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Barrick Gold signs joint venture with Saudi Ma’aden

14 Jul 2014

(MENAFN) Barrick Gold has signed a joint venture with Saudi Arabian Mining Co (Ma’aden) to run its Jabal Sayid copper asset in the kingdom, according to Arabian Business.

Under the agreement, Ma’aden will purchase 50 percent interest in Jabal Sayid project, which is located in the southeast of Medina, for USD210 million.

Toronto-based Barrick acquired the Jabal Sayid asset via its USD6.8 billion purchase of copper miner Equinox in 2011. Most of the construction at the asset had been complete for a while, but output was delayed over permit problems and legacy issues over mining licenses.

The project is expected to start producing mine in late 2015.

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