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

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

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.