Barrick and Ma'aden complete JV accord to move Saudi copper mine forward
TORONTO (miningweekly.com) – The world’s largest gold producer by volume, Barrick Gold, on Wednesday announced that it had completed a 50/50 joint venture agreement with Saudi Arabian Mining Company (Ma'aden) to move the long-delayed Jabal Sayid copper mine, located in the kingdom, forward, with first shipments slated for early 2016.
The Canadian gold producer on Sunday said Ma’aden would buy a 50% stake in the project for $210-million, a move that was expected to result in first output from the long-delayed mine in late 2015.
The significant copper project had been subject to major delays owing to compliance issues with the country’s safety and security standards.
The company acquired the project as part of its C$7.5-billion acquisition of Equinox in 2011. The Saudi government in 2012 notified Barrick that the $400-million project did not comply with the required safety and security measures, resulting in the company being restricted from using explosives at the mine.
According to Barrick, Equinox originally designed the safety and security system to Western Australian standards, which differ from Saudi Arabian standards, preventing operations from starting last year.
The project was expected to produce 100-million pounds of copper in its first five years of production, with the potential to lift output to 130-million pounds a year. The mine was expected to operate for up to 15 years on the basis of 1.4-billion pounds of copper in proven and probable reserves as at December 31, 2013.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
