Barrick Gold (ABX.TO, GOLD) was at last look down more than 2% on the TSX as it received a downgrade from Bank of America, even after the miner late on Sunday said a major expansion at the Lumwana project in Zambia is supporting the country's economic growth.

Bank of America downgraded Barrick to Neutral from Buy, with a price target of US$18.00 (from $21.00, according to multiple reports.

In its Zambia update, the company said it has contributed over US$3.7 billion to the economy there since 2019. In 2024 alone, Lumwana's operations contributed US$887 million and Barrick remains one of the nation's top five taxpayers, the company said.

The Lumwana expansion will double its current copper production to a life-of-mine average of 240,000 per year. An additional 2,500 construction workers will be employed over the construction period through 2028, along with another 550 permanent roles.

Lumwana is extending its Technical Education, Vocational and Entrepreneurship Training Authority-accredited training center to equip local workers. Around 99% of Lumwana's employees are Zambian nationals.

"We are transforming the surrounding Kalumbila District into a mining-powered economic hub that will endure beyond Lumwana's expanded life of mine," said Barrick President and CEO Mark Bristow.

Zambia has a goal to increase copper output to 3 million tonnes by 2031.

Barrick's share price at last look fell 2% to $22.68 on the TSX and lost 2.3% to US$15.77 on the NYSE in early Monday trading.