Kazakhstan-US JV to explore rare-earth metals in Kostanay regionThe joint venture between Kazakhstan’s Tau-Ken Samruk and the U.S.-based Cove Capital is set to begin in June exploration for rare-earth metals at the Akbulak deposit in the Kostanay region, Tau-Ken Samruk CEO Nariman Absametov told Interfax-Kazakhstan."We established Akbulak REE Ltd. on the basis of the Astana International Financial Centre (AIFC) in partnership with Cove Capital. We are transferring our exploration license for the Akbulak ore deposit to the joint venture and plan to start exploration this year. The work program, budget and the scope of work have been approved, and we are awaiting the start of field operations. Work will begin in June when the weather permits and when everything is ready," Absametov said on the sidelines of the Minex Forum in Astana on Wednesday.According to the AIFC records, Akbulak REE Ltd. was registered in August 2024. The shareholders are Cove Kaz Capital Group LLC and KazGeology JSC, which is fully owned by Tau-Ken Samruk. The company’s primary activity is listed as geological prospecting and surveying (excluding R&D).In July 2024, Kazakhstan and the U.S. agreed to form a joint venture for exploration at Akbulak, which, as historical data suggests, contains rare earth elements. The exploration contract is held by KazGeology.The American party will finance the project until the reserves are recorded in the books, and later the project will be financed by the parties proportionally to their interests in the JV. It was reported earlier that KazGeology JSC would own a 25% stake in the JV and Cove Kaz Capital Group would have a 75% holding.Cove Kaz Capital Group LLC is part of the international investment group Cove Capital LLC, which has been investing since 2015 in mining projects from exploration to construction stages. Cove Capital has offices in the United States and Australia. In Kazakhstan, the Group also owns KAZ Critical Minerals LLP (through KAZ Resources LLC (USA).National Geological Exploration Company KazGeology JSC was established in June 2011. The company operates more than 30 investment projects for the exploration of copper, gold, polymetals, iron and chromium with foreign and local partners, including Rio Tinto, Yildirim Holding A.S., Solidcore Resources plc, Kazzinc LLP and Kazakhmys LLP. The company also implements a joint project with ALS Limited, which is a geochemical laboratory for core analysis - ALS KazGeoChemistry LLP.National Mining Company Tau-Ken Samruk JSC, organized in 2009, is the national operator of mining assets in Kazakhstan. The company is part of JSC National Wealth Fund Samruk-Kazyna. (ICE ALMATY)

Fonte notizia: INTERFAX