Earlier this year, Barrick acquired Equinox Minerals, whose primary asset is the Lumwana copper mine in Zambia. Lumwana is a large producing mine with 4.5 billion pounds of copper reserves and a further 5.5 billion pounds of copper resources.
Equinox is also a majority owner of the Jabal Sayid copper project in Saudi Arabia, which has 1.2 billion pounds of copper reserves.
The acquisition of Equinox adds a high-quality, long-life copper mine to Barrick’s portfolio and is consistent with the company’s strategy of increasing gold and copper reserves through exploration and acquisitions. Gold remains a key focus for Barrick, which also has a significant copper business driven by the Zaldivar mine in Chile.
Equinox has extensive corporate social responsibility programs in place in Zambia. The company has done impressive work in environmental management, and in its programs and agreements with the country’s traditional chiefdoms.
Equinox’s education program has provided 14 scholarships to the University of Zambia and 92 high school scholarships and traineeships.
In addition, through the establishment of the Lumwana Development Trust Fund, community infrastructure projects have included new and upgraded school classrooms, rural health-care centre improvements, housing for teachers and health workers and other economic development programs.
Barrick looks forward to continuing Equinox’s commitments and engagements with the Lumwana community.