The Kazakh-American Alliance has initiated the exploration of rare earth elements
Kazgeology and Cove Kaz Capital Group signed an agreement on July 24 to establish a joint venture for geological exploration in the Kostanai Region.
According to Samruk Kazyna Sovereign Wealth Fund, a Kazakh-American alliance will explore rare earth elements at the Akbulak site, 35 kilometers southwest of Arkalyk. Historical geological data suggests the presence of rare earth reserves.
Kazgeology holds the exploration contract, with initial financing by Cove Kaz Capital Group. Subsequent funding will be shared based on joint venture stakes: Kazgeology 25%, Cove Kaz Capital Group 75%.
Cove Kaz Capital Group, part of Cove Capital, has been involved in mining projects since 2015 and operates offices in the U.S. and Australia. It owns KAZ Critical Minerals in Kazakhstan.
Kazgeology is engaged in over 30 investment projects with foreign and local partners, including Rio Tinto and Kazzinc, focusing on various minerals. It collaborates with ALS Limited on a joint geochemical laboratory project for core analysis, ALS Kazgeochemistry. In 2023, all of Kazgeology’s voting shares were transferred to the national mining company Tau-Ken Samruk.(Source:astanatimes)
