«RIO TINTO» COMPANY IS STUDYING NEW INVESTMENT OPPORTUNITIES IN GEOLOGICAL-PROSPECTING PROJECTS OF KAZAKHSTAN.

«Rio Tinto» Company intends to continue exploration work on the territory of the Republic of Kazakhstan and will explore new opportunities for investment in exploration projects, including in cooperation with the subordinate organizations of the Ministry of Investment and Development of Kazakhstan.

The relevant Memorandum of Understanding during the visit of the President of Kazakhstan to the UK signed MID RK, represented by the Chairman of the Committee of Geology and Subsoil Use Bazarbay Nurabaev and the British company «Rio Tinto Mining and Exploration Limited», represented by RTME managing director, director of exploration in the region of Africa -Eurasia Mr. Ken Teyntona.

Reference: To date, «Rio Tinto» company and «Kazgeology» JSC subordinated company of the Committee of geology and mineral resources of MID RK are implementing two joint projects on exploration of porphyry copper at the site of Korgantas and Balkhash-Saryshagan area in Karaganda region.

1. The project «Exploration porphyry copper at Korgantas site in Karaganda region» implemented within the framework of the joint venture «Saryarka» between «Kazgeology» JSC and «Rio Tinto».

Land area is 3 909 square kilometers. Investment volume on the exploratory stage will be about 6 mln. US dollars.

The first works started in the current year. To date, aero geophysical studies performed in a volume of 17,350 linear kilometers of land and geological investigations are performed as well.

The following year, it is planning to conduct ground geochemical and geophysical studies.

2. «Exploration porphyry copper in Balkhash-Saryshagan area in Karaganda region» implemented within the framework of joint venture «Bektau»between JSC «Kazgeology» and «Rio Tinto».

Land area is 12 918 sq km The volume of investments on exploratory stage will be about 9,7 mln. dollars. Field works will be started in spring 2016. Geophysical studies are planned in the amount of not less than 10 000 linear kilometers, ground geophysical and drilling operations.

Under the agreement on technological cooperation signed between «Kazgeology» JSC and «Rio Tinto» company is implementing a six-year program to improve the skills of Kazakhstani specialists in the field of technology and innovation. Training will take place around 60 experts from personnel of the Committee of Geology and Subsoil Use of the Ministry of Investment and Development of the Republic of Kazakhstan and «Kazgeology» JSC, 12 experts of which will be seconded to the team of «Rio Tinto» for in-depth training in advanced techniques and technologies used by Group members of «Rio Tinto» in the exploration of mineral resources.

The group of companies «Rio Tinto» has extensive knowledge in the field of exploration and operating activities, as well as modern technologies in the field of exploration, mining and processing of minerals, uses the latest advances in the field of natural resources, development of regional infrastructure and work with the local community, occupational and industrial security, marketing, and has access to advanced technology. MID RK is interested in application of these technologies in Kazakhstan and will support the intention of «RioTinto» for their use.

For the reference: Australian-British concern «Rio Tinto» - the second in the world multinational metals and mining company by the size of market capitalization, has extensive experience in the field of mineral exploration using advanced methods of regional geological, geochemical, geophysical and remote shooting. «RioTinto» enterprises has around 60 000 employees in more than 40 countries. «Rio Tinto» company operates in Kazakhstan since 2003. The company is involved in 2 exploration projects in Kazakhstan amounting for more than 15 mln. US dollars.