Glencore to invest over $10mln in geological exploration works in Kazakhstan
As the press service of Kazgeology informs, the sides discussed plans on implementation of joint projects and reached some agreements.
According to Popovich, Glencore is ready to invest through LLP Kazzinc in geological exploration of 5 promising sites located around single-industry towns and industrial areas of Kazakhstan. The amount of investments at the initial stage is expected to make $10mln.
JSC Kazgeology officials met also with Ken Tainton, Rio Tinto Exploration Director for Africa-Eurasia. The sides discussed the acute issues of bilateral cooperation regarding two projects being implemented now in Karaganda region and plans for the coming year regarding personnel training and transfer of innovative technologies into the sector.
Kazzinc is a large integrated producer of zinc with considerable copper, precious metals and lead credits. Glencore International AG is the company's main investor.
Rio Tinto is the world’s second largest ore-mining company producing gold (7th place in the world), aluminum (2nd), iron ore (2nd), coal (4th) as well as diamonds and uranium (3rd).