Lumwana revenue jumps 32% in first half as Barrick keeps expansion on track
The Zambian mine generated $852m in sales, while Barrick reaffirmed first copper from the Super Pit by the end of the first quarter of 2028
Barrick Mining's Lumwana copper mine in Zambia generated $852 million in revenue in the first six months of 2026, a rise of about 32% from $645 million a year earlier, according to the company's second-quarter results released on 10 August.
Higher copper prices were the main tailwind, although the company did not separate the contribution of price from that of volume. Zambian production data show Lumwana produced 73,000t of copper in the half, up from 71,000t.
Expansion update
On the results call, chief executive Mark Hill said the mill expansion that will double Lumwana's copper output had made good progress, that 2026 capital spending on the project would come in at the lower end of guidance, and that the project remains on budget. He reiterated that Barrick expects its first copper from the expansion by the end of the first quarter of 2028. Hill said the company's growth projects, including Lumwana, remained on time and on budget.
Hill also said that copper margins had become comparable with those of Barrick's gold business, a notable shift for a company that has historically treated copper as a secondary line.
Group copper slips
Barrick's total copper production in the second quarter was 56,000t, 5% lower than a year earlier. The company kept its 2026 copper guidance at 190,000–220,000t, with C1 cash costs of $2.20–$2.45/lb. All-in sustaining costs rose because of higher royalties and fuel prices, Proactive Investors reported.
The wider results disappointed the market. Revenue of $5.29 billion, although 44% higher than a year before, fell short of analysts' forecasts, and Barrick's shares fell by around 8% on the day.
What's next
The Lumwana Super Pit is designed to take annual copper output to around 240,000t through a larger open pit and a new processing plant. For Zambia, which is trying to lift national production to 3 million tonnes a year by 2031, it is one of the largest projects under construction. On the call, management described Lumwana as a clear example of Barrick putting capital into organic growth that it believes will generate superior returns.
Barrick will next update the market on construction progress with its third-quarter results. Investors will be watching for evidence that structural steel and mechanical installation in the new mill are keeping pace with the 2028 timetable.
Sources
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