Construction at the Lumwana site is in progress. Long-lead equipment has been ordered and infrastructure improvements including a new power transmission system in collaboration with ZESCO are advancing. 2026 capex guided at $750–850m. Mining capacity increasing to 200Mtpa in 2026 on track.
Capital Details
Market Significance
Demonstrates a major diversified miner is willing to fund a $2bn single-country African capex commitment entirely off its own balance sheet — a materially different risk signal than DFI- or bank-syndicated financing, and one that doesn't carry the conditionality risk seen in KDG/MC Mining or DFC/Lobito-style structures
Risk / Considerations
Funded from record gold-driven cash flow that could soften if gold prices retreat; capital is simultaneously being returned to shareholders via a $3bn buyback, indicating Barrick sees Lumwana capex and shareholder returns as compatible rather than competing priorities right now