Saudi Arabian Mining Company (Ma'aden) announced the signing of a Joint Venture Agreement on 10 January 2023 corresponding (17/06/1444H) with Barrick Gold (T7) Limited an affiliate of Barrick Gold Corporation (Barrick) to establish a limited liability company between the two parties on Umm Ad Damar with a 50/50 ownership between Ma'aden and Barrick. The objective of the new company is to expedite the exploration of resources in line with the business strategy in Umm Ad Damar. Ma'aden will contribute initially totaling of USD 7.6 million (SAR 28.5 million) from its own resources for the exploration.

The new company will be headquartered in the Kingdom of Saudi Arabia.