Barrick Gold said on Sunday it is forming a joint venture with Saudi Arabian Mining Co (Ma'aden) to run its Jabal Sayid copper asset in the kingdom, a move that could see the long-delayed mine finally begin production in late 2015. Ma'aden, which is controlled by the Saudi state, has agreed to purchase the 50 percent interest in the project, located some 120 km (75 miles) southeast of Medina, for $210 million.The deal is a boost for Barrick as it lets the world's largest gold miner finally get back on track a project that has been mired in regulatory and licensing woes. It also fits well with the Saudi state's efforts to create a stronger industrial base in the kingdom, beyond oil refining and export.Toronto-based Barrick acquired the Jabal Sayid asset via its C$7.3-billion ($6.8-billion) purchase of copper miner Equinox in 2011. Most of the construction at the asset had been complete for a while, but output was delayed over permit problems and legacy issues over mining licenses.Barrick said the tie-up with Ma'aden, which is expected to close in the fourth quarter of 2014, will move the project along and get the mine into production in late 2015.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX traded higher by 3.77% or $0.7/share to $19.29. In the past year, the shares have traded as low as $14.92 and as high as $21.45. On average, 10014700 shares of ABX exchange hands on a given day and today's volume is recorded at 13206716.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX traded higher by 4.81% or $0.95/share to $20.71. In the past year, the shares have traded as low as $15.56 and as high as $23.78. On average, 2481570 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 2829542.
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