Vale to explore for Kazakhstan copper
Bloomberg reported that Vale SA will explore for copper and gold in Kazakhstan as the country seeks outside investors.
Mr Murat Saiduakasov deputy head of the geology panel at the industry and new technologies ministry said that Vale plans to search in the Balkhash and central areas of Kazakhstan with Tau Ken Samruk.
According to the Kazakh embassy’s US, Kazakhstan has the second largest reserves of copper among the former Soviet Union republics. Kazakhmys Plc, Kazakhstan’s biggest copper producer also owns a smelter in Balkhash.
Mr Saiduakasov said that Tau Ken Samruk created to manage Kazakh state holdings in metals companies in June formed 50:50 venture with Rio Tinto Group to tap the nation’s mineral reserves. Rio Tinto plans to explore for gold, copper and polymetals in Kostanai region.