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Gemfields
August 8, 2016
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Aquarius
August 7, 2016

Barrick Mining

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Barrick Mining: A Titan in African Mining

Barrick Gold: Offering Disciplined and Profitable Production

As one of the premier gold producing companies in Africa, Barrick stands head and shoulders above the competition. This gold producing company has already mined 6.5 million ounces of gold. Among others, it has multiple simultaneous projects in operation across the African continent, spanning Zambia, Tanzania, and Kenya.

Barrick Mining and the Lumwana Mine

The Zambian copper mine – Lumwana - is located in one of the most sought after copper belts on the planet. The ore is comprised mainly of sulfide, and it goes through a process of sulfide flotation to produce a copper concentrate that is used for smelting purposes.
During the course of 2014, the Barrick copper mine in Zambia managed to produce 214 million pounds of copper at a cost of $2.08 per pound. The fully allocated cost was $2.76 per pound (C3). During the course of 2015, Barrick anticipates C1 costs of $1.90 - $2.15 per pound of copper. The Lumwana mine has a capacity of 3.329 billion pounds of copper available.
Barrick Mining currently has one project underway in Kenya, 8 projects operating in Zambia, and 10 projects in Tanzania. Overall, the company is involved in 3 industrial mining projects, 7 copper mining projects, 8 coal mining projects, and one nickel mining project. As it stands, the highest grossing capital project currently underway by Barrick Mining is the copper mine in Zambia, Lumwana. The project capitalization is R4.3 billion, and it also has extensive cobalt and uranium potential.