Zambia: the rise in copper prices supports revenues from the Lumwana mine by mid-2026
The revenues from the Lumwana copper mine in Zambia increased by 32.1% in the first half of 2026, reaching $852 million compared to $645 million a year earlier. This rise comes as copper prices boost the site’s earnings, operated by Canadian group Barrick Mining, which is also planning an expansion aimed at doubling its production.
SUMMARY
According to results published on August 10 by Barrick Mining, Lumwana generated $852 million in revenue between January and June 2026. The increase of $207 million compared to the first half of 2025 represents a growth of about 32.1%.
The financial performance of the mine has been bolstered by the evolution of copper prices. However, the reported results do not specify the exact share of the price increase and that related to sales volumes in this revenue growth.
Production Set to Double Starting in 2028
Lumwana is among the main copper assets in Zambia. Barrick Mining is conducting an expansion project aimed at doubling the mine’s production, with an expected ramp-up starting in 2028.
The group has not disclosed the total amount of the planned investment or the detailed timeline of the project’s various phases in the available information. Nevertheless, the increased capacity is expected to enhance Lumwana’s share in the national copper production.
The rise in revenues comes as copper remains a strategic asset for Zambia, whose economy largely depends on mining exports. For Barrick, the improvement in Lumwana’s earnings provides a more favorable context for continuing the expansion, without prejudging its final profitability or execution timeline.
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