ASTANA – Kazgeology and Cove Kaz Capital Group signed an agreement on July 24 to establish a joint venture for geological exploration in the Kostanai Region.
Photo credit: sk.kz Click to see the map in full size. The map is designed by The Astana Times.
According to the press service of Samruk Kazyna Sovereign Wealth Fund, the project will focus on the Akbulak site, located 35 kilometers southwest of the city of Arkalyk. Historical geological data suggests that the site contains reserves of rare earth elements.
Kazgeology holds the contract for geological exploration at the Akbulak site. Initially, Cove Kaz Capital Group will finance the project, with subsequent financing distributed proportionally to the shares in the joint venture: Kazgeology will own 25%, while Cove Kaz Capital Group will own 75%.
Cove Kaz Capital Group is part of Cove Capital, an international investment group that has been active in mining projects from exploration to construction since 2015. The group has offices in the United States and Australia and owns KAZ Critical Minerals in Kazakhstan.
Kazgeology is engaged in over 30 investment projects searching for copper, gold, polymetals, iron, and chromium with both foreign and Kazakh partners such as Rio Tinto, Yildirim Holding A.S., Solidcore Resources plc, Kazzinc, and Kazakhmys. The company collaborates with ALS Limited on a joint geochemical laboratory project for core analysis, ALS Kazgeochemistry.
In 2023, 100% of Kazgeology’s voting shares were transferred to the Tau-Ken Samruk national mining company.
