Saudi Arabian Mining Company, Ma’aden, announced the signing of a partnership agreement with Barrick Gold T7 Limited, a subsidiary of Barrick Gold Company, to form a limited liability company, with 50% ownership by Ma’aden and 50% of Barrick, with the aim of accelerating the process of exploration of resources, including: It is in line with the corporate strategy in the Umm Al-Damar area.
Maaden will initially contribute a total of US$7.6 million (28.5 million riyals) from its own resources to the exploration work. The headquarters of the new company will also be in Saudi Arabia.
Ma’aden signed another partnership agreement with Barrick Gold Singapore Limited, a subsidiary of Barrick Gold Company, to set up an exploration and prospecting limited liability company in the southern Jabal Sayid region, noting that the license is an asset owned by Ma’aden, and the ownership of the new company will be 50% for Ma’aden and 50% for Barrick, which aims to accelerate exploration works in southern Jabal Sayid.
Note that Ma’aden’s contribution to the exploration program will be determined later and the headquarters of the new company will be in Saudi Arabia.
