Ivanhoe Mines Begins Copper Exploration in Kazakhstan

Ivanhoe Mines has initiated exploration in the Chu-Sarysu Copper Basin, Kazakhstan, through a joint venture with UK-based Pallas Resources. This venture encompasses a substantial 16,000 square kilometer license area, which is significantly larger than Ivanhoe's existing Western Forelands project. With an initial investment of $18.7 million over two years, Ivanhoe aims to increase its stake in the project up to 80% through further investments. The basin, recognized as the world's third-largest sediment-hosted copper district, is estimated to contain 27 million tonnes of known copper with a potential 25 million tonnes remaining undiscovered, according to the US Geological Survey. Ivanhoe's exploration strategy will leverage Soviet-era data and include advanced geophysical methods to identify drilling targets. This move is part of Ivanhoe's broader strategy to enhance its copper exploration portfolio and capitalize on Kazakhstan's rich mining resources.