23:16:06 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2014-07-14 C$ 20.24
Market Cap C$ 23,572,912,866
Recent Sedar Documents

Globe says Barrick to joint venture on Saudi project

2014-07-14 06:59 ET - In the News

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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