Barrick Gold signs joint venture deals for two projects with Saudi company

TORONTO — Barrick Gold Corp. has signed joint venture agreements with Saudi Arabian mining company Ma’aden for two prospective exploration projects in Saudi Arabia.

Terms of the agreements that will grow the company's copper base in the country were not immediately available.

The Toronto-based miner says the deal expands its partnership with Ma’aden and opens up potential co-operation with the neighbouring Jabal Sayid copper mine, which is a 50-50 joint venture between the two companies.

Barrick says the new deals include the Jabal Sayid South and Umm Ad Damar license areas.

Barrick CEO Mark Bristow says Barrick is committed to broadening its partnership with Ma’aden in the region.

Barrick says copper production at Jabal Sayid increased from 110 million pounds in 2018 to 152 million pounds per year in 2021 as a result of improved mining performance and process plant optimization.

This report by The Canadian Press was first published Jan. 11, 2023.

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The Canadian Press