NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) rose 3.6% to $12.36 in morning trading Wednesday after the company announced it had formed a joint venture with Saudi Arabian Mining Company, or Ma'aden, to operate the Jabal Sayid copper asset in Saudi Arabia.
The partnership should kick-start output at the mine, which has had lengthy delays.
The Toronto-based Barrick said it expects Jabal Sayid to start shipping low-cost copper concentrate in early 2016. Ma'aden, which the Saudi Arabian state controls, purchased a 50% stake in the Jabal Sayid project for $210 million in July.
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Barrick acquired Jabal Sayid in the company's $6.41 billion purchase of copper miner Equinox in 2011. A majority of the construction on the asset has been finished for some time, but output stalled because of permit problems and legacy issues over mining licenses, according to Reuters.
Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."