Lumwana mine

In 2019, Barrick Gold considered selling the mining operation after receiving interest from potential buyers following its merger with Randgold Resources Ltd., however the discussions fell through.^[5] It had previously in the same year attracted interest from companies including China Minmetals Corp., Jiangxi Copper Co. and Zijin Mining Group Co.^[6]

In an interview in November 2021, Barrick Gold CEO, Mark Bristow, indicated Lumwana copper mine was on course to contribute roughly 20% of the group’s annual EBITDA largely due to the increase in the copper price.^[7] The improvement in the copper price also meant that Barrick will have more flexibility on whether it proceeds to the development of a super-pit at Lumwana. He also added that the normalisation of Zambia’s fiscal regulations with the reintroduction of mineral royalties being deductible from corporate tax was a significant event.^[7]