Vale to Explore for Kazakh Copper, Gold, According to Country's Ministry
Vale SA, the world’s largest iron- ore producer, will explore for copper and gold in Kazakhstan as the country seeks outside investors, a ministry official said.
Vale, based in Rio de Janeiro, plans to search in the Balkhash and central areas of Kazakhstan with Tau-Ken Samruk, the mining unit of the sovereign wealth fund, Murat Saiduakasov, deputy head of the geology panel at the industry and new technologies ministry, said in Astana without elaborating.
Kazakhstan has the second largest reserves of copper among the former Soviet Union republics, according to the Kazakh embassy’s U.S. website. Kazakhmys Plc, Kazakhstan’s biggest copper producer, also owns a smelter in Balkhash.
Tau-Ken Samruk, created to manage Kazakh state holdings in metals companies, in June formed a 50-50 venture with Rio Tinto Group, the third-largest mining company, to tap the nation’s mineral reserves. Rio Tinto plans to explore for gold, copper and polymetals in Kostanai region, Saiduakasov said today.
Rio Tinto said July 14 it had agreed a non-binding memorandum of understanding with Tau-Ken Samruk on joint venture exploration for copper and other minerals.
Vale spokeswoman Fatima Cristina, based in Rio de Janeiro, didn’t immediately respond to an e-mail sent outside of office hours seeking comment.
To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net
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