Lycopodium notches $19m contract

Engineering services company Lycopodium has locked in a $19 million contract from Canadian miner Barrick Gold Corporation for work on its copper mine in Zambia.

The Perth-based contractor announced that it had secured the feasibility study and basic engineering contract on the market this morning, with work already having commenced at the Lumwana copper project.

The scope of work forms part of Barrick's Lumwana expansion project to up annual production from 15,000 tonnes of copper at 26 to 28 million tonnes per annum process plant production rate to about 24,000t at 50mtpa, over 36-year mine life.

“The expansion of Lumwana within Zambia’s world-class copper region supports the country’s commitment to its copper industry, and we are very pleased to have the opportunity to continue our partnership with Barrick and be part of this significant development that will have a material impact on the Zambian economy,” Lycopodium managing director Peter De Leo said.

Lycopodium’s shares were up 2.76 per cent to trade at $10.79 at market close.