Barrick, Ma'aden form planned joint venture around Saudi copper asset

Wed Dec 3, 2014 8:47am EST
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TORONTO Dec 3 (Reuters) - Barrick Gold said on Wednesday it has formed a planned 50-50 joint venture with Saudi Arabian Mining Company (Ma'aden) to run its Jabal Sayid copper asset in the kingdom, a move that will see the long-delayed mine finally begin output.

Toronto-based Barrick Gold said Jabal Sayid is now expected to begin shipping low-cost concentrate in early 2016.

Ma'aden, which is controlled by the Saudi state, had agreed in July to buy a 50 percent stake in the project, located some 120 km (75 miles) southeast of Medina, for $210 million. (Reporting by Euan Rocha; Editing by Meredith Mazzilli)