Saudi Arabia to invest in exploration in Kazakhstan
Baku, Azerbaijan, Oct. 25
By Elena Kosolapova – Trend:
Kazakhstan’s Kazgeology and Saudi Arabia’s Metals Corners Holding Co. signed an investment agreement for geological exploration in Kazakhstan, Kazgeology said.
Initial investments will amount to about $50 million. The agreement envisages implementation of joint projects for search, exploration and development of deposits of non-ferrous and precious metals (gold, copper, lead, zinc, and silver) in Kazakhstan.
The agreement was signed during the visit of Kazakh President Nursultan Nazarbayev to Saudi Arabia Oct. 24.
Metals Corners Holding Co. plans to open a wholly owned subsidiary in Kazakhstan which will finance projects there.
Metals Corners Holding Co. produces gold, silver, manganese, copper, zinc and other metals in Saudi Arabia, as well as in other countries.
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