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Barrick Gold expands copper footprint in Saudi with two new JV deals with state-owned miner

Published 2023-01-11, 09:57 a/m
© Reuters.  Barrick Gold expands copper footprint in Saudi with two new JV deals with state-owned miner
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Proactive Investors - Barrick Gold (NYSE:GOLD) Corp. has expanded its copper base in Saudi Arabia, signing two new joint venture deals with state-owned miner Ma’aden.

The latest agreements cover the prospective Jabal Sayid South and Umm Ad Damar licences and open up potential synergies with the neighboring Jabal Sayid copper mine - already a successful 50:50 venture between the two companies.

"Recent high-grade intercepts from underground drilling within the existing Jabal Sayid mine are demonstrating potential for further orebody extensions," said Barrick CEO Mark Bristow in a statement.

"In addition, positive initial results from nearby new exploration targets are indicating further growth prospects, which are being aggressively pursued by the exploration team," he added.

"This intense focus on discovery will be applied to the expanded portfolio through the application of the latest geological concepts and exploration technologies."

The Barrick boss said the firm was committed to broadening its partnership with Ma’aden in the region and "playing its part in realizing the Saudi Arabian government's vision of growing a diversified and sustainable mining industry in the country".

The Jabal Sayid copper mine sits 350 kilometers northeast of Jeddah and began commercial production in July 2016.

From 2018 to 2021, production there was lifted to 152 million pounds a year from 110 million due to improved mining performance and process plant optimization.

During that time, the mine's reserves were also grown, net of depletion.

Barrick is a huge gold and copper producer, operating mines and projects in 18 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia.

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