PRESS RELEASE: Industrial Resources Limited and Barrick Gold Corporation Forge Strategic Partnership to Drive Mining Exploration and Development in Zambia

Cape Town, South Africa, 5th February 2025 – Industrial Resources Limited (IRL), a subsidiary of the Zambian Government’s Industrial Development Corporation (IDC), and Barrick a global leader in mining, have signed a Memorandum of Understanding (MoU) to establish a strategic partnership aimed at unlocking Zambia’s mineral potential and contributing to the country’s ambitious mining sector growth targets.

This partnership represents a significant step in leveraging Zambia’s rich mineral resources to drive sustainable economic development while ensuring that benefits are equitably shared with local communities.

Driving Zambia’s Mining Growth

This collaboration aligns with Zambia’s vision to expand its mining sector and increase copper production to three million metric tons per year in the coming decade. 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, commented: “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, 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. This will be a partnership with a 50/50 sharing of economic benefits, ensuring a balanced and sustainable outcome for all stakeholders”.

Sustainable Development & Community Impact

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.