Industrial Resources Limited (IRL), a subsidiary of the Industrial Development Corporation (IDC) has signed a Memorandum of Understanding (MoU) with Barrick Gold Corporation to establish a strategic partnership aimed at contributing to the country’s ambitious mining sector growth targets.
This partnership supports Zambia’s goal of sustainable economic growth by utilizing its mineral resources while ensuring local communities benefit. It aligns with the country’s vision to expand mining and boost copper production to three million metric tonnes annually.
A core pillar of this partnership is its focus on sustainable mining practices and local community development. The joint venture will prioritize skills transfer, job creation and infrastructure development, reinforcing Zambia’s commitment to responsible mining.
By combining IRL’s strong local presence with Barrick’s world-class mining capabilities, the partnership will accelerate exploration efforts, de-risk mining investments and enhance value creation for Zambia’s economy.
Speaking at a signing ceremony on the sidelines of the ongoing Investing in African Mining Indaba in Cape Town, IDC CEO Mr. Cornwell Muleya said the agreement is an important step in Zambia’s mining industry.
“Through this partnership, we are positioning IRL as a key enabler in the country’s mineral value chain while ensuring that Zambians reap the benefits of their natural resources,” he said.
Barrick President and CEO, Mr. Mark Bristow, added: “This partnership with IRL reinforces Barrick’s commitment to Zambia’s mining sector. By working closely with the government and local stakeholders, we aim to unlock new opportunities that will deliver long-term value for both the country and our shareholders.”
Mr Bristow said this would be an equal partnership of economic benefits, ensuring a balanced and sustainable outcome for all stakeholders.
For more information, see the Press Release below:
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