After Randgold and Barrick merged in 2019 to form the mining giant Barrick Gold, the new group was initially planning to offload the Lumwana copper mine in Zambia. Today, a different scenario is being considered. The energy transition, which is at the heart of global concerns, cannot be achieved without copper: the need for electrification projects, and in particular for the manufacture of electric vehicles, is immense.
The mining giant’s portfolio made over $1bn in cash flow in the first quarter. It includes several copper assets (including Lumwana), which together contribute some 20% of its profits. Barrick Gold’s future is now in copper, as illustrated by the Reko Diq project in Pakistan, where there is talk of a $7bn investment in resource development.
The group’s South African CEO Mark Bristow, explains why.
Copper is playing an increasingly important role in your business. Why is
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