The 1 bld USD investment in Aidarly copper deposit raises unexpected questions
The Kazakhmys Corporation LLP have recently issued a press release denying reports that the Aidarly copper deposit has been sold to the Russian Copper Company. The press release has revealed that the company is in talks with leading international companies in the mining and metallurgical complex, including the Russian Copper Company, SRK (South Africa), SGS (Switzerland), and others.
The Kazakhmys Corporation LLP have urged social networks and other media to trust only the official messages of the Kazakhmys Group of Companies and ignore unverified and unreliable information. This press release has further highlighted the importance of verifying facts and figures before disseminating information.
However, this announcement has raised some questions regarding an earlier briefing by Mr Nurlan Urankhaev – Akim of Abay region on January 30th, 2022. At the briefing, Mr Urankhaev had announced that the Russian Copper Company is planning to invest approximately one billion dollars in the construction of a mining and processing plant and the development of the Aidarly copper deposit in the Abay region of Kazakhstan. He further added that 560.5 billion tenge would be allocated from the budget for the development of two copper deposits and the construction of a mining and processing plant.
Prior to this, the investment project was discussed by the Russian Copper Company management at a meeting with the Ministry of Industry and Infrastructure Development. The construction of a mining and processing plant and the industrial development of the Aidarly copper deposit is included in the comprehensive plan for the socio-economic development of the Abay region for 2023-2027.
The announcement by the Kazakhmys Corporation LLP has raised a number of questions regarding the status of the Aidarly copper deposit and the reported investment by the Russian Copper Company. What is the current ownership status of the Aidarly copper deposit? Is the project still going ahead as planned? What role, if any, is the Kazakhmys Corporation playing in the development of the Aidarly copper deposit and the construction of the mining and processing plant?
It is hoped that a comprehensive and detailed explanation of the situation surrounding the Aidarly copper deposit and the reported investment by the Russian Copper Company will be provided soon.