President Toqayev Met with Ivanhoe Mines Co-Chair Robert Friedland to Discuss Copper Exploration Project in Kazakhstan

On May 28, President Qasym-Jomart Toqayev met with Robert Friedland, Executive Co-Chair of the Board of Canadian mining corporation Ivanhoe Mines, Orda.kz reports.

Ivanhoe Mines will lead geological exploration at one of Kazakhstan’s largest copper deposits.

According to the Aqorda press service, Toqayev and Friedland discussed prospects for cooperation in the mining and metal processing sectors. Friedland informed the president that Ivanhoe Mines has begun exploration work in the Shu-Sarysu copper basin, considered the third-largest sediment-hosted copper deposit in the world.

Ivanhoe Mines has previously announced an initial investment of $18.7 million for geological study of the site, with plans to increase total investment to $115 million over the next four years. The project will utilize advanced airborne geophysical technologies and digital data analysis,
 the statement from Aqorda said.

The deposit may contain up to 27 million tonnes of copper, with 25 million tonnes yet to be explored. If successful, the exploration and future mining could elevate Kazakhstan to a leading position in the global copper industry.

Ivanhoe Mines is a Canadian mining company with assets valued at approximately $2.5 billion. Its major projects are currently located in Africa, including the Kamoa-Kakula copper deposit in the Democratic Republic of Congo and the Platreef polymetallic deposit in South Africa.

Original Author: Nikita Drobny