Kazgeology and Cove Kaz Capital Group have formalized a partnership to explore geological opportunities in Kazakhstan’s Kostanai region. The agreement, signed on July 24, focuses on the Akbulak site, approximately 35 kilometers southwest of Arkalyk. Historical data suggests the presence of rare earth element reserves at this location.
Under the agreement, Kazgeology will manage the geological exploration at Akbulak, with Cove Kaz Capital Group providing initial financing. Ownership of the joint venture will be split, with Kazgeology holding 25% and Cove Kaz Capital Group holding 75%.
Cove Kaz Capital Group, part of Cove Capital, is known for its involvement in mining projects globally since 2015, including its operations through KAZ Critical Minerals in Kazakhstan. Kazgeology, involved in over 30 investment projects, has previously worked with international and Kazakh partners, including Rio Tinto and Kazakhmys.
In 2023, Kazgeology’s voting shares were fully transferred to the Tau-Ken Samruk national mining company.
