China Minmetals, Jiangxi Copper and Zijin Mining are among the firms weighing to bid for Canadian mining firm Barrick Gold’s Lunwana copper mine in Zambia.

If the deal materialises, the mine could be worth approximately $1bn.

China Molybdenum and Aluminum Corp were also invited to take part in the bid.

Barrick is currently working with advisers to draw interest for the mine.

The Lumwana copper mine is a conventional open pit mine, located approximately 100km west of Solwezi town in Zambia’s copperbelt region.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It is expected to produce 210 to 240 million pounds of copper in 2019 and has proven and probable copper reserves of over 4.5 billion pounds.

In August, Barrick Gold CEO Mark Bristow said that the company is focusing on divesting $1.5bn of assets by the end of the next year.

The Lumwana mine was officially inaugurated in April 2009 by Equinox Minerals.

In April 2011, Barrick Gold signed a support agreement to acquire all issued and outstanding common shares of Equinox Minerals in a takeover offer valued at C$7.3bn ($7.6bn).

Equinox Minerals was acquired by Barrick Gold in July 2011.

Barrick Gold announced its plans to suspend operations at the mine in 2014 following the Zambian Government’s move to raise mining taxes on open-pit mining operations in the country.

In July, the company signed an agreement to acquire a stake in Acacia Mining.

Meanwhile, Barrick is also working with Bank of Nova Scotia to scout for buyers for its Tongon Gold mine in Côte d’Ivoire.