IG Global Group (IGG) has established a wholly owned subsidiary, IG Copper and Gold, to enter the mineral-rich country of Kazakhstan.
The firm said it sees huge potential in the country’s mining sector, both in terms of magnitude and scale of projects.
IGG president and CEO Thomas Bowens said: “We are very excited to have established IG Copper and Gold and our first corporate offices in Kazakhstan. IGG will initially be targeting high-value gold and porphyry copper-gold assets for exploration and development.
“This marks our entry into the third country following on from our highly successful operations in both Russia and the United States.”
Upon becoming a member of the Committee for Mineral Reserves International Standards in 2016, Kazakhstan implemented simplified mineral licensing in 2017 to ensure open access to geological data and its digitisation.
The country also simplified the procedure of providing potential companies with subsoil use rights.
Some of the country’s mining projects currently under development include the Aktogay open-pit mine in the East Kazakhstan Region, the Bozshakol copper mine in the Pavlodar Region, and the Koksay copper mine in the southeastern part of the country.
In a press statement, IGG said: “IGG’s team and experience in the Russian Far East and Asia is a strategic advantage in its ability to operate in this region.”
Following a modern framework for investment in its mining sector, Kazakhstan is said to hold diverse geological composition such as gold, copper, and chrome iron ore deposits, as well as polymetallic deposits, tungsten, molybdenum and uranium ores.