James Chilayi
Good morning,
I recommend the opportunities you offering to our local people here in Lumwana.
Am here by saying thank you
Moses Saimbunji
Good move 👏
Solomon
Opportunity for small business enterprise
EMMANUEL KAPAMPILA
Kudos,that’s a great move l appreciate you cause that will create job opportunities to our locals
Sunday Soko
Very exciting move well done Barrick more jobs for locals surrounding the mine.