Rio Tinto to invest USD 10mn in exploration works in Kazakhstan.

By bne IntelliNews February 4, 2013
Rio Tinto Group will invest USD 10mn in initial exploration programs in Kazakhstan. The works will be conducted under two agreements signed with Kazgeologiya JSC, part of the Kazakh Industry and New Technologies Ministry on establishing parity basis joint ventures for exploration of Korgantas and Balkhash Saryshagan porphyry copper deposits. Rio Tinto will provide full financing, transfer technologies, employ the world's most advance technologies, train local personnel and create laboratories. Investments will be increased depending on successful discoveries. Kazgeologiya was established by the Kazakh government in June, 2011 under national welfare fund SamrukKazyna. Later, the fund transferred 100% of the company to the trust management of the Kazakh Industry and New Technologies Ministry.
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