Welcome to Zambia: Barrick Gold Corporation’s Contribution to Economic Growth

Supporting Zambia’s Economy

LUMWANA, Zambia, Jan. 26, 2025 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has reaffirmed its commitment to Zambia’s economic growth, contributing over $3.7 billion since 2019. In 2024 alone, Lumwana’s operations contributed $887 million to the economy through royalties, taxes, salaries and procurement of goods and services, solidifying its position as one of the nation’s top five taxpayers.

Since establishing a presence in Zambia, Barrick Gold Corporation has played a vital role in supporting the country’s economy through its mining activities. The significant contribution of $3.7 billion since 2019 highlights the company’s commitment to driving economic growth and prosperity in Zambia.

Benefits to Local Communities

Beyond the economic impact, Barrick Gold Corporation’s presence in Lumwana has also brought benefits to local communities. The company’s investment in infrastructure, education, and healthcare has improved the quality of life for many Zambians living in the region. Additionally, job opportunities created by the mining operations have provided a source of income for thousands of individuals, further contributing to the development of the local economy.

Effect on Individuals

For individuals living in Zambia, Barrick Gold Corporation’s contribution to the economy can have a direct impact on their lives. The investment in infrastructure and services can lead to improved living conditions, while job opportunities created by the mining operations can provide individuals with stable employment and income. Overall, the company’s presence in Zambia can help to enhance the quality of life for many residents.

Global Impact

Barrick Gold Corporation’s commitment to Zambia’s economic growth not only benefits the local communities and individuals in the country but also has a broader global impact. As one of the leading gold mining companies in the world, Barrick Gold Corporation’s contributions to Zambia’s economy can help to stabilize the global economy and drive sustainable development in the region. By supporting economic growth in Zambia, the company is making a positive impact on the world as a whole.

Conclusion

In conclusion, Barrick Gold Corporation’s significant contributions to Zambia’s economy have had a profound impact on the country’s development and the well-being of its residents. Through investments in infrastructure, education, and healthcare, as well as job creation and economic growth, the company has shown its commitment to driving positive change in the region. The ripple effects of Barrick Gold Corporation’s presence in Zambia are felt not only by individuals and communities within the country but also on a global scale, highlighting the company’s role in promoting sustainable development and prosperity.