Tokayev discusses progress of major copper exploration project in Kazakhstan with representative of Canada's Ivanhoe Mines
ASTANA. May 28 (Interfax) - Robert Friedland, executive co-chairman of Canada's Ivanhoe Mines, has reported to Kazakh President Kassym-Jomart Tokayev on the launch of large-scale geological exploration in the Chu-Sarysu copper basin, the presidential press service said following their meeting.
The company plans to employ advanced airborne geophysical technologies and digital data analysis, Friedland said.
"He said that this project, being one of the largest in the history of Kazakhstan's copper exploration, opens new prospects for global copper production," the press service said.
Major Canadian mining company Ivanhoe Mines announced the start of exploration work in Kazakhstan's Chu-Sarysu sedimentary copper basin jointly with Britain's Pallas Resources in February 2025. The companies are investigating a highly promising license area covering up to 16,000 square kilometers containing accumulated exploration data from Soviet times.
It was also reported that Ivanhoe Mines committed to fund $18.7 million in exploration during the initial two-year period with profit rights to potentially increase its stake from the current 20% to 80%. After the initial two years, Ivanhoe can obtain a controlling interest by investing up to $115 million over the subsequent four years while maintaining the full license package.
Kazakhstan's Chu-Sarysu basin ranks as the world's third largest sedimentary copper basin after the Central African Copperbelt and Europe's Kupferschiefer. The US Geological Survey (USGS) estimates the basin contains around 25 million tonnes of undiscovered copper resources along with lead, zinc, silver, barium and strontium deposits.
Ivanhoe Mines explores and develops major deposits of copper, platinum-group metals, nickel and zinc in Africa. Its key projects include the Kamoa-Kakula complex and Kipushi mine in Congo, the Platreef deposit in South Africa and the Oyu Tolgoi copper deposit in the Gobi Desert.
Pallas Resources engages in exploration and development of gold, copper, lithium and nickel deposits in Kazakhstan.
