Barrick builds on Jabal Sayid success with new Ma’aden JV deal for two exploration projects

Barrick Gold Corporation has signed new joint venture agreements with Ma’aden for two prospective exploration projects comprising the Jabal Sayid South and Umm Ad Damar license areas. These new prospective joint ventures significantly expand Barrick’s exploration footprint in Saudi Arabia, grow the Ma’aden Barrick partnership and open up potential synergies with the neighbouring Jabal Sayid mine, an already successful 50/50 joint venture between Barrick and Ma’aden.

From 2018 to 2021 production at Jabal Sayid increased from 110 million pounds to 152 million pounds per annum as a result of improved mining performance and process plant optimisation and during the same period the mine’s mineral reserves were grown net of depletion by the company’s geologically-driven exploration strategy.

Speaking at the signing ceremony, Barrick President and Chief Executive Mark Bristow said the company would bring its record of exploration and operational success to the new projects. “Recent high-grade intercepts from underground drilling within the existing Jabal Sayid mine are demonstrating potential for further orebody extensions. In addition, positive initial results from nearby new exploration targets are indicating further growth prospects, which are being aggressively pursued by the exploration team. This intense focus on discovery will be applied to the expanded portfolio through the application of the latest geological concepts and exploration technologies,” he said.

Bristow said Barrick was committed to broadening its partnership with Ma’aden in the region and to playing its part in realizing the Saudi Arabian government’s vision of growing a diversified and sustainable mining industry in the country.