Canadian mining giant Barrick Gold Corporation says the future of copper remains bright despite a looming 50% U.S. tariff that has jolted global markets and created short-term price volatility. The company is forging ahead with its $2 billion expansion of the Lumwana copper mine in Zambia, doubling down on Africa’s role in the global energy transition.
Speaking in Lusaka last week, Barrick CEO Mark Bristow acknowledged the market tremors caused by U.S. President Donald Trump’s announcement to impose steep copper tariffs starting August 1. The move, aimed at boosting domestic supply for critical sectors like defense and electric vehicles, sent U.S. copper futures soaring — but also sparked fears of price drops elsewhere as major producers like Chile redirect their exports.
Still, Bristow remained upbeat.
“The copper price is going to be unstable just like everything else in the world, and we will have to get out of this instability,” he told reporters. “But the fundamentals haven’t changed — copper demand is outpacing supply, and that imbalance is only going to grow.”
Bristow cited the proliferation of data centers, clean energy infrastructure, and industrialization across emerging markets as major growth drivers.
“Everyone agrees that copper demand is outgrowing the supply side. That’s why we’re investing now — ahead of the tightening,” he said.
Zambia’s Copper Hub Gathers Momentum
Barrick’s Lumwana expansion is central to that vision. The project will double output to 240,000 tonnes annually by 2028 and extend the mine’s life to 2057. A new 50-million-tonne processing plant, upgraded power infrastructure in partnership with ZESCO, and local supplier development are all part of the transformation.
“When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming. Today, it’s a growing force in African copper,” said Bristow.
He added that Lumwana is poised to become “one of the world’s large and strategically important copper mines.”
The economic ripple effects are already being felt. Barrick has injected over $4 billion into Zambia’s economy since acquiring Lumwana, with 81% of Q1 2025 spending — roughly $177 million — going to Zambian suppliers. Nearly all 12,000 mine workers are Zambian, and almost half come from nearby communities.
In tandem with mining activity, Barrick is investing in local development projects, including the Manyama township, a training center for mining skills, and a regional airstrip. These initiatives align with Zambia’s Mining and Minerals 2031 Policy, which emphasizes inclusive growth and skills development.
Sustainability and Sovereignty
Environmental protection is also a key pillar. Barrick is collaborating with Zambia’s Forestry Department and local leaders to preserve up to 300,000 hectares of forest, a move that supports biodiversity, community livelihoods, and the creation of carbon credits.
“Lumwana is becoming a flagship for sustainable copper mining. It demonstrates how a world-class mine can help build an industrial ecosystem while protecting the environment and expanding economic opportunity,” Bristow noted.
Meanwhile, Barrick is contending with challenges elsewhere on the continent. In Mali, the company has initiated international arbitration after the junta retroactively applied a new mining code that grants the state a 50% stake and seized gold assets worth over $100 million.
Despite these headwinds, Barrick’s Zambia strategy reflects growing confidence in Africa’s long-term role in powering the green economy.
The Bigger Picture
As the world pivots to electric vehicles, renewable energy, and digital infrastructure, copper remains indispensable — and African producers like Zambia are at the forefront of that transformation.
While the U.S. tariff casts a shadow over short-term pricing, Bristow believes the global copper outlook remains robust.
Source: Reuters
Africa Business Insider
Fyaume….
Are these investors really adding value to our country, what is changing? Prices of mealie meal, fuel, fertilisers are still relatively very high. Loadshedding still at 19hrs with 5hrs only of supply per day.
More fake investment, 2 billion to buy dump trucks and excavators from Canada and Australia. You employ Australian, Canadian and South African managers at salaries over USD 100,000 a year and then you say you are an investor. To make matters worse all revenue is externalized, you pollute and damage environment beyond repair plus use up all the electricity from Kariba. This is not investment.
One of the honourable ones so believable
You referenced Trump without giving us figures that align with how much Zambians copper is exported to the US. Even the USA diplomat in Zambia admitted and alluded to that. Unless we have indirect trade with them. Rightly so, Barrick, the Canadian, is striving so hard to help government achieve the over ambitious target of 3 million tonnes of finished copper per year as dreamt by the finance minister.
Reality is, let’s forget America for next four years. At least for now.
The US buys its copper from South America. Mostly China and Japan are the buyers of CB copper . India and Europe also buys Zambian copper
The for no handouts is now .
Whether copper production improves or not, the life of a common man does not change in Zambia. That is the reason the 3 million tonnes target is not exciting to the common man
Kikikikiki what happened to BRICS…….so Zambia depends on handouts from America to survive….when America says NO more handouts then that will be the end of Zambia
Zambia can’t join BRICS. HH is sh*t scared of Trump to show any independence from Washington.
Joining anti-israel South Africa in its quest to free itself from North South economic dictatorship is unfathomable for HH. With his addiction to jets, where would he fly to? One realizes how courageous KK was as he kept hammering the West.