Barrick awards Metso €70M contract for Lumwana copper plant equipment

Barrick Gold (TSX: ABX, NYSE: GOLD) has awarded Metso a major order for the supply of copper concentrator plant equipment to its Lumwana expansion project in Zambia's North-Western province. The scope of delivery includes key equipment for grinding, flotation, thickening, feeding and filtration.

The value of the order is approximately $105 million (€70 million), to be booked in Metso minerals segment's 2024 third-quarter order intake.

”We are honored to have been selected by Barrick as the strategic partner for this project," stated Markku Teräsvasara, president of the Metso's minerals business area and the group's deputy CEO, in a Monday press release.

According to Teräsvasara, the copper concentrate production process in Lumwana has been designed with sustainability and production efficiency in mind, with most of the equipment selected from Metso's Planet Positive offering.

Lumwana is a significant contributor in Barrick’s expanding copper portfolio, catering to the rapidly increasing demand for copper required for the energy transition. The project is also elemental in reviving Zambia’s copper industry and contributing to the local economy.

The expansion, according to Barrick, will turn Lumwana into one of the world’s major copper mines, with projected annual production of 240,000 tonnes of copper per annum.

A feasibility study for the expansion project is expected to be delivered by the end of this year.