The Globe and Mail reports in its Monday edition Barrick Gold will work
with a prominent Saudi miner to
develop its copper mine in the
country, a partnership Barrick aims to replicate
with other projects such as
Pascua Lama in
the Andes.
The Globe's Rachelle Younglai writes Saudi Arabian Mining Co.
(Ma'aden) will pay $210-million
(U.S.) to own half of Barrick's
Jabal Sayid copper asset, which
has been delayed due to regulatory
hurdles in the kingdom.
Jabal Sayid is expected to start
operating in 2015 with annual
production of about 100 million
to 130 million pounds of copper during its first five years of
operation.
The joint venture marks the
first partnership the company
has formed since John Thornton
became Barrick's executive chairman
earlier this year.
Mr. Thornton wanst to develop a long-lasting
relationship with China.
Barrick acquired Jabal Sayid
when it bought Equinox Minerals
Ltd. in 2011 to gain control of the
Lumwana copper mine in Zambia.
Barrick has since written down
the copper asset and raised funds
to reduce the massive debt
incurred with the Equinox acquisition.
In addition to Pascua Lama,
Barrick has shelved Cerro Casale in Chile
and Donlin in Alaska.
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