ASTANA – Canadian mining company Ivanhoe Mines announced the formation of an exploration joint venture to explore the Chu-Sarysu Copper Basin in Kazakhstan, which is the world’s third-largest sediment-hosted copper district, on Feb. 12.
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Ivanhoe has committed to fund $18.7 million in exploration activities over an initial two year period, with earn-in rights to further increase ownership up to 80% over time. Exploration activities are underway, including the hiring of a dedicated exploration team. An airborne geophysics contract is currently under tender and is expected to be awarded imminently, reported the company’s press service.
“Kazakhstan is a major mining jurisdiction and host to the world’s third largest sedimentary copper basin. The Ivanhoe Group has a long history in Kazakhstan. We love the country, we love its people and we look forward to returning to this tremendous country to further unlock the significant geological potential of the Chu-Sarysu Basin,” said Ivanhoe Founder and Executive Co-Chairman Robert Friedland.
The United States Geological Survey (USGS) estimates that approximately 25 million tons of undiscovered copper remain in the Chu-Sarysu Basin, highlighting its untapped potential. In addition, the basin includes occurrences of lead, zinc, silver, barium and strontium.
