NEW YORK, June 27, 2024 (GLOBE NEWSWIRE) -- Kaz Critical Minerals LLP, a wholly-owned subsidiary of Kaz Resources LLC and a portfolio company of Cove Capital LLC -- a leading player in the global critical minerals industry, is pleased to announce a significant milestone in its ongoing exploration activities on its critical minerals licenses in East Kazakhstan. The company has already concluded drilling the first 1,000 meters on its concessions, marking a crucial step forward in evaluating the mineral potential of these new areas. Initial drilling activities have demonstrated several positive anomalies which were not previously reported, motivating the Company to expand its drilling program beyond the original scope of work to further define these anomalies.
The company has also recently been granted two new exploration licenses, expanding its operational footprint and reaffirming its commitment to the development of critical mineral resources in Kazakhstan.
The newly acquired licenses cover key areas with high potential for valuable mineral deposits. This expansion allows Kaz Critical Minerals to escalate its exploration activities with an immediate focus on drilling operations.
In addition to securing these licenses, Kaz Resources is pleased to announce its retaining of Hatch, a globally recognized mining and engineering consulting firm. Hatch will provide professional services in several critical areas, following its professional standard of project execution and management. This will offer Hatch's extensive experience in mining and infrastructure projects, including in Kazakhstan, contributing to the overall efficiency and in pursuit of Kaz Critical Minerals' exploration programs.
"We are thrilled to take these significant steps in advancing our exploration projects," said Pini Althaus, CEO of Kaz Resources. "The encouraging drilling thus far, coupled with the new licenses and our retention of Hatch, position us strategically to unlock the full potential of Kazakhstan's rich mineral resources. We are committed to driving progress and creating value for our stakeholders and Kazakhstan through meticulous exploration and innovative partnerships."
Yuri Savguira, Senior Engagement Manager, PhD, at Hatch, added, "We are excited to be involved with Kaz Resources on this promising venture. Our combined expertise will aim to support the development and execution of these projects by bringing our experience and excellence."
Kaz Resources remains dedicated to its mission of exploring and developing critical minerals essential for the energy transition, advanced technology, industrial and defense applications. The company's strategic initiatives align with Kazakhstan's broader goals of economic growth and sustainable resource management. Moreover, these efforts reflect our broader commitment to supporting sustainable global advancements in technology and industry.
Kaz Resources LLC & Cove Capital LLC in Kazakhstan
In 2023, Kaz Resources LLC (through its wholly-owned subsidiary Kaz Critical Minerals LLP), became the first U.S. company to receive critical minerals and rare earths land concessions in Kazakhstan. These concessions include minerals such as rare earth elements, lithium, tantalum, beryllium, niobium, cesium and tin.
In September 2023, Cove Capital LLC entered into an MoU with Kazakhstan’s Sovereign Wealth Fund, Samruk Kazyna, as part of the cooperation on critical raw materials, specifically rare earth metals.
On April 8, 2024, Cove Capital LLC, announced a landmark collaboration with Tau-Ken Samruk, Kazakhstan's national mining company, aimed at advancing the exploration and development of rare earth and critical metals within the Republic of Kazakhstan. This partnership demonstrates a significant milestone in Cove Capital's mission to drive innovation and sustainable development in the rare earth industry.
In the groundbreaking development, Tau-Ken Samruk (via “Kazgeology” JSC), entered into a binding joint venture agreement with Cove Capital for geological exploration on the Akbulak rare earth project in the Kostanay region of Kazakhstan. Historical reserves at the site include reserves of rare earth elements, including those used for permanent magnets.
To carry out geological exploration work, a joint venture was be created between “Kazgeology” JSC and Cove Capital with the parties' participation shares: Cove Capital – 75% and “Kazgeology” JSC – 25%. Cove Capital will fully finance exploration work until reserves are listed on the balance sheet.
This strategic alliance underscores Cove Capital's commitment to leveraging its expertise and financial resources to unlock the potential of Kazakhstan's rich mineral reserves.
For further information, please contact:
Brandon McGrath
Samantha O'Neil
About Kaz Critical Minerals LLP
Kaz Critical Minerals LLP is a wholly-owned subsidiary of Kaz Resources LLC, a Cove Capital portfolio company. Kaz Critical Minerals LLP is the holder of nine (9) critical minerals concessions in Kazakhstan. These concessions include minerals such as rare earth elements, lithium, tantalum, beryllium, niobium, cesium and tin.
About Cove Capital LLC
Cove Capital was founded in 2015. With offices in Melbourne and New York (head office), Cove Capital invests in mining, renewable energy, and clean technology. Since 2018, Cove Capital has been at the forefront of investment and development in critical minerals projects. Cove Capital, under the visionary leadership of Mr. Pini Althaus, brings unparalleled knowledge and extensive experience to the critical minerals industry.
About Hatch
Hatch is a global engineering, project, and construction management firm with extensive experience in mining, energy, and infrastructure projects. Hatch is committed to delivering innovative solutions and world-class project execution to its clients worldwide.
