- African copper and gold mines fuel Barrick’s record quarterly results
- Lumwana expansion set to make Zambia a global copper powerhouse
Barrick Mining Corporation has reported record-breaking Q3 2025 results, with free cash flow of $1.5bn and operating cash flow of $2.4bn, marking a 274% and 82% increase respectively over the previous quarter.
The surge was led by strong performances across its African assets, underscoring the continent’s growing role in the miner’s global portfolio.
The Lumwana copper mine in Zambia spearheaded the rally with a 42% year-on-year jump in production, while gold operations at Kibali (DRC) and Bulyanhulu (Tanzania) contributed significantly to the company’s $502 million gold EBITDA from Africa and the Middle East.
Barrick’s Interim CEO Mark Hill said the company’s focus is shifting toward copper as part of its long-term diversification.
“This project strengthens Barrick’s transition from legacy gold assets to a deeper copper pipeline,” Hill said. “This is generationally the opportunity to scale one of the most valuable copper mines in the world.”
The $2 billion Lumwana Super Pit expansion aims to lift annual output to 240,000 tonnes, potentially accounting for a quarter of Zambia’s total copper production. Total African gold output in Q3 reached 220,000 ounces, despite operational challenges.
However, Barrick confirmed fatalities at both Kibali and Bulyanhulu mines during the quarter, prompting full investigations and renewed safety commitments. The company reiterated its vision of “every person going home safe and healthy every day” and announced a comprehensive safety review at all African sites.
Beyond operations, Barrick continues to invest in community infrastructure, education, and healthcare projects in Tanzania and the DRC, reinforcing its approach to long-term value-sharing with host communities.
Analysts warn of power risks
Mining consultant Joseph Ilunga of ICo Consultings in Lusaka said Lumwana’s expansion strengthens both Zambia’s and Barrick’s strategic position.
“While global copper supply remains constrained due to disruptions, Zambia will set a record in copper production this year,” Ilunga told Allen Dreyfus. “The $2 billion expansion project helps solidify this strategic shift—Lumwana will be one of the premier copper mines in the world.”
But Ilunga warned of energy-related risks, saying “The expansion faces potential electricity shortages due to drought-inflicted power deficits.
“Although Lumwana can guarantee supply, rolling blackouts have created considerable public discontent, which could prompt the government to shift away from its business-friendly policies.”
Barrick’s ongoing divestment of non-core assets such as Hemlo and Tongon, expected to yield $2.6 billion, will further streamline focus on its high-margin African operations.
Analysts say the miner’s disciplined pivot reflects a long-term bullish outlook on copper demand and gold’s hedge value, positioning Barrick as a dominant force in Africa’s evolving commodity landscape.
