Industrial Resources Limited (IRL), a subsidiary of Zambia’s Industrial Development Corporation (IDC), has entered into a strategic partnership with Barrick Gold Corporation, a global mining leader, to drive exploration and development in Zambia’s thriving mining sector.
The collaboration aims to unlock Zambia’s rich mineral resources, support the country’s mining growth targets, and fuel economic development.
This partnership aligns with Zambia’s long-term goal of achieving three million metric tons of copper production annually over the next decade, a key milestone in the country’s broader vision to expand its mining sector.
By combining IRL’s local expertise with Barrick’s world-class mining capabilities, the partnership is poised to accelerate exploration, reduce investment risks, and generate sustainable economic value for Zambia.
Speaking at the signing ceremony during the Investing in African Mining Indaba in Cape Town, IDC CEO Cornwell Muleya described the partnership as a game-changer for Zambia’s mining industry.
“This partnership positions IRL as a key enabler in Zambia’s mineral value chain, ensuring that the people of Zambia benefit from their natural resources,” Muleya said.
Barrick President and CEO Mark Bristow emphasized the company’s ongoing commitment to Zambia’s mining sector, stating, “By partnering with IRL and engaging with the government and local stakeholders, we aim to unlock new opportunities that create long-term value for both Zambia and our shareholders. This partnership ensures a balanced 50/50 sharing of economic benefits, fostering sustainable outcomes for all parties involved.”
A core focus of this collaboration is sustainability, with the partnership prioritizing responsible mining practices, job creation, skills development, and infrastructure investments to support long-term growth and improve the well-being of local communities.
IRL is committed to strengthening Zambia’s role in the mining value chain, from exploration and development to mineral trading, while fostering investment opportunities and ensuring the sector’s sustainability.
Barrick Gold, a leading player in gold and copper mining, is known for its focus on operational excellence and responsible mining, with a strong emphasis on long-term partnerships that drive economic value in host countries.
