Barrick Mining (NYSE:B) says its US$2 billion ($2.88 billion) Lumwana expansion remains on schedule, while studies advance at Fourmile and spending slows at Reko Diq.
The Zambian project is targeting first copper at the end of the March quarter of 2028. The expanded operation is designed to produce 240,000 tonnes annually from a plant processing 52 million tonnes of ore a year over more than 30 years.
All major long-lead equipment has been procured, with construction of the primary crusher advancing. Barrick has awarded the expanded tailings storage facility contract, with work expected to begin during the December quarter.
At the Fourmile Gold Project in Nevada, US, advanced studies are incorporating resource drilling, metallurgical test work, geotechnical investigations, and mine design.
Infill and resource definition drilling continues alongside underground development by Perenti (ASX:PRN) subsidiary Barminco under a $275 million contract, as previously reported by Mining.com.au.
Across Nevada Gold Mines, Barrick is drilling along the Cortez corridor and around greater Leeville while assessing processing and infrastructure changes. Potential open-pit growth at Carlin could extend its operating life beyond 2050.
At Pueblo Viejo in the Dominican Republic, work is focused on the Naranjo tailings storage facility, with submission of the starter dam permit package expected during the March quarter of 2027.
Meanwhile, Reko Diq in Pakistan remains under review following increased regional security risks. Barrick has lowered its 2026 capital expenditure forecast, primarily because of reduced anticipated spending on the copper-gold development.
Barrick reported third-quarter production of 816,000 ounces of gold and 50,000 tonnes of copper. Net earnings rose 1% year-on-year to US$1.32 billion, while revenue increased 22% to US$5.07 billion.
The company retained its 2026 guidance of 2.90–3.25 million ounces of gold and 190,000–220,000 tonnes of copper.
Barrick is a Canada-based gold and copper producer with operations and development projects across five continents.
Write to France Pinzon at Mining.com.au
Main image: Barrick Mining
