$795 million committed, 30 years of production ahead as world's third-largest gold miner pushes ahead with $2 billion Zambia expansion - Business Insider Africa

AI desk brief

Barrick maintained its 2026 gold output target at 2.90–3.25 million ounces after producing 816,000 ounces in the quarter to September 30; CEO Mark Hill said full-year objectives remained on track. The forecast assumes $70/barrel oil, and Barrick estimates each $10 increase adds about $12/ounce to gold operations’ diesel-related expenses. Separately, it has committed $795 million to Zambia’s $2 billion Lumwana copper expansion, targeting 240,000 tons annually versus 117,000 currently, with first production planned by end-Q1 2028. These updates chiefly concern company production and costs; the source does not establish a directional bullion-price effect.