Saudi Arabian Mining Co. (Ma’aden) announced today, Wednesday, December 3, the completion of the acquisition of the assets of the project by Ma’aden Barrick Copper Company, a limited liability company established in Saudi Arabia which is owned 50% by Ma’aden and 50% by Barrick.
Ma’aden had said, in a statement posted on Tadawul’s website on July 13 it reached an agreement with Barrick Gold Corporation (Barrick) to form a joint venture for the purpose of establishing a limited liability company that will acquire, develop and operate the Jabal Sayid copper project located 120 km southeast of Medina, Saudi Arabia. Ma’aden is investing approximately $ 216 million to acquire its 50% share in the project assets, rights and existing infrastructures. The financial impact for this acquisition will appear in Ma’aden’s Q4 statement of financial position. Production in the project is expected to commence in late 2015.