Although this article is dated March 2013, I wasn't aware that the RIO agreement had progressed to this point.
It boosts confidence to know that Rio Tinto also sees Kazakhstan as an excellent country to invest in and that GTE is showing leadership in this initiative with the world's best.
RIO appears to have experienced similar protocols and delays as GTE and will probably not be far behind GTE with its exploration programme.
It is also a great compliment to our Joint Venture Partners, Jordan and the GTE team's ability and determination on the eve of what we believe may be an exciting and successful Joint Venture exploration project.
"British Rio Tinto to search for deposits in Kazakhstan Monday, 04.02.2013, 16:29 Comments (0) 0
Photo courtesy of kursiv.kz Kazakhstan’s KazGeology and British Rio Tinto agreed on implementation of joint projects in Kazakhstan. The British company will perform geological research and exploration, Tengrinews.kz reports citing Kazakhstan Ministry of Industry and New Technologies Askar Issekeshev.
“On February 1, 2013, KazGeology national company, Kazakhstan Ministry of Industry and New Technologies and British mining company Rio Tinto signed two agreements on basic principles of creation of joint companies for exploration in Balkhash-Saryagash and Kargantas areas. The cooperation between KazGeology and Rio Tinto will be effected in the form of implementation of exploration projects for discovery of major deposits, in particular those of copper porphyry type,” the message states.
According to Kazakhstan Ministry of Industry and New Technologies, this event was preceded by a cooperation agreement for geological research and exploration signed in 2012 by Kazakhstan Ministry of Industry and New Technologies during Nursultan Nazarbayev’s visit to Great Britain.
“The parties decided to establish two joint companies that will be funded by Rio Tinto until discovery of geological reserves at the contracted territories. During implementation of these exploration projects Rio Tinto will apply modern geological exploration technologies for prospecting and exploration, processing and interpretation. Technologies transfer and training of Kazakhstan experts will be performed as well,” the press-service writes.
According to Asset Issekeshev, these joint projects mark the beginning of development of Kazakhstan's geological sector in the direction of innovative technologies. There are big tasks ahead of the sector and their solution requires an increased financing and introduction of several amendments into the existing legislative acts.
According to the Ministry, the government will start developing a new industry program for development of its mineral complex for 2015-2019, considering the new tasks set by the President in his State-of-Union Address. This program will be aimed at exploring deep layers with the use of modern technologies and replenishing reserves of priority minerals, especially those located around single-industry cities.
Kazakhstan Ministry of Industry and New Technologies writes that KazGeology is currently performing geological exploration works under two projects in south Kazakhstan in line with the state budget program. These are gold and copper exploration in Katutau section and geological-minerogenic mapping of Kandyktas mining region in 1:200,000 scale. The works are performed in West-Kazakhstan, Akmola, Karaganda and Kostanay oblasts.
By Baubek Konyrov
For more information see: http://en.tengrinews.kz/companies/British-Rio-Tinto-to-search-for-deposits-in-Kazakhstan-16610/ Use of the Tengrinews English materials must be accompanied by a hyperlink to en.Tengrinews.kz"
GTE Price at posting:
17.6¢ Sentiment: Buy Disclosure: Held
