- Barrick Gold (ABX) is broadening its copper base in Saudi Arabia
- The Toronto-based multinational mineral exploration firm signed two new joint venture agreements
- The deals are with Saudi Arabian company Ma’aden and are for two prospective exploration projects
- Barrick already has an existing 50-50 joint venture partnership with Ma’aden on a separate project
- Barrick Gold is down 1.38 percent, trading at $25.70 at 12 p.m. EST
Barrick Gold (ABX) is broadening its copper base in Saudi Arabia.
The Toronto-based multinational mineral exploration firm signed two new joint venture agreements.
The deals are with Saudi Arabian company Ma’aden and are for two prospective exploration projects comprising the Jabal Sayid South and Umm Ad Damar license areas.
Production at Jabal Sayid increased from 110 million pounds to 152 million pounds per year between 2018 and 2021 because of process plant optimization.
Barrick already has an existing 50-50 joint venture partnership with Ma’aden on a separate project.
The two new additions to its portfolio significantly expand Barrick’s exploration footprint in Saudi Arabia.
“Recent high-grade intercepts from underground drilling within the existing Jabal Sayid mine are demonstrating the potential for further orebody extensions. In addition, positive initial results from nearby new exploration targets are indicating further growth prospects, which are being aggressively pursued by the exploration team. This intense focus on discovery will be applied to the expanded portfolio through the application of the latest geological concepts and exploration technologies,” said Barrick Gold CEO Mark Bristow.
Barrick Gold is down 1.38 percent, trading at $25.70 at 12 p.m. EST.
