Azerbaijan, Baku, Nov. 9 /Trend, A.Badalova/
Australian Great Western Exploration (GTE) entered into Heads of Agreement with Kazakhstan's National Mining Company Tau-ken Samruk ("TKS") to develop the Spasskaya Copper Project, the Australian company reported on Wednesday.
According to the report, GTE agreed to form a Joint Venture (JV) with TKS for the exploration and production of copper, gold and by-products at the Spasskaya Copper Field.
The Spasskaya Copper Project is located in central Kazakhstan near the major regional centre of Karaganda. The project comprises a 12,500 km2 area covering the majority of the historical Spasskaya Copper Field.
In total, 350 copper occurrences were indicated from surface sampling within the project area of which 150 recommended for further work.
Under the agreement GTE will act as the Operating Managers of the JV and the project and will be responsible for all budgets, exploration planning and execution and all the other technical and financial responsibilities. The company has agreed to fund the project through to Bankable Feasibility Study to earn its 50% JV interest.
TKS will act to ensure that the JV carries out exploration according to the rules, regulations and accounting methods of Kazakhstan and will assist in gaining the appropriate work approvals and local community liaison.
Great Western Exploration Limited is a publicly listed exploration company. The Company is listed on the Australian Stock Exchange.