ASTANA – The Chilean National Copper Corporation (Codelco) signed a cooperation memorandum on Tuesday with the National Geological Exploration Company Kazgeology in Astana to exploit copper.
“We are looking for new copper resources all over the world, in some specific areas, and from our point of view, Kazakhstan is really interested,” Codelco mining resources and development vice president Jose Pesce told EFE.
The memorandum aims to begin joint Kazakh-Chilean projects and an exchange of technology, Pesce said.
Kazgeology president and CEO Galym Nurzhanov told EFE that the joint project needs information exchange first to negotiate a specific project.
The document was signed during the 25th anniversary of the World Mining Congress, which was inaugurated on Tuesday in Astana with the participation of 2,000 representatives from 50 different countries and 300 companies.
According to Kazakh Minister of Investments and Development Zhenis Kassymbek, of the 110 elements in the periodic table, 99 have been discovered in Kazakhstan, of which 70 are being explored for and 60 extracted.
Kassymbek said that the mining and metallurgical industry accounts for about 7 percent of the gross domestic product (GDP), 23.5 percent of industrial production and 23 percent of exports.
Codelco is the main global producer of copper, earning a $2.88 billion profit in 2017, up nearly sixfold from 2016.
The state-owned Chilean company posted a profit of $537 million in the first quarter of this year, up 0.60 percent, compared to the same period in 2017.