Overview

The Kamkor Copper Deposit is an active open-pit mining operation located in the Karkaraly District of Kazakhstan’s Karaganda Region (approximately 200 km from Karaganda city). This project includes an established mining and processing infrastructure: an operational flotation processing plant, a tailings storage facility, a 16 km power line connected to a 35/10 kV substation, a 200-person accommodation camp, warehouses, and on-site access roads. The deposit’s current reserves are officially estimated at 15.7 million tonnes of copper ore with an average grade of 0.65% Cu (GKZ-classified), alongside a JORC resource of 7.7 million tonnes at 0.77% Cu, for a combined remaining ore tonnage of roughly 13.9 million tonnes available for extraction. These reserves also contain valuable gold and silver by-product credits (approximately 0.8 g/t Au and 70 g/t Ag in the ore, according to the state reserve report).
Under the existing mining license (№38-ML, valid until 2038 and encompassing 2,903 km²), the operation has a projected mine life of about 18 years at a planned throughput of 750,000 tonnes of ore per annum. The project is currently undergoing an expansion to reach this 750,000 tpa processing capacity by June 2025, which is expected to yield around 18,000 tonnes of 22% Cu concentrate per year for export (a long-term offtake agreement is already in place for the copper concentrate). The ownership transfer opportunity is for 100% equity of Kamkor-Saryarka LLP, the joint venture company operating the mine, at an enterprise value of USD 50 million.

This acquisition would give the investor complete control over the producing asset, subject to standard due diligence (including review of geological reports and an existing ~$1.085M debt liability to Forte Bank). With established operations and significant remaining resources, the Kamkor mine presents an immediate cash-flow generating asset with further exploration upside (a 6,100 m drilling program is underway to update the resource to KAZRC standards by early 2026).