TSX-listed Ivanhoe Mines, which has successfully developed the large-scale joint venture (JV) Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC), has formed a JV with UK-based private company Pallas Resources to explore the Chu-Sarysu copper basin, in Kazakhstan – the world’s third-largest sediment-hosted copper district.

The JV partners will explore for copper over a highly prospective licence package extending over up to 16 000 km².

Ivanhoe has acquired an initial 20% interest in the JV and has committed to fund $18.7-million in exploration activities over an initial two-year period.

After the initial two-year period, Ivanhoe has the right to earn a majority interest of 80% by spending up to $115-million.

Exploration activities are already under way. An airborne geophysics contract is currently under tender and is expected to be awarded imminently.

“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.

“We know how to find Tier 1 sedimentary copper deposits, and we know how to mine them. The landmark development of the Kamoa-Kakula copper complex and the expanding discoveries of the Western Forelands, in the DRC, are testament to this. We will be building on our successes over the past 28 years here, where we have discovered over 50-million tonnes of copper . . . and counting," Ivanhoe founder and co-chairperson Robert Friedland comments.

He adds that the new JV provides an "exceptional opportunity" for Ivanhoe to use its exploration expertise in one of the world’s most prospective sedimentary copper basins. 

“With a legacy of accomplishments in emerging mineral jurisdictions, including Kazakhstan, Ivanhoe takes pride in applying its expertise to generate lasting value for our shareholders and the communities in which we operate. Our commitment extends beyond discovering vital copper resources, focusing on sustainable development and creating long-lasting economic opportunities in Kazakhstan.

“This partnership marks an excellent addition to our growing copper exploration portfolio to further accompany the rapidly advancing Western Forelands licences adjacent to Kamoa-Kakula. Western Forelands underpins the next stage of our aggressive copper production growth story, and we expect to update the market on these exciting exploration efforts in the DRC shortly,” Friedland says.