Barrick Gold Corp. is advancing a $2-billion expansion of its Lumwana copper mine in Zambia while facing an escalating dispute with Mali’s military government.The Canadian mining company plans to double annual copper production at Lumwana to 240,000 tonnes through a new processing plant. The project includes power transmission lines being built with Zambia’s state electricity company, ZESCO. CEO Mark Bristow said the mine has improved since Barrick found it “high-cost and underperforming” in 2019.Barrick reports contributing more than $4 billion to Zambia’s economy since acquiring Lumwana, with 81 per cent of the mine’s $177-million first-quarter spending going to local suppliers. The company employs approximately 12,000 workers, nearly all Zambian. The expansion includes housing, training facilities and a conservation project covering up to 300,000 hectares.In Mali, the military government has seized approximately $107 million worth of gold from Barrick’s operations after implementing a 2023 mining code granting the state up to 50 per cent ownership in projects. Barrick rejected the retroactive application of these terms, arguing they violate existing agreements for its Loulo-Gounkoto mine. Mali appointed a provisional administrator and confiscated one tonne of gold by military helicopter.The company has initiated international arbitration, alleging treaty violations. The dispute reflects growing resource nationalism among military-controlled African governments. Independent verification of Barrick’s economic and environmental impact claims was not immediately available. (ICE TORONTO)

Fonte notizia: https://www.canadianmanufacturing.com/