The Globe and Mail reported on Sunday that Barrick Gold Corp. (TSX:ABX) will partner with Ma’aden (TADAWUL:1211), a prominent Saudi Arabian mining company, to develop Barrick’s Jabal Sayid copper asset in Saudi Arabia. The project has seen delays so far due to stiff regulations within the country. Ma’aden is putting up US$210 million for a 50 percent ownership of the copper asset, according to the Globe.
As quoted in the publication:
Barrick, the world’s largest gold producer, said the state-owned Ma’aden’s “extensive experience in the Saudi Arabian mining sector,” would help move the project to completion. Jabal Sayid is expected to start operating in 2015 with annual production of about 100-130 million pounds of the red metal during its first five years of operation, according to Barrick. The joint venture marks the first partnership the company has formed since John Thornton became Barrick’s executive chairman earlier this year.