OREANDA-NEWS. April 28, 2010. Kazakhmys group announced signing of the Memorandum of Cooperation with the company "Jinchuan Group Ltd". Partners plan to create a joint venture on exploration of the large Aktogai copper deposit in the Republic of Kazakhstan. "Jinchuan" announced its willingness to acquire 49% stake in the project that costs USD120 m., reported the press-centre of KASE.

Approximate expenses fro exploration make up USD 1.5 - 2.0 bn, expected copper production volume - about 100 tonnes a year. The mine exploitation time is over forty years. This project already has the necessary infrastructure: 800 km of electricity lines, was started construction of the railway, exist needed production venues. The number of employees will make up over 1000 people.

After the deal conclusion on a joint venture will be developed a feasibility study that will take about 12 months, followed by the development and construction phase to be implemented during three years.

Oleg Novachuk, Executive Director of Kazakhmys said: "We cooperate with Jinchuan and is confident in effective strategic partnership on Aktogai project. This deposit production is the same as Bozshakol project, and the aggregate volume of these deposits makes up 60% from the current production that will allow increasing indicators during nearest five years. Bozshakol and Aktogai are the key projects on ensuring Kazakhmys successful activities and future contribution to the economic growth of Kazakhstan".