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or Name
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CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2014-12-02 C$ 13.58
Market Cap C$ 15,816,213,277
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Barrick Gold completes JV deal for Jabal Sayid

2014-12-03 08:40 ET - News Release

Mr. Kelvin Dushnisky reports

BARRICK COMPLETES JOINT VENTURE AGREEMENT WITH MA'ADEN FOR JABAL SAYID

Barrick Gold Corp. has completed the 50/50 joint venture agreement with Saudi Arabian Mining Company (Ma'aden) for the Jabal Sayid copper mine in Saudi Arabia. Jabal Sayid is expected to begin shipping low-cost concentrate in early 2016.

When fully operational, the mine is expected to produce 100 million pounds(1) of copper in concentrate per year in its first full five years, with the potential to increase to 130 million pounds(1) per year.

"We are excited to move this project into production, working in collaboration with our new partners at Ma'aden," said Kelvin Dushnisky, co-president.

"Jabal Sayid is a high-quality mine that will be contributing new, low-cost copper production to Barrick in just over a year's time," said Jim Gowans, co-president.

Jabal Sayid had 1.4 billion pounds of copper in proven and probable reserves as of Dec. 31, 2013(2). Further exploration work will be carried out within the mining licence area and the exploration licence area surrounding the mine with the aim of extending the mine life.

(1) 100 per cent basis; Barrick's equity interest is 50 per cent.

(2) 100 per cent basis; Barrick's equity interest is 50 per cent. Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For a breakdown, see pages 29-37 of Barrick's Form 40-F.

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