Industrial Resources Limited (IRL), a subsidiary of the Industrial Development Corporation (IDC) in Zambia, has signed a Memorandum of Understanding (MoU) with Barrick Gold Corporation to establish a strategic partnership aimed at supporting Zambia’s ambitious mining sector growth targets.
The partnership aligns with Zambia’s vision for sustainable economic growth by leveraging its mineral resources while ensuring that local communities benefit. It supports the country’s goal of expanding mining and increasing copper production to three million metric tonnes annually.
A key pillar of this collaboration is its commitment to sustainable mining practices and local community development. The joint venture will prioritise skills transfer, job creation, and infrastructure development, reinforcing Zambia’s dedication to responsible mining.
By combining IRL’s strong local presence with Barrick’s world-class mining expertise, 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 described the agreement as an important milestone for 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 benefit from 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 emphasised that this would be an equal partnership in terms of economic benefits, ensuring a balanced and sustainable outcome for all stakeholders.
