Canadian mining company First Quantum Minerals (FQM) is intensifying its geological exploration efforts in Kazakhstan. FQM, whose major shareholder is China’s Jiangxi Copper, is focusing on copper exploration within the country.
In an exclusive interview with inbusiness.kz during the XIV Mining and Exploration Forum MINEX Kazakhstan 2024 in Astana, James Banyard, the Geology Manager of FQM Exploration Kazakhstan, revealed the company’s plans. “First Quantum recently established a presence in Kazakhstan in 2023 and hired five Kazakh professionals for our Almaty office. We have two options for joint geological exploration projects with Pallas Resources. Currently, we are building our geological portfolio here in Kazakhstan. Our upcoming summer activities will include mapping and geophysics across several projects. Over the next five years, we aim to evaluate other projects and establish strategic partnerships throughout the country. Our regional strategic plan aligns with a long-term presence in Kazakhstan, where we hope to find high-quality copper projects for investment and development,” he stated.
Banyard emphasized that First Quantum Minerals primarily focuses on copper projects worldwide. In 2023, the Canadian company ranked sixth globally in copper production, extracting approximately 700,000 tons of this metal. Additionally, FQM is involved in nickel mining at two mines and produces gold as a byproduct in significant quantities.
With the implementation of the 2018 Subsoil Code, First Quantum Minerals turned its attention to the Kazakh market. The company is currently evaluating various projects and is open to business proposals from individuals with promising copper assets. FQM Exploration Kazakhstan is also in the process of obtaining several exploration licenses across different regions of Kazakhstan. These licenses will cover areas traditionally rich in copper-porphyry deposits and sedimentary rock copper occurrences, including the Balkhash-Ili area, the Bozshakol-Chingiz arc, and the Chu-Sarysu basin.
As the company explores the Kazakh market, it is actively considering potential foreign and local contractors for aerogeophysical work. Among these contractors are Xcalibur Multiphysics and Qazaq Geophysics, a subsidiary of the “Kazakhmys” group.
