Canadian company to launch massive exploration program in Kazakhstan
Ivanhoe Mines, one of the world’s leading mining companies from Canada, has announced the commencement of geological exploration in the Chu-Sarysu Basin in Kazakhstan, according to a statement posted on the Toronto Stock Exchange (TSX) website.
Kazakhstan’s Ministry of Industry and Construction refers to the Canadian enterprise as a pioneer of the largest copper deposits of the 21st century and describes the project implemented in Kazakhstan as one of the largest copper projects in the country’s history.
Ivanhoe Mines has established a joint venture with Pallas Resources, a U.K.-based enterprise specializing in exploration in Central Asia, to study 16,000 square kilometers of land in Kazakhstan. This is the first time in 40 years that this region will see major studies conducted using state-of-the-art technologies.
The company has allocated $18.7 million for the first two years of exploration work, preserving the right to increase its share to 80% in case of successful discoveries.
Robert Friedland, the founder and executive co-chairman of Ivanhoe Mines, described Kazakhstan as a «major mining jurisdiction,» possessing the world’s third-largest sedimentary copper basin with massive geological potential to be unlocked. He also highlighted the company’s extensive expertise in the industry, sharing impressive results achieved at the Kamoa-Kakula Copper Complex and the Western Forelands, in the Democratic Republic of the Congo (DRC). Furthermore, Friedland emphasized that Ivanhoe is focusing not only on discovering copper resources in the basin, but also on fostering «sustainable development and creating long-lasting economic opportunities in Kazakhstan.»
According to the United States Geological Survey (USGS), the Chu-Sarysu Basin is estimated to contain up to 25 million tons of undiscovered copper.
Ivanhoe’s current portfolio includes several major projects, such as Kamoa-Kakula in the DRC, Platreef in South Africa and Oyu Tolgoi in Mongolia, in the Gobi Desert, 80 kilometers north of the China-Mongolia border.
