Saudi Arabia accelerates gold exploration with two new agreements

Several media outlets reported that the Saudi mining company “Ma’aden” signed two agreements with subsidiaries of “Barrick” gold to explore gold resources in Umm al-Dummar and south of Jabal Sayid, in the Kingdom.


A partnership agreement was signed between Ma’aden and Barrick Gold T7 Limited, a subsidiary of Barrick Gold Company.


Ma’aden said in a statement on the Saudi Stock Exchange, Tadawul, that its ownership in the newly formed company will be 50%, and Barrick will own 50%.


It indicated that it would initially contribute a total of $7.6 million (28.5 million riyals) from its resources to the exploration work, and the new company’s headquarters will be in the Kingdom of Saudi Arabia.


In a separate statement, “Ma’aden” announced the signing of a partnership agreement with Barrick Gold Company “Singapore”, a subsidiary of Barrick Gold Company “Barrick”, last week to establish a limited liability company for exploration in the south of the Jabal Sayid area, noting that the license is one of the assets owned for minerals.


It indicated that ownership of the upcoming company would be 50% owned by Maaden and 50% owned by Barrick. This will enable it to accelerate exploration work in the south of Jabal Sayid.


It was pointed out that Ma’aden’s contribution to the exploration program will be determined later, and the upcoming company’s headquarters will be in the Kingdom of Saudi Arabia.

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