Ivanhoe Mines Forms Joint Venture to Explore Kazakhstan’s Chu-Sarysu Copper Basin

Ivanhoe Mines has announced a joint venture with UK-based Pallas Resources to explore the Chu-Sarysu Copper Basin in Kazakhstan, the world’s third-largest sediment-hosted copper district. The venture covers up to 16,000 km², making it the largest license package in the region. Ivanhoe has committed $18.7 million in exploration funding over an initial two-year period, with the potential to increase ownership up to 80% based on further investment.

Exploration efforts are already underway, including the hiring of a dedicated team and the tendering of an airborne geophysics contract. The project leverages Soviet-era exploration data, which has been digitized and analyzed to identify potential copper targets. The Chu-Sarysu Basin contains known deposits such as the Zhezkazgan complex, which has produced over 22 million tonnes of copper and remains a significant source of production in Kazakhstan.

Kazakhstan is recognized as a mining-friendly jurisdiction with substantial mineral resources. Despite its geological potential, exploration in the country has been limited over the past four decades. Ivanhoe aims to apply its exploration expertise, previously demonstrated in the Democratic Republic of Congo, to uncover new Tier-One copper deposits within the Chu-Sarysu Basin.

If successful, Ivanhoe could secure up to an 80% equity interest by completing a pre-feasibility study. The company’s broader strategy includes expanding its footprint in copper exploration, reinforcing its role as a key player in global copper supply.