On 12 February 2025 Ivanhoe Mines announced the commencement of exploration activities for sediment-hosted copper in Central Kazakhstan. The company has formed a joint venture with UK-based Pallas Resources to explore the Chu-Sarysu Copper Basin, which is the world’s third-largest sedimentary copper district.
The exploration license covers an extensive area of up to 16,000 square kilometers, making it the largest land-holding position in the region. Ivanhoe Mines has committed an initial investment of C$18.7 million ($13 million) for exploration activities over the next two years. The company has the option to increase its stake in the joint venture up to 80% over time.
Ivanhoe Mines aims to leverage its expertise in discovering Tier-One sediment-hosted copper deposits, similar to its successful projects in the Democratic Republic of Congo. The Chu-Sarysu Basin is estimated to contain 27 million tonnes of known copper resources, with an additional 25 million tonnes of undiscovered copper.
Robert Friedland, Ivanhoe Mines’ Executive Co-Chairman, expressed excitement about the project, stating, “We look forward to unlocking the significant geological potential of the Chu-Sarysu Basin and contributing to the global copper supply.” This strategic partnership marks a significant step for Ivanhoe Mines in expanding its global footprint and advancing its copper exploration portfolio.
Who is Robert Friedland?
Robert Martin Friedland (August 18, 1950)[1] is an American-Canadian billionaire financier in the mining industry. Since the early 1980s, he has specialised in securing funding for the exploration and development of mineral and energy resources and technology ventures. He is the founder and chairman of his private, family-owned firm, Ivanhoe Capital Corporation, which is active in capital markets, focused on emerging markets. He is the founder and co-chairman of Ivanhoe Mines, a Canadian public company listed on the Toronto and OTCQX exchanges.
Friedland’s involvement in Kazakhstan dates back to the 1990s when his company, Indochina Goldfields, entered into agreements with the Kazakh government and major shareholders of Bakyrchik Gold. This partnership marked the beginning of Friedland’s significant presence in the Kazakh mining sector. The Bakyrchik gold mine, located in northeastern Kazakhstan, was a key asset, providing gold-bearing flux to copper smelters since 1956.
Another major project was the Vasilkovskoye mine in northern Kazakhstan, considered one of the world’s largest gold mines. Despite initial setbacks with the Kazakh government, Friedland’s companies maintained their holdings in the region, navigating the complex political and economic landscape.
By 2010, Kazakhstan’s economy was booming due to massive oilfield discoveries, making it a strategic player in the global energy market. In addition to oil, Kazakhstan had substantial uranium reserves, further solidifying its importance in the energy sector.
Friedland’s Ivanhoe Mines, in partnership with Altynalmas Gold, consolidated their interests in the Kyzyl Gold Project, which included the Bakyrchik and Bolshevik deposits. With an established infrastructure and promising gold recovery rates, the project was poised to become one of Central Asia’s leading gold producers.
Friedland’s vision and strategic investments in Kazakhstan’s mining sector not only highlighted the nation’s mineral wealth but also positioned it as a key player in the global energy and mining industries.
