Barrick Gold Corp Projects 1.5 Billion Metric Tons of Copper at Chimiwungo Mining Site

Barrick Gold Corp, the new owner of Lumwana Copper Mines in Zambia, has unveiled ambitious plans to extract 1.5 billion metric tons of copper at the Chimiwungo mining site near Lumwana. The projections were made by Lumwana general manager Adam Wright, who noted that drilling works at the site have identified an additional ore body that will be the mainstay of Lumwana for many years to come. The Zambian government recently approved Barrick's takeover of Lumwana, and the company is well-equipped to carry out expansion projects due to its financial resources and equipment.

Key Takeaways:

• Barrick Gold Corp projects 1.5 billion metric tons of copper at the Chimiwungo mining site in Zambia.
• The site's ore body was identified through drilling works and is expected to be the mainstay of Lumwana for many years.
• At the time of Barrick's takeover, Equinox Minerals Ltd was preparing a feasibility study for expansion.
• The Zambian government recently approved Barrick's acquisition of Lumwana.
• Zambia is Africa's largest copper producer.
• Adam Wright, Lumwana general manager, attributed Barrick's arrival to the company's ability to carry out expansion projects due to its financial resources and equipment.
• The Chimiwungo mining site's potential was announced by Zambia's Post newspaper.

Statistics:

• 1.5 billion metric tons: projected copper reserves at the Chimiwungo mining site.
• $49.02: Barrick Gold Corp's stock price on May 3, 2011.
• 05-03-2011: date on which Comtex SmarTrend Alert indicated a downtrend for ABX (Barrick Gold Corp on the NYSE).

Sources:

• DOW JONES NEWSWIRES, "Barrick Gold Corp Unveils Plans to Extract 1.5 Billion Metric Tons of Copper at Lumwana Mine in Zambia" by Nicholas Bariyo.
• Dow Jones Newswires, Copyright (c) 2011 Dow Jones & Company, Inc.
• Comtex News Network, Inc., SmarTrend Alert, May 3, 2011.
• Zambia's Post newspaper.
• www.postzambia.com.