The company plans to boost Lumwana's annual copper production to an estimated 240,000 tonnes from a 50 million tonne per annum process plant over a 36-year life of mine, bringing its once-unprofitable operation on growth lane. 

The company targets completing the full feasibility study of the accelerated work program by the end of 2024, driving expanded process plant production forward to 2028.

Barrick Gold took over operations at Lumwana in 2019, with the mine contributing almost $3 billion to the Zambian economy since then.

Last year, the gold mining company launched a Business Accelerator Program to enhance capacity for the Zambian contractors in Lumwana's supply chain.

Given Lumwana's current performance, GOLD said it was on track to attain FY23 production guidance as it ramps up owner mining through the reopening of the Malundwe pit and delivery of the new owner mining pre-stripping fleet.

Price Action: GOLD shares are trading lower by 2.22% at $13.87 on the last check Wednesday.