Despite looming US tariffs on copper imports, Barrick is forging ahead with a $2 billion expansion of its Lumwana copper mine in Zambia, signaling strong investor confidence in the metal’s long-term value. CEO Mark Bristow, during a recent visit to Lusaka, emphasized that the site is on track to become one of the world’s largest copper mines. With Barrick’s investment, the plant aims to double its copper output to 240,000 metric tons by 2028. While new US tariffs, set to take effect on August 1, may stir short-term volatility for major exporters of the metal like Zambia and the DRC, Bristow remains optimistic. He highlighted copper’s rising global demand, especially from data center and clean energy industries, as a key reason why the metal’s outlook remains bright.
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