Barrick CEO Mark Bristow is interested in exploring additional copper deposits in Zambia and the Democratic Republic of Congo (DRC). Zambia, the second-largest copper producer in Africa, and the DRC are significant to Barrick because of its Lumwana mine operations in Zambia.
Barrick plans to invest more in the Lumwana mine to expand production and prolong its lifespan, as it currently produces around 267,000 metric tons of copper annually. Barrick also aims to explore copper prospects in the southern region of the DRC, which has the potential for substantial copper discoveries.
According to the International Copper Study Group (ICSG), global copper demand is expected to grow by an average of 2.7% per year from 2023 to 2027. Barrick aims to contribute to meeting the rising global demand for copper by pursuing further exploration in Zambia and the DRC.
The company has a strong track record in exploration and development and possesses the financial capacity to invest in new projects. Successful exploration endeavors by Barrick could result in significant copper discoveries in these two African countries.
