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Barrick's Lumwana Copper Mine Makes Partnership Proposal To Zambian Government

Kitco News

Barrick Gold Corporation is in talks with the Zambian government, proposing “a partnership approach” when it comes to its Lumwana copper mine, the recently merged Barrick-Randgold says in a press release published on Monday. “Lumwana has made detailed proposals to the Government about a partnership approach which would provide the State with an improved share in the economics of Lumwana without overburdening the mine. Finding a win-win solution between the industry and Government would without doubt increase investor confidence in Zambia and safeguard the long-term prospects of its mining industry,” Barrick’s chief operating officer for Africa and the Middle East, Willem Jacobs, states. Barrick says it understands that the Zambian government “is under pressure to increase revenue,” but stresses that the proposed tax changes “put Lumwana in a challenging situation.”

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