Barrick Gold signs deals with Saudi miner Ma'aden for copper exploration

(Reuters) - Barrick Gold Corp said on Wednesday it signed new joint venture deals with Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, for two copper exploration projects.

The two prospective exploration projects would include the Jabal Sayid South and Umm Ad Damar license areas, the Canadian miner said.

The new JVs would expand Barrick's exploration footprint in Saudi Arabia and open up potential synergies with the neighbouring Jabal Sayid mine, an existing 50/50 JV between Barrick and Ma'aden.

The Jabal Sayid copper operation is located 350 km north-east of Jeddah, and the first shipment of copper concentrate occurred in December 2015, Barrick said.

The deals come at a time when demand for copper, considered an economic bellwether, is expected to grow because of the metal's central role in energy transition.

(Reporting by Ankit Kumar; Editing by Shilpi Majumdar)