IG Asia Clinches Deal for 75% Stake in Copper Deposit in Kazakhstan

IG Asia has entered into a conditional agreement to acquire a significant 75% stake in the Pribrezhniy copper deposit from Rio Tinto International Holdings. The remaining 25% ownership of this joint venture rests with KazGeology, a state entity responsible for geological resources in Kazakhstan. This strategic move is poised to position IG Asia as a prominent player in copper exploration and development within the region.

Situated at the eastern terminus of the Kounrad group of copper deposits, the Pribrezhniy deposit forms part of a broader project license area spanning 832km². This expansive region encompasses various commercially viable discoveries and essential mining infrastructure, boasting access to vital resources such as power, water, railways, and a smelter. With a project license validity extending until February 2029, IG Asia is afforded ample time to conduct a comprehensive feasibility study on the Pribrezhniy deposit and further advance two additional prospective sites.

Rio Tinto Exploration Kazakhstan has already undertaken a scoping level engineering analysis of the project, laying a solid foundation for future endeavors. Upon the completion of the transaction, IG Asia is slated to remunerate Rio Tinto with a sum of $2.23 million (S$3.03 million), primarily designated for reimbursing exploration activities conducted in 2023. In addition to this initial payment, IG Asia is obligated to allocate an additional $11 million towards achieving a pre-feasibility level project status by 2029. Furthermore, a one-time payment of $20 million and a net smelter return (NSR) royalty will be enacted upon Rio Tinto attaining specific production milestones.

For IG Asia, the Pribrezhniy project holds significant strategic importance, serving as a flagship asset alongside its TN5 project in Mongolia, strategically positioned between the world-renowned Oyu Tolgoi and Kharmagtai deposits. The company is poised to initiate technical endeavors at Pribrezhniy aimed at augmenting the project's potential through a combination of enhanced mineral reserves and optimized processing methodologies.

Looking towards the future, IG Asia has outlined plans to allocate the committed expenditure of $9 million towards a spectrum of projects, including the Oxide Only Project, Combined Sulphide Project, and Definition Phase Studies, all slated for completion by February 2029.

IG Asia is dedicated to pursuing exceptional opportunities in the mineral-rich territories of Kazakhstan and Mongolia. Following the triumphant exploration endeavors and discoveries at IG Copper and IG Tintic by IG Global Group, founder Thomas E. Bowens established IG Asia, acknowledging the extensive potential for mineral discoveries in Kazakhstan and Mongolia. Additionally, the company recognizes the favorable investment frameworks undergoing modernization in these regions, presenting promising prospects. Leveraging IG Global Group's exceptional technical team and extensive regional experience, IG Asia maintains a strategic advantage in pursuing its objectives.