Ivanhoe Mines has launched an ambitious exploration initiative in Kazakhstan’s Chu-Sarysu copper basin, marking a major step in its global search for large-scale copper deposits. The company has entered into a joint venture (JV) with UK-based private firm Pallas Resources, securing exploration rights for up to 16,000km² of land—an area 7.5 times larger than its Western Forelands project in the Democratic Republic of Congo (DRC).

As part of the JV agreement, Ivanhoe has initially acquired a 20% equity stake, with an option to gradually increase its ownership to 80%. The company is committing an initial investment of C$18.7 million ($13 million) over two years for exploration activities. Depending on the results, Ivanhoe may expand its investment up to C$115 million over four years to accelerate resource development.

The Chu-Sarysu basin is the world’s third-largest sedimentary copper basin, following the Central African Copperbelt and Europe’s Kupferschiefer. The region holds an estimated 27 million tonnes (mt) of known copper resources, including the Zhezkazgan complex, which produces approximately 200,000 tonnes of copper per year. Additionally, the U.S. Geological Survey estimates the basin contains a further 25mt of undiscovered copper, indicating substantial untapped potential. Besides copper, the area also contains significant occurrences of lead, zinc, silver, barium, and strontium.

Ivanhoe aims to replicate its exploration success in the DRC, where it has discovered over 50mt of sediment-hosted copper deposits. An initial review of digitized Soviet-era geological data has already identified multiple promising targets in Chu-Sarysu, further reinforcing the basin’s potential.

Robert Friedland, Ivanhoe’s founder and executive co-chairman, emphasized the significance of this venture, stating: 

"The Ivanhoe Group has a longstanding presence in Kazakhstan, and we are eager to return to unlock the immense geological potential of the Chu-Sarysu basin. With the largest land-holding position in the region, we are poised to become one of the most significant global copper exploration stories."

This expansion strengthens Ivanhoe’s growing copper exploration portfolio, complementing its ongoing efforts in the Western Forelands adjacent to the Kamoa-Kakula copper complex. The company plans to update the market soon on these exploration advancements in the DRC.

Kazakhstan plays a crucial role in the global mining sector, with mining and quarrying contributing approximately 14% of the country’s gross domestic product and 17.5% of total exports, valued at around $10.5 billion (KZT 5.23 trillion). The nation’s favorable mining environment, characterized by a skilled workforce and relatively low operational costs, makes it an attractive destination for large-scale mineral exploration and investment.