MINEX Forum

Tag: Laramide Resources

  • Laramide Resources exits uranium exploration project in Kazakhstan’s Chu-Sarysu basin

    Laramide Resources exits uranium exploration project in Kazakhstan’s Chu-Sarysu basin

    Canada-listed uranium developer Laramide Resources has terminated its option agreement to explore for uranium in Kazakhstan’s Chu-Sarysu basin, citing regulatory changes that have reduced the project’s economic attractiveness.

    In a company statement reported by inbusiness.kz, Laramide said it had decided to immediately withdraw from its agreement with Aral Resources, which granted access to more than 5,500 sq km of prospective ground near major uranium deposits and operating mines controlled by national producer Kazatomprom.

    Laramide explained that amendments made late last year to Kazakhstan’s Subsoil and Subsoil Use Code significantly altered the investment framework for uranium exploration. The changes increased Kazatomprom’s mandatory participation in new uranium mining ventures from 50% to 75% and granted the national company priority rights to uranium exploration, effectively limiting opportunities for foreign juniors.

    The option agreement, signed in 2024, envisaged securing up to 22 licenses in the Chu-Sarysu basin, an area considered prospective not only for uranium but also for copper and other minerals. Aral Resources had previously planned to invest tens of billions of tenge in exploration across the licensed areas.

    Laramide said it will now refocus on uranium projects in Australia and the United States, which it described as more competitive and stable mining jurisdictions.

    Commenting on the decision, Laramide CEO Mark Henderson said Kazakhstan’s policy amounted to a de facto nationalisation of future uranium exploration, increasing political, country and potential expropriation risks for new entrants. He warned that while Kazakhstan is seeking to secure long-term control over new discoveries, Kazatomprom itself faces a looming decline in its resource base, according to its own investor disclosures.

    Henderson added that underinvestment in global uranium exploration is likely to deepen future supply deficits, potentially driving uranium prices significantly higher to incentivise new discoveries and development.

  • Laramide Resources to Launch 15,000m Drilling Program at Chu-Sarysu Uranium Project in Kazakhstan

    Laramide Resources to Launch 15,000m Drilling Program at Chu-Sarysu Uranium Project in Kazakhstan

    Laramide Resources Ltd. (TSX: LAM; ASX: LAM; OTCQX: LMRXF), a uranium development and exploration company with projects in the United States and Australia, has announced plans to drill approximately 15,000 metres at its Chu-Sarysu Project in Kazakhstan, one of the world’s most prolific uranium-producing regions.

    Over the past year, the company compiled a comprehensive dataset from Kazakhstan’s National Geological Services, supplemented by local contractors. The data includes historical mapping, drilling, geophysical surveys (seismic, electromagnetic, magnetic and gravity), and geochemical results. The review confirmed that Chu-Sarysu is a target-rich environment prospective for uranium, copper, and rare earth elements.

    In 2025, Laramide submitted exploration work plans to the Ministry of Industry and Construction and is finalising the remaining permits needed to proceed. Two local drilling contractors have been selected to carry out the Phase 1 program using multiple rigs, with depths ranging from 50 metres to as deep as 550 metres. The program will begin in Q4 and aims to demonstrate the extent of roll-front hosted uranium mineralisation beyond existing ISR operations, while also testing for copper and rare earths.

    Kazakhstan currently accounts for nearly 40% of global U₃O₈ output, with the Chu-Sarysu and Syr Darya basins producing more than 75% of the country’s uranium. The Chu-Sarysu Basin also has significant copper potential, highlighted by the Dzhezkazgan deposit and ongoing exploration by global miners including Rio Tinto, Fortescue, First Quantum, and Ivanhoe.

    Marc Henderson, Laramide’s President and CEO, described the project as “one of the great greenfield exploration opportunities globally,” noting the supportive investment climate in Kazakhstan. He emphasised that uranium remains the company’s primary focus, with ISR mining offering cost efficiency and environmental benefits, but highlighted the upside potential of copper and rare earths.

    “This inaugural exploration program for Laramide in Kazakhstan is targeting high-grade, large-scale uranium deposits in a basin with existing infrastructure and producing operations,” Henderson said. “We look forward to delivering results that demonstrate the significant potential of this world-class district.”