35.8 C
Supported byspot_img

Canadian miner Kincora leads Mongolian copper rush

Member of Europium Groupspot_img
Supported byspot_img

Kincora’s CEO Sam Spring compared Mongolia to Chile, the world’s largest copper producer, in the 1970s when it was still under-explored and said he hoped to find another Oyu Tolgoi, using a team with experience of finding tier-one copper assets.

Last year Rio Tinto gave the go-ahead for a $5.3-billion expansion of the Oyu Tolgoi mine in the South Gobi desert, one of the world’s largest copper deposits.

“In the upcoming months, Kincora is looking to drill two targets,” Spring said in a telephone interview.

Supported by

One – named Bayan Tal – is the first identified since Oyu Tolgoi with similar geology. The other – East Tsagaan Suvarga – is in the same mineral system as the existing Tsagaan Suvarga mine, included in the government’s list of strategic mineral deposits.

So far Kincora has ten licences, giving it acreage of 15 000 square kilometres (5 800 square miles), and has applied for two more. Spring says the company has overtaken Rio “as the most aggressive group” exploring in this area.

Mongolia, almost entirely dependent on coal and copper for foreign export earnings, needs international investment following an IMF-led loan agreement.

It has said it plans to double the amount of land available for exploration of raw materials.

Source: Mining weekly

Supported byElevatePR Digital

Related News

CATL explores $1.5 billion fund to boost global battery supply chain

China's Contemporary Amperex Technology (CATL), the world's largest electric vehicle battery manufacturer, is in discussions with overseas sovereign wealth funds and private offices of...

Securing Europe’s critical raw materials: Addressing funding challenges for sustainable extraction

Bernd Schäfer, CEO of EIT Raw Materials, advocates for substantial investment in Europe's mining sector following the implementation of the Critical Raw Materials Act...

Strengthening global sustainability: The SCMA and critical minerals for climate goals

Canada's Minister of Energy and Natural Resources, Jonathan Wilkinson, together with Sweden's Minister for Energy, Business and Industry, Ebba Busch, announced Sweden's accession to...

Nickel mining and the green energy challenge: Balancing supply with environmental responsibility

Nickel is poised as a critical element in the global shift towards green energy, yet its extraction poses significant environmental challenges, recently highlighted by...
Supported by
Supported by
Supported by
error: Content is protected !!