JOHANNESBURG (miningweekly.com) – Construction at the Lumwana super pit copper expansion in Zambia continued to advance on time and on budget during first quarter of 2026, gold and copper mining company Barrick reported on Monday, 11 May.

The initial lift of the mill building wall in the central African country was completed in the period, with mill shells delivered to site and the first loads of structural steel expected in the three months ending June 30.

Capital expenditure for 2026 is expected to come in at the lower end of the $750-million to $850-million guidance range, with total project capital anticipated at $2-billion.

First copper production from the expansion remains on track for the end of the first quarter of 2028.

Overall, first-quarter copper production of an 11%-higher 49 000 t was in line with plan.

Copper cost of sales of $3.41/lb was up 17%, copper cash costs3 of $2.57/lb was up 14% and all-in sustaining costs of (AISC) of $3.67/lb was up 20%, with royalties tied to the higher realised copper price and increased site operating costs the cost drivers, Barrick stated in a press release to Mining Weekly.

Copper production guidance for 2026 remains unchanged at 190 000 t to 220 000 t at copper cost of sales of $3.05/lb to $3.35/lb, copper cash costs of $2.20/lb to $2.45lb, and AISC of $3.45/lb to $3.75/lb.

“Copper performed well and is an important part of the growth pipeline,” Barrick president and CEO Mark Hill commented during the presentation of results.

First-quarter gold production of 719 000 oz beat guidance on the ramp-up at West Africa’s Loulo-Gounkoto, as well as performances at NGM and Veladero.

New York- and Toronto-listed Barrick generated $5.22-billion in revenue, $2.55-billion in operating cash flow, $1.97-billion in attributable operating cash flow3, and $1.21-billion in attributable free cash flow.

“We started the year with another strong quarter. Building on momentum from the fourth quarter, we operated safely and outperformed our plan on both gold production and costs.

“Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago.

“Our growth pipeline advanced, with good progress at Lumwana and Fourmile. Most importantly, we continued to improve safety,” said Hill.

Gold costs per ounce were better than plan, driven by efficiencies in mining and processing. Gold cost of sales for the quarter was $1 922/oz, total cash costs $1 327/oz, and AISC $1 708/oz.

Higher gold production, lower costs, and a supportive gold price drove year‑on‑year growth in earnings and cash generation.

Net earnings totalled $1.60-billion and adjusted net earnings $1.65-billion. Earnings before interest tax depreciation and amortisation  (Ebitda) were $2.76-billion, an increase of 103% over the prior‑year quarter, and the Ebitda margin  was up 66%.

Gold production expected to increase sequentially throughout the year with second-quarter gold production of 730 000/oz to 770 000/oz.

Cost guidance for 2026 is based on an oil price assumption of $70/bl. For every $10/bl

change in the oil price, the direct impact on costs associated with diesel consumption is $12/oz across gold operations, and $0.04/lb across copper sites.

A quarterly dividend of $0.175 per share has been declared amid Barrick’s dividend policy targeting a total payout of 50% of attributable free cash flow on an annualised basis.

In addition to the quarterly dividend, the board authorised the repurchase of up to $3-billion of the company’s outstanding common shares at prevailing market prices.