Complex Made Simple

Ma’aden, Barrick to set up copper project JV

The world’s largest producer of gold, Barrick Gold Corp has signed an agreement to form a joint venture with Saudi Arabian Mining Co (Ma’aden) to operate a copper project in the kingdom, Bloomberg has reported. Ma’aden will acquire 50% of the Jabal Sayid mine in the Middle Eastern country for $210m, Toronto-based Barrick said. Barrick acquired Jabal Sayid when it bought Equinox Minerals for C$7.1bn ($6.6bn) in 2011. While construction of the project was completed in 2012, its startup was delayed after Saudi regulators said the site wasn’t in compliance with local safety standards. The government also questioned whether it should have been asked to approve changes in ownership of the project.