Canadian mining company Barrick is pushing ahead with a $2 billion expansion of its copper operations in Zambia, its CEO said, stressing his bullish stance on the metal’s prospects despite looming US tariffs.
During a visit to Lusaka last week, Mark Bristow said the development of the company’s Lumwana site had put it “on course to join the world’s list of large and strategically important copper mines.” The plan seeks to double annual output at the site to 240,000 metric tons by 2028.
US President Donald Trump on Wednesday said that he would impose a new 50% tariff on copper imports from Aug. 1 to promote domestic development of an industry that is critical to defense, electronics, and automobiles.
Major copper producers such as DR Congo and Zambia could face price volatility due to tariff uncertainty which would affect export earnings. But Bristow said the long term outlook was unchanged. “Everyone is in agreement that the copper demand is outgrowing the supply side,” he said, pointing to growing demand for copper used in data centers and the move to clean energy.
