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Barrick Gold, Saudi's Ma'aden to form joint venture for copper project

  • Barrick Gold (NYSE:ABX) -2.5% premarket after announcing a joint venture with Saudi Arabia's Ma'aden to operate the Jabal Sayid copper mine in the country.
  • Ma'aden will pay $210M for a 50% interest in the project, which is expected to produce 45K-59K metric tons of copper in its first five years of operation.
  • ABX acquired Jabal Sayid when it bought Equinox Minerals for C$7.1B in 2011.
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