ASTANA — Kazakh officials and the chair of China’s large multinational mining corporation considered prospects for implementing the company’s investment project to develop gold, copper and polymetallic deposits in Kazakhstan.
Kazakh Deputy Foreign Minister Alibek Kuantyrov and Kazakh Invest Chair Yerzhan Yelekeyev met with the Chair of the Zijin Mining Group Co. Ltd, Chen Jinghe, on Aug. 15. Photo credit: Kazakh Foreign Ministry.
Kazakh Deputy Foreign Minister Alibek Kuantyrov and Kazakh Invest Chair Yerzhan Yelekeyev met with the Chair of the Zijin Mining Group Co. Ltd, Chen Jinghe, on Aug. 15, reported the Foreign Ministry’s press service.
The Chinese side is currently looking for a suitable deposit. At the initial stage, they plan to invest $100 million and build an enrichment plant for the production of non-ferrous and precious metal concentrates, which will be sent to metallurgical plants in Kazakhstan for subsequent smelting of metals. The project will generate 1,000 jobs and contribute to the development of small and medium businesses. The company intends to conduct geological exploration work in new areas, which will help increase Kazakhstan’s mineral resource base.
Kuantyrov informed Chinese investors that Kazakhstan provides state support measures, notably a mechanism of investment agreements and preferences in the metallurgical sector, to boost the country’s investment climate.
“We attach great importance to the mining industry. The concept of development of Kazakhstan’s geological industry outlines the special importance of exploration and production of minerals for the nation’s economy. We are ready to provide comprehensive assistance in the implementation of your project in Kazakhstan,” Kuantyrov said.
Chen expressed his company’s readiness to implement joint investment projects.
Zijin Mining Group Co. Ltd is a multinational mining corporation that owns the largest volumes of gold and non-ferrous metal resources and produces the largest volume of metallic mineral products in the Chinese mining industry. The corporation carries out over 30 large mining projects in 12 nations and 14 regions of China. In 2022, the company’s market value hit $47 billion. By the end of 2023, the company’s copper resources reached 96 million tons. The output of cathode copper totaled 720,000 tons, while refined gold – 250 tons.
