Maaden, Barrick set up 2 JVs for exploration in Umm Ad Damar, Jabal Sayid

Logo of Saudi Arabian Mining Co. (Maaden) 

Saudi Arabian Mining Co. (Maaden) inked, on Jan. 10, a partnership agreement with Barrick Gold (T7) Limited, a subsidiary of Barrick Gold Corporation (Barrick), to set up a new limited liability company (LLC) in Umm Ad Damar, according to a statement to Tadawul.

Maaden will inject SAR 28.5 million, or $7.6 million, from internal resources in the exploration activities, the statement added.

In a separate statement, Maaden announced that it sealed another partnership agreement on Jan. 10, with Singapore Barrick Gold Limited, a subsidiary of Barrick, to set up a LLC in Jabal Sayid. The new company will help expedite exploration activities in the region on licenses owned by Maaden.

Both LLCs will be located in Saudi Arabia. Maaden and Barrick will hold 50/50 ownership in both.

Maaden’s contribution for the exploration program will be determined at a future stage.