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Barrick Gold enters joint venture with Saudi miner

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(Toronto) Barrick Gold has signed joint venture agreements with Saudi mining company Ma’aden for two potential exploration projects in Saudi Arabia.

Terms of the agreements that will expand the company’s copper base business in the country were not immediately available.

The Toronto-based miner says the deal expands its partnership with Ma’aden and opens up potential cooperation with neighboring Jabal Sayid copper mine, which is an equal joint venture between the two companies.

Barrick said the new agreements include the Jabal Sayid South and Umm Ad Damar license areas.

Barrick Chief Executive Mark Bristow said Barrick is committed to expanding its partnership with Ma’aden in the region.

Barrick says copper production at Jabal Sayid has increased from 110 million pounds in 2018 to 152 million pounds per year in 2021 thanks to improved mining performance and optimization of the processing plant.

Company in this story: (TSX: ABX)



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