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Barrick to Form Saudi Copper Mine Venture With Ma’aden

Barrick Gold Corp., the largest producer of the metal, agreed to form a joint venture with Saudi Arabian Mining Co. to operate a copper project in the country.

The Saudi company, which is also known as Ma’aden, will acquire 50 percent of the Jabal Sayid mine in the Middle Eastern country for $210 million, Toronto-based Barrick said in a statement today. It’s expected that the sale will close in the fourth quarter and the mine will start production in late 2015, the company said.