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The Saudi firm will acquire 50% of Barrick’s Jabal Sayid asset in the country (pictured) for $210 million.
Canada’s Barrick Gold (TSX, NYSE:ABX), the largest producer of the metal, said on Sunday it is forming a joint venture with Saudi Arabian Mining Co (Ma’aden) to run a copper project in the kingdom.
The Saudi firm will acquire 50% of Barrick’s Jabal Sayid asset in the country for $210 million, a move that could see the long-delayed mine begin production in late 2015.
The Toronto-based firm gained the Jabal Sayid project when it acquired copper miner Equinox in 2011 for $6.8 billion (Cdn$7.3bn). Most of the construction at the asset had been complete for a while, but output was delayed over permit problems related to safety issues and legacy matters over mining licenses.
“This joint venture will enable the Jabal Sayid project to move forward with the benefit of Ma’aden’s extensive experience in the Saudi Arabian mining sector, combined with Barrick’s technical and operating expertise,” Chief Executive Jamie Sokalsky said in the statement.
Once fully operational, the mine —located about 120 km (75 miles) southeast of Medina— is expected to produce between 100 and 130 million pounds (45,000 to 59,000 metric tons) of copper in concentrate annually over the first five years.
Image courtesy of Barrick Gold.
7 Comments
Daniel Miranda
Barrick will sort out completing the project and getting it up and running in as much time as it takes to say “Pascua Lama”. Trust them.
miket
Barrick & Ma’aden – a marriage made in Hell !
Dover Systems
Dover Systems has done a lot of operator testing (psychomotor skliis ) in the area as well as in India and Malaysia. Some very good candidates were identified.
as safe, efficient and reliable operators of heavy equipmant.
Give us a call for information: Dr Nick +27 11 8861400 or visit us at Doversystems.co.za
Nick
Francois
Wow, it is excellent news. Opportunities for ex Barrick employees like me. Barrick will sort this for sure as Daniel said. Same with Pascua Lama. It will show its steel and ability. Great company, love them
DominicWr
both will be discussing this and plans for operation at the MENA Mining show in October http://www.terrapinn.com/exhibition/menaminingshow/
DominicWr
Please email [email protected] for more Middle Eastern news and opportunities to work with these companies
Tounkara
Dear sir,
We are otci minig investment, sarl
Based in Bamako Mali
We have 1’051 km squares for gold, iron, copper, barite, lemstone, dolerite, marbre, stones precious, ect
We need the your collaboration for this project to make exploration and exploitation
In these areas in mali.
Thanks
Tounkara cheickna