Barrick Copper Output Rises as Lumwana Expansion Anchors Growth Outlook

Barrick

Barrick copper output rose in the first quarter as stronger production from the Lumwana mine in Zambia supported the company’s wider copper growth strategy. The Canadian miner produced 49,000t of copper during the quarter, up 11% from 44,000t a year earlier.

Barrick copper output increased in line with expectations, although copper sales fell by 12% to 45,000t. The production gain reinforces Barrick’s focus on copper as a long-term growth metal alongside its gold business.

Barrick copper output remains guided at 190,000-220,000t for the full year. The company expects production to be stronger in the second half.

The copper business generated revenue of $556mn in the first quarter, up 17% from $474mn a year earlier. Group revenue rose to $5.2bn, while profit increased to $1.6bn.

Lumwana Drives Near-Term Copper Momentum

Lumwana was the main driver of Barrick’s first-quarter copper increase. The Zambian mine produced 32,000t during the quarter, up 19% from 27,000t a year earlier.

The operation has not faced concentrate shipment problems because all of its concentrate is smelted locally. This gives Lumwana a logistical advantage at a time when copper supply chains are increasingly exposed to transport, smelting and regional infrastructure constraints.

Barrick is now working on a major expansion at Lumwana. Once the mill expansion is completed, throughput is expected to rise to 52mn t/yr from 27mn t/yr.

The expansion is expected to lift copper production at the site to 240,000 t/yr, more than double current annual output. First copper from the expansion is expected in the first quarter of 2028.

This makes Lumwana one of Barrick’s most important copper growth assets. It also strengthens Zambia’s role in global copper supply as governments and manufacturers seek more secure sources of the metal for electrification, grids and industrial infrastructure.

Jabal Sayid Improves as Zaldivar and Reko Diq Face Pressure

Barrick’s Jabal Sayid joint venture with Ma’aden in Saudi Arabia produced 18,000t of copper in the first quarter, up from 17,000t a year earlier. Barrick owns half of the project.

The Zaldivar joint venture in Chile with Antofagasta produced 16,000t, down 11% from a year earlier. Barrick also owns half of that operation.

The mixed project performance shows how Barrick’s copper portfolio remains dependent on mine-specific operating conditions. Zambia provided the upside, while Chile reduced the overall gain.

Barrick’s longer-term copper pipeline also includes Reko Diq in Pakistan. However, the company said in March that it plans to slow development activity there because of security risks in Pakistan and the Middle East.

Several contractors at Reko Diq have sent force majeure notices to Barrick. This underlines the political and security challenges facing large copper growth projects in higher-risk jurisdictions.

The broader supply-chain message is clear. Copper demand is rising, but new production depends on execution, security, local smelting, infrastructure and permitting. Barrick’s Lumwana expansion is advancing, while Reko Diq shows how geopolitical risk can slow even major resource projects.

The Metalnomist Commentary

Barrick’s copper growth story is increasingly centred on Lumwana because it combines scale, expansion potential and local smelting access. The company’s challenge is to convert copper optionality into reliable supply while security risks delay larger frontier projects such as Reko Diq.