Saudi’s Ma’aden, Barrick Gold to launch joint venture

04 Dec 2014

(MENAFN) Barrick Gold Corp confirmed that it has formed a joint venture with Saudi Arabian Mining Company (Ma’aden) to run the Jabal Sayid copper asset in the Kingdom, which will startup output at the long-delayed mine, Gulf Business reported.

Barrick announced that Jabal Sayid, which is located some 120 km (75 miles) southeast of Medina, is projected to commence shipping low-cost concentrate in early 2016.

Ma’aden, which is controlled by the Saudi state, decided in July to buy a 50 percent stake in the project for USD210 million.

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