Barrick Gold Corporation ((GOLD – Free report) has shown its dedication to the economic growth of Zambia by contributing by royalties, taxes, salaries and purchasing of goods and services through his Lumwana -my -My. The Lumwana mining activities contributed $ 887 million to the economy in 2024. Since 2019, gold has contributed more than $ 3.7 billion to the economy.
The Lumwana -Mijn has led the progress of local content in Zambia. Of the $ 906 million spent on goods and services in 2024, 72% went to Zambian suppliers and contractors. At present, 99% of Lumwana employees are Zambian nationals, making it a sustainable workforce.
The company also has a business accelerator program for the construction capacity, aimed at 150 SMEs to support the coming Superpit expansion. This expansion will lead to a doubling of the current copper production of Lumwana to an average of the lifetime of 240 kt per year, with a further 2,500 construction workers used during the construction period up to 2028. Furthermore, 550 permanent roles will be created for which Lumwana are for Technical training, training authority of vocational education and entrepreneurship has been accredited, is expanding to equip local employees with critical skills.
Gold integrates itself with the ambitions of Zambia and has plans to transform the surrounding Kalumbila district into an economic hub with mining. It will include new employee homes in the Town Fellama Town, an industrial supplier park and an airport, which is expected to be operational towards the end of 2025. Barrick also supports Zambia’s development plans to raise the copper output by 2031 until 2031 via the Lumwana extension and the security of further exploratory licenses in the northern province.
Gold supply was won 2.8% in the past year compared to the growth of the industry of 32.4%.
Image source: Zacks Investment Research
Gold’s Zacks rank and important choices
Gold currently has a Zacks Rank #3 (Hold).
Some better ranked shares in the basic material space are Venity Corporation ((NGVT – Free report), Carpenter Technology Corporation ((CRS – Free report) and Methanex Corp. ((Meoh – Free report). While NGVT has a Zacks rang #1 (strong purchase), CRS and Meoh are currently each wearing a zacks rank #2 (buying). You can see it The complete list of the rank shares of today Zacks #1.
The Zacks Consensus estimate for the current year in Vegity is linked to $ 2.75 per share. NGVT defeated the estimate of the Zacks -Consensus in three of the lagging four quarters and missed once, with the average profit surprise 95.4%. The shares of NGVT have won 2.6% in the past year.
The Zacks Consensus estimate for the current profit of the tax year of Carpenter Technology is linked to $ 6.77 per share. CRS defeated the Zacks consensus estimate in each of the lagging four quarters, with the average profit surprise 14.1%. The shares of CRS have risen 224.1% in the past year.
The Zacks Consensus estimate for the current year income from Methanex is linked to $ 3.49 per share. Meoh surpassed the Zacks consensus estimate in each of the lagging four quarters, with an average profit surprise of 100.9%. The share has been won 11.7% in the past year.