First Quantum Minerals (FQM) has unveiled plans for extensive geological survey operations in Kazakhstan, aiming to identify promising copper deposits, as reported by inbusiness.kz. Last year saw the establishment of FQM’s Kazakhstan division in Astana, accompanied by the recruitment of local personnel, signaling the company’s commitment to local engagement and investment.
According to geologist James Banyard, overseeing FQM’s activities in Kazakhstan, the company’s specialists will commence geological surveying activities in the summer of 2024. Initial efforts will focus on mapping and geophysical exploration of subsurface formations, laying the groundwork for potential mining endeavors.
In collaboration with Pallas Resources, an existing partner in several projects, FQM aims to execute its strategic vision of a five-year presence in Kazakhstan, with aspirations to discover lucrative copper-rich sites worthy of future investment.
Currently, the company is in the process of securing exploration licenses for multiple sites across various regions of the republic. Prospecting efforts will primarily target areas with known concentrations of copper ore, including the Balkhash-Ili territories, Bozshakol-Chingiz, and the Chu-Sarysu basin.
FQM’s foray into the Kazakh market follows the enactment of the Subsoil Code in 2018, reflecting the company’s strategic assessment of risks and opportunities within the region. Despite the inherent challenges, FQM remains optimistic about the prospects of collaboration in Kazakhstan’s burgeoning mining sector.
