JEDDAH – Al Masane copper mine in Saudi Arabia's Najran province, which has resumed operation recently after being closed for decades, plans to build SR1.5 billion with a year, said Talal Al Shaer, chairman of Al Masane Al Kobra Mining. The company has exported 8,000 tons of zinc to South Korea and 6,000 tons of copper to India this week. The mine restarted operations in the presence Najran Governor Prince Mishal bin Abdullah. The mine's reserves are estimated at 4.9 million tons of zinc and copper. Besides, its ores contain 97 gram of gold and 31 gram of silver per ton. Presently it is producing 35,000 tons of copper and 45,000 tons of zinc annually. The company has built a crude material treatment plant and started operation in the Q3 of 2011. The plant is operated by a Chinese company. Meanwhile, Barrick Gold Corp has cut its forecast for copper production next year due to delays at its Jabal Sayid project in Saudi Arabia, Chief Executive Jamie Sokalsky said recently. Sokalsky said Barrick, the world's biggest gold miner, now expects its total 2013 copper output to be in the range of about 500 million to 550 million pounds, down from a previous forecast of 600 million pounds. The company acquired Jabal Sayid as part of its C$7.3 billion ($7.5 billion) acquisition of Equinox Minerals in 2011. “The safety and security standards of the mine were originally designed by Equinox to Western Australian standards, which differ to Saudi Arabia's standards," Sokalsky told the Denver Gold Forum, adding that the company was recently notified of the discrepancy by the Saudi government. Because the mine does not comply with Saudi standards for safety and security, the company is restricted in its use of explosives and that will hinder its ability to mine the deposit, Sokalsky said. “We expect to be in full compliance by 2014, but are working hard to achieve this earlier," he said. By 2015, Barrick's copper output will be at about 650 million pounds, Sokalsky said. He also reaffirmed the company's plans to shelve, sell or defer development of any assets that don't generate returns that meet the company's expectations. He said Barrick is still conducting a thorough review of its portfolio as part of this process. – SG
