Industrial Resources Limited (IRL) and Barrick Gold Corporation Forge Strategic Partnership to Boost Zambia’s Mining Sector
Industrial Resources Limited (IRL), a subsidiary of Zambia’s Industrial Development Corporation (IDC), has partnered with Barrick Gold Corporation, a global leader in mining, to drive mining exploration and development in Zambia.
This collaboration is aimed at unlocking Zambia’s rich mineral potential, contributing to the nation’s ambitious mining growth targets, and advancing the country’s economic development.
The partnership is part of Zambia’s broader vision to expand its mining sector, with a goal to increase copper production to three million metric tons annually over the next decade. IRL’s strong local presence combined with Barrick’s world-class mining capabilities will accelerate exploration efforts, mitigate risks in mining investments, and create long-term value for Zambia’s economy.
Speaking at the signing ceremony held during the ongoing Investing in African Mining Indaba in Cape Town, IDC CEO Mr. Cornwell Muleya said, “This agreement represents a transformative 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.”
Barrick President and CEO Mr. Mark Bristow expressed the company’s commitment to Zambia’s mining sector, adding, “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. This will be a partnership with a 50/50 sharing of economic benefits, ensuring a balanced and sustainable outcome for all stakeholders.”
A key focus of the collaboration is sustainability. The partnership will prioritize responsible mining practices, skills transfer, job creation, and infrastructure development, all contributing to the sustainable growth of Zambia’s mining sector and the well-being of local communities.
Industrial Resources Limited is an entity under the Industrial Development Corporation of Zambia. The company is focused on advancing Zambia’s participation in the mining value chain, from exploration and development to mineral trading, with the goal of unlocking investment opportunities and fostering a sustainable mining sector.
Barrick Gold Corporation is one of the world’s leading gold and copper mining companies, known for its operational excellence and commitment to responsible and sustainable mining practices. With a strong presence in key mining regions, Barrick focuses on long-term partnerships with host countries to drive economic value.
