Canadian mining giant Barrick Gold Corporation is doubling down on Zambia with a $2 billion expansion of its Lumwana copper mine, marking a major strategic shift amid escalating tensions with Mali’s military-led government.
The investment aims to double annual copper output to 240,000 tonnes through the construction of a high-capacity processing plant and upgraded infrastructure, including power lines in partnership with Zambia’s national power company ZESCO. CEO Mark Bristow framed the move as both a business decision and a commitment to Zambia’s future. “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,” he said during a recent visit to Lusaka.
Barrick’s pivot comes as it faces legal arbitration with Mali over its Loulo–Gounkoto mine. Mali’s retroactive mining code changes and gold seizures — amounting to $107 million — have halted production and triggered concerns over rising resource nationalism across West Africa. According to Ainvest, “the conflict between Barrick Gold (ABX) and Mali’s military-led government has evolved into a stark reminder of the fragility of African mining investments in an era of rising resource nationalism.”
Zambia, in contrast, has offered regulatory stability and local partnerships. Since 2019, Barrick has injected $4 billion into the Zambian economy, with 81% of Q1 2025 spending staying in-country. Nearly all 12,000 Lumwana workers are Zambian, and Barrick is also investing in training centers, township housing, and environmental programs. As investors reassess geopolitical exposure in mining, Barrick’s Zambian expansion signals a broader industry trend: shifting capital toward governance-resilient jurisdictions with long-term growth potential.