Further to the Saudi Arabian Mining Companys (Maaden) announcement published on Tadawuls website on 13/07/2014 related to the agreement with Barrick Gold Corporation (Barrick) to form a joint venture for the purpose of establishing a limited liability company that will acquire, develop and operate the Jabal Sayid copper project located 120 km southeast of Medina, Saudi Arabia (the Project).
Maaden announces today, 03/12/2014 the completion of the acquisition of the assets of the Project by Maaden Barrick Copper Company, a limited liability company established in Saudi Arabia which is owned 50% by Maaden and 50% by Barrick.
Maaden is investing approximately USD 216 MN to acquire its 50% share in the Project assets, rights and existing infrastructures. The financial impact for this acquisition will appear in Maadens fourth quarter statement of financial position. Production is expected to commence in late 2015.
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