Latest news with #ZESCO
Zawya
18-07-2025
- Business
- Zawya
Key industry support for C&I Energy + Storage Summit Zambia 2025
The C&I Energy + Storage Summit Zambia ( a landmark event for the Southern African Development Community (SADC) region, is set to launch on 27-28 August 2025 at The Pamodzi Hotel in Lusaka. The C&I Energy + Storage Summit Zambia introduces a dynamic platform to tackle energy challenges and deliver sustainable solutions for Zambia's commercial and industrial (C&I) sectors. As part of the Power and Energy Portfolio of VUKA Group, a leading organiser of transformative industry events across Africa, this Summit will drive the SADC region's energy future. "The region has the potential to respond to the demand for sustainable energy. It is undisputable that the SADC region can do better. But what we lack in our region is collaboration", says Mr Makozo Chikote, Zambia Minister of Energy. Endorsements, Partners, and Sponsors The Summit is proudly endorsed by key industry associations and supported by a robust network of partners and sponsors committed to advancing Zambia's energy landscape. Zambia Ministry of Energy, Zambia Development Agency (ZDA), Zambia Association of Manufacturers (ZAM), and the Pan African Chamber of Commerce and Industry (PACCI) have partnered with the event, which underscores C&I Energy + Storage Summit Zambia's role in promoting policy advocacy, technology adoption, and investment in renewable energy. ZESCO is the proud host utility of the Summit, and they are joined by key sponsors such as Enerj, Hexing, WEG, and Vertiv. Advisory board comprising influential industry stakeholders Guiding the Summit's direction is a distinguished Advisory Board of industry experts and thought leaders who shape the programme to address pressing challenges in commercial and industrial energy security. Board members include: Ian Griffiths, Solar and Hydro Projects Developer Johnstone Chikwanda, Global Ambassador of Energy and Climate Change, Forum of African Traditional Authorities (FATA) Mbiko Banda, Electrical Engineer and Research Lead, Africa GreenCo Rodgers K. Muyangwa, Senior Manager Research and Pricing - Economic Regulation, Energy Regulation Board Rose Chikotola-Sichizya, Co-ordinator, Proudly Zambian Campaign Liana Braxton, Managing Director, Sosimple Energy Chimuka Nketani, Director: Investment, Zambia Development Agency Brian Tahinduka, Energy Head: Africa Regions, Standard Bank Their expertise ensures sessions are relevant, informative, and aligned with stakeholder needs. Confirmed speakers The Summit features speakers who bring real-world experience from across the energy value chain, including pioneers in embedded generation, PPAs, and Zambia's open-access framework. Notable speakers include: Billy Onyango, Renewable Energy Consultant, Kenya Power Chabuka Kawesha, Chairperson, Vice President (South Block), Pan African Chamber of Commerce and Industry Chikoma Kazunga, Head of Business Development and New Ventures, Africa GreenCo Helen Zulu, Country Director, ENGIE Energy Access Zambia These experts will share stories, challenges, and lessons learned to help attendees futureproof operations, secure financing, and scale clean energy solutions. Contact Babalwa Bungane for speaking opportunities at the Summit: Download the Programme ( Complimentary access for pre-qualified C&I project owners Designed for businesses grappling with unreliable utility power, load-shedding, price volatility, and operational pressures, the Hosted Buyer Programme connects participants directly with solution providers active in Zambia and the region, enabling peer-to-peer networking, insights from real-world implementations, and updates on regulatory changes, financing tools, and emerging technologies. Who Should Apply? Commercial and industrial companies Large energy users Energy project owners and buyers Enquire about the Hosted Buyer Programme here: Why Attend? This Summit is essential for businesses facing unreliable utility power and pursuing energy independence. Through masterclasses, case studies, and networking, participants will explore alternative energy and storage technologies to secure reliable energy, learn from early adopters about successful project execution, gain insights into regulatory frameworks and policy advocacy, mitigate financial and technical risks with expert advice, and build partnerships to accelerate project development. This event is critical for Zambia's C&I sectors, which depend on effective energy solutions. Key industries include retail, powering stores and supply chains consistently; manufacturing, ensuring stable energy for production; agriculture and agri-processing, supporting irrigation and processing; property development, enabling sustainable buildings; and energy-intensive users, stabilising operations for mining and industry. Join Us Seize this opportunity to elevate your energy strategy, engage with top providers, and shape the future of Zambia and the SADC region. Whether a sponsor, delegate, hosted buyer, or investor, the C&I Energy + Storage Summit Zambia offers unmatched value. Register for the event ( Distributed by APO Group on behalf of VUKA Group. For sponsorship or hosted buyer enquiries, contact: Marcel du Toit About VUKA Group: As part of the Power and Energy Portfolio of VUKA Group ( this Summit aligns with VUKA's mission to connect industries, spark innovation, and fuel economic growth. VUKA Group is a premier organiser of conferences, exhibitions, and events across Africa, delivering tailored platforms for networking, knowledge sharing, and business development in energy and related sectors.
Globe and Mail
15-07-2025
- Business
- Globe and Mail
Can Barrick Mining's $2B Lumwana Expansion Power a New Era of Growth?
Barrick Mining Corporation 's B $2 billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. The gold giant recently stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia's long-term development strategy. The Super Pit expansion entails doubling the present process circuit's throughput and substantially boosting mining volumes. Upon completion, the project has the potential to transform Lumwana into a long-term, high-yielding, top-25 copper producer and Tier One copper mine. The expansion project will double Lumwana's copper output to 240,000 tons annually, supported by a new processing plant with a capacity of 50 million tons per year. Construction at the 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 to benefit both the mine and the surrounding region. The advancements at Lumwana are significant for future growth as Barrick remains entangled in a dispute with the Malian government over dividing the economic benefits from its Loulo-Gounkoto gold mine complex. Barrick also remains on track with its other high-return growth projects, underscoring a disciplined strategy that could reshape its production profile over the next decade. These assets are poised to deliver significant, low-cost production growth, enhancing Barrick's diversification and free cash flow profile should it execute these on schedule and within budget. Among its major peers, Newmont Corporation NEM continues to invest in growth projects in a calculated manner. Newmont is pursuing several projects, including Tanami Expansion 2 in Australia, the Ahafo North expansion in Ghana and Cadia Panel Caves in Australia. These projects should expand production capacity and extend mine life, driving Newmont's revenues and profits. Agnico Eagle Mines Limited AEM is also making steady progress with its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas. Agnico Eagle's Hope Bay project is expected to play a significant role in generating cash flow in the years to come. At Canadian Malartic, Agnico Eagle is advancing the transition to underground mining with the construction of the Odyssey mine and executing other opportunities to beef up annual production. B's Price Performance, Valuation & Estimates Barrick's shares have surged 37% year to date compared with the Zacks Mining – Gold industry's rise of 53%, courtesy of the gold price rally. From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 9.8, a roughly 22.3% discount when stacked up with the industry average of 12.61X. It carries a Value Score of A. The Zacks Consensus Estimate for B's 2025 and 2026 earnings implies a year-over-year rise of 52.4% and 23.8%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days. B stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Business Insider
13-07-2025
- Business
- Business Insider
Canadian miner shifts focus to Zambia with $2 billion investment deal amid Mali tensions
Canadian mining giant Barrick Gold Corporation is ramping up its investment in Zambia with a $2 billion expansion plan, a move seen as a strategic pivot amid escalating tensions with Mali's military-led government. Barrick Gold Corporation is investing $2 billion in expanding the Lumwana copper mine in Zambia to enhance production capabilities. The emphasis on Zambia comes amidst Barrick's ongoing legal disputes with the Mali government concerning mining agreements. The expansion includes doubling copper output and introducing new infrastructure like a high-capacity processing plant and energy supply lines. Canadian multinational, Barrick Gold Corporation is pressing ahead with its $2-billion expansion of the Lumwana copper mine in Zambia, positioning the southern African nation's status as a global copper hub and deepening local industrial capacity. The expansion, already under way, aims to double annual copper output at Lumwana to 240,000 tonnes, using a new processing plant that can handle 50 million tonnes of ore annually. The project also includes new electricity lines being built with Zambia's national power company, ZESCO. Speaking during a visit to Lusaka, the country's capital city, Barrick Gold's CEO, Mark Bristow, said the mine's transformation signals not just operational progress, but a long-term commitment to Zambia's economic future. ' When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming. Today, it's a growing force in African copper.' He said ' With this expansion gaining momentum, Lumwana is on course to join the world's list of large and strategically important copper mines, and a powerful driver of growth for both Zambia and Barrick,' Bristow said during a recent visit to Lusaka.' He added. Since taking over Lumwana, Barrick has contributed over $4 billion to the Zambian economy through taxes, wages, and local business contracts. In just the first quarter of 2025, 81% of the mine's spending, about $177 million went to Zambian suppliers. Nearly all the mine's 12,000 workers are Zambian, and almost half come from nearby communities. The company is also building new facilities, including the Manyama township, a training centre to help Zambians gain mining and technical skills, and a regional airstrip. These projects support Zambia's long-term mining development plans under the Mining and Minerals 2031 policy. Environmental sustainability is also central to the Canadian mining giant's strategy. The company is reportedly working with local leaders and Zambia's Forestry Department on a large forest protection project that will cover up to 300,000 hectares. The aim is to protect the environment, support local livelihoods, and create carbon credits i n the future. '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 said. Mali targets Barrick in mining row Barrick Gold's dispute with Mali began after the country's 2023 mining code granted the state up to a 50% stake in projects and sought to apply the new terms retroactively. Barrick rejected this, calling it a breach of existing agreements tied to its Loulo–Gounkoto mine. Tensions escalated when the junta appointed a provisional administrator and seized one tonne of gold—worth about $107 million—by military helicopter, following earlier seizures and export blocks. Barrick has since launched international arbitration, accusing Mali of violating investment treaties in a case that underscores rising resource nationalism across military-led African states. Barrick Gold's investment in Zambia underlines Africa's growing importance in the global energy transition as copper becomes increasingly vital for electric vehicles and green technologies. With no major environmental incidents reported and strong quarterly performance, Lumwana is not only expanding production but also strengthening its legacy across Zambia and Africa.
Globe and Mail
10-07-2025
- Business
- Globe and Mail
Lumwana Expansion In Full Swing As Barrick Builds Tier One Copper Mine
All amounts expressed in US dollars LUSAKA, Zambia, July 10, 2025 (GLOBE NEWSWIRE) -- Construction of the $2 billion Super Pit Expansion Project at Barrick Mining Corporation's (NYSE:B)(TSX:ABX) Lumwana mine is well underway, accelerating its transformation into a Tier One copper mine. Addressing members of the media and other stakeholders here today, Barrick president and chief executive Mark Bristow said the Lumwana expansion builds on a remarkable turnaround that has seen the operation evolve from a struggling asset into a key pillar of both Barrick's global copper portfolio and Zambia's long-term development agenda. 'When we reviewed the Lumwana mine in 2019, it was high-cost and underperforming. Today, it's a growing force in African copper. With this expansion gaining momentum, Lumwana is on course to join the world's list of large and strategically important copper mines, and a powerful driver of growth for both Zambia and Barrick,' Bristow said. The expansion will double copper production to 240,000 tonnes a year, supported by a 50 million tonne per annum processing plant. Site construction is underway, long-lead equipment orders have been placed, and infrastructure upgrades — including a new power transmission framework developed in partnership with ZESCO — are progressing to support both the mine and the wider region. Since 2019, the mine has contributed over $4 billion to the Zambian economy through taxes, royalties, procurement and wages. More than $3.4 billion has been spent with Zambian suppliers, representing 79% of its total procurement. In Q1 of this year alone, $177 million or 81% of procurement was placed with local contractors. Today, 98% of Lumwana's workforce are Zambian nationals, with nearly half drawn from nearby communities. As part of an integrated development plan aligned with Zambia's Mining and Minerals 2031 policy, the Lumwana expansion will drive the development of the Manyama township and industrial supplier park. A new regional airstrip is expected to be completed by the end of the year and a TEVETA-accredited training centre will be launched to expand Zambia's mining skills base. The mine is also advancing one of the country's most ambitious environmental and carbon initiatives, with the development of a REDD+ forest conservation programme in collaboration with local chiefdoms and the Forestry Department. Covering up to 300,000 hectares, the project is designed to generate future carbon credits while supporting sustainable livelihoods, biodiversity and land stewardship. '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,' said Bristow. Operationally, Lumwana is tracking well against its 2025 production guidance. Performance in the first quarter set a strong tone for the year, supported by increased plant throughput and continued improvements in open-pit efficiency. The mine retained ISO 14001 and 45001 certifications and recorded no Class 1 or Class 2 environmental incidents to date. 'We're not just expanding a mine, we're strengthening a partnership. Our teams are actively exploring further growth opportunities across the Zambian copperbelt, building on our recently signed Memorandum of Understanding with the Government of Zambia. Together, we're laying the foundation for lasting economic and social development that will endure long after mining ends,' Bristow said. Barrick Enquiries Group investor and media relations Kathy du Plessis +44 20 7557 7738 barrick@ Zambia Country Manager Anthony Malenga +260 977 730 513 Website: Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes 'forward-looking statements'. All statements, other than statements of historical fact, are forward-looking statements. The words 'expect', 'strategy', 'estimates', 'target', 'plan', 'guidance', 'project', 'additional', 'growth', 'potential', 'future', 'focus', 'will', and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance; Barrick's Lumwana Super Pit expansion project and its ability to extend Lumwana's life of mine; global projected copper production and demand profiles; estimated copper production from the Lumwana Super Pit expansion, including projected mining rates; the financial performance of the Lumwana Super Pit expansion; the estimated capital budget for the Lumwana Super Pit expansion; anticipated timelines for delivery of the feasibility study, project construction, first production, and key execution timeframes for the Lumwana Super Pit expansion; our ability to convert resources into reserves and replace reserves net of depletion from production; estimates of future costs, mine life and production rates; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including local community development and, climate change initiatives, health and safety and biodiversity initiatives; electrical grid upgrades and stability; and expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company's expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Zambia or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of or failure to obtain key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas emission levels, energy efficiency and reporting of risks; Barrick's ability to achieve its sustainability goals, including its climate-related goals and greenhouse gas emissions reduction targets; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the potential to convert all or part of the mineral resource for the Super Pit expansion into a mineral reserve following the completion of the feasibility study; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; and risks associated with diseases, epidemics and pandemics. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
