Kazakh KAZ Minerals studying one of largest undeveloped copper fields
BAKU, Azerbaijan, Feb. 20
By Nargiz Sadikhova - Trend:
Kazakhstan’s KAZ Minerals company which is one of the largest copper extracting companies is expecting results for Baimskaya feasibility study in 1H2020, Trend reports with reference to the company.
The company said that acquisition of the Baimskaya project was finished in Jan. 2019.
The Peschanka deposit is located on the licensed area which is one of the largest undeveloped copper fields in the world, and which contains resources estimated at 9.5 million tons of copper with an average content of 0.43 percent, and 16.5 million ounces of gold with an average content of 0.23 grams per ton, the report said
“Baimskaya feasibility study ongoing, expected to be completed later in the first half of 2020,” the report said.
The company also approved capital expenditures of $80 million for primary work at the Baimskaya in 2019: construction of a shift camp, fuel depots, airfield and energy infrastructure, supply of construction equipment. An overall of $111 million was spent on feasibility studies and primary work in 2019, the company said.
In turn, larger mining equipment was delivered to the mine within the framework of the expansion project of the Aktogay mining and processing plant (Aktogay II) in 2019, along with the construction of a new concentration plant. Equipment supply lead to a 32-percent increase of ore extraction at Aktogay (52.1 million tons compared to 41.9 million tons in 2018).
“Aktogay expansion on track for completion in 2021, $1.2 billion project budget unchanged,” the report said
On July 3, 2019, NFC company (Kazakhstan) invested $70 million in Koksay development due to the acquisition of a 19.4 percent share in the project.
“A feasibility study is currently underway, the results of which will be submitted for the review to the Board of Directors, after which an assessment will be given on how and when the project will be proceeded. KAZ Minerals spent $5 million on research and drilling in 2019,” the company said.
KAZ Minerals is the largest copper producer in Kazakhstan, focused on the mining of copper and the development of new copper mining projects in Kazakhstan and Russia.
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