Pallas Resources Limited, a Central Asian explorer, has announced a strategic alliance and joint venture agreement with Ivanhoe Mines, a leading global copper explorer and producer, to explore the vast copper potential within Kazakhstan’s Chu-Sarysu Basin.
This significant partnership aims to unlock the potential of one of the world’s largest and most promising sediment-hosted copper basins, which boasts an estimated 27 million tonnes of known copper with an additional 25 million tonnes remaining undiscovered.
Key Highlights:
- Dominant Land Holding: The alliance controls over 16,000 square kilometers of highly prospective land within the basin, making it the largest landholding position in the region.
- Strategic Funding: Ivanhoe Mines will initially sole-fund $18.7 million over two years, with an option to invest up to $115 million over four years to earn a 51% stake in the joint ventures.
- Focused Exploration: The partnership will focus on large-scale geophysics, reconnaissance mapping, and geochemical campaigns to identify high-potential targets.
- World-Class Expertise: The alliance combines Pallas’ extensive datasets and local knowledge with Ivanhoe Mines’ world-renowned expertise in sediment-hosted copper exploration, demonstrated by their discovery of the Kamoa-Kakula complex – now the third largest copper mine globally.
Strong Belief in Kazakhstan’s Potential:
Simon Cooper, CEO of Pallas Resources, expressed confidence in Kazakhstan’s mineral potential: “This partnership represents a significant commitment to greenfields exploration at a time when the sector remains hesitant to take such bold steps. We are convinced that Kazakhstan holds the potential for multiple major new mineral discoveries.”
Robert Friedland, Co-Chairman of Ivanhoe Mines, emphasized the strategic significance of the venture: “This partnership marks an exceptional opportunity for Ivanhoe to leverage our expertise in one of the world’s most prospective sedimentary copper basins.” He added, “With our unwavering commitment to sustainable development, we aim to create lasting economic opportunities for Kazakhstan and its communities.”
Next Steps:
Pallas and Ivanhoe Mines are actively preparing for the 2025 field season, with detailed information on specific project areas to be released shortly.
About Pallas Resources:
Pallas Resources is a Central Asian explorer specializing in identifying large-scale mineral systems in underexplored regions of Central Asia, primarily Kazakhstan.
About Ivanhoe Mines:
Ivanhoe Mines is a Canadian mining company focused on developing its sophisticated copper, nickel, palladium and zinc projects in Southern Africa.
