By Robb M. Stewart


Barrick Gold Corp. moved to expand its copper-exploration footprint in Saudi Arabia with joint venture agreements with partner Ma'aden for two prospective projects.

The new ventures, covering the Jabal Sayid South and Umm Ad Damar license areas, broaden Barrick's partnership with Ma'aden and open up the potential for operating benefits with the neighboring Jabel Sayid mine equally owned by the two companies, Barrick said Wednesday.

"Recent high-grade intercepts from underground drilling within the existing Jabal Sayid mine are demonstrating potential for further ore-body extensions," said Barrick President and Chief Executive Mark Bristow.

Mr. Bristow said positive initial results from nearby new exploration targets indicate further growth prospects, which are being pursued by the exploration team.

The Jabal Sayid copper operation northeast of Jeddah shipped its first copper concentrate in late 2015 and the mine began commercial production in July 2016. Barrick forecast the operation would produce between 70 million and 80 million pounds of copper in 2022 after 76 million pounds of output the year before.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

01-11-23 0703ET