Baku, Azerbaijan, Oct. 6
By Elena Kosolapova - Trend:
Iluka Resourses, Australian mining company, will conduct geological exploration in Kazakhstan's promising areas with the following construction of a mine and a concentrating mill, Kazgeology company of Kazakhstan said.
"The aim of the work is to determine the prospects for the available resources of ilmenite, rutile, zirconium and tin in the mineral sand deposits," a statement said.
The project will be implemented as part of the previously signed Memorandum of Understanding and Cooperation in the field of geological study and exploration of mineral resources between the Ministry of Investment and Development of Kazakhstan and the Australian company.
"In case of positive results, the company plans to conduct detailed exploration in promising areas in Kazakhstan with the following construction of the mine and the concentrating mill up to $500 million," a statement said.
The aero-geophysical research began in Kostanai region, Kazakhstan through Iluka Resourses' investments Oct. 10.
The Australian company will fully finance the state geological exploration of subsoil and their further exploration. The amount of investments in geological exploration is not less than $ 4.4 million.
The cooperation on this project were discussed during a meeting among Galym Nurzhanov, the chairman of the board of Kazgeology company, Alison Morley, the Regional Director of Iluka Resources in Kazakhstan, Said Sultanov, the director of the Kazakh Kazgeotech company and Archimedes Muhambetov, the head of Kostanay region, in Kostanay city Oct. 5.
Iluka Resourses is the world's largest producer of zircon and a global manufacturer of high-quality titanium items.
Edited by CN
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