Turkish-Dutch holding CoreX Holding, known in Kazakhstan under the Yildirim brand, is withdrawing from four of its five joint ventures with national geological exploration company Kazgeology. These JVs held licences for the exploration of solid minerals across various regions of the country. One joint venture appears to remain in place, though the company has not disclosed details.
The holding continues to develop its own assets in Aktobe Oblast. Its mining contract at the Voskhod chromite mine runs until 2029. However, with reserves gradually depleting, CoreX has stepped up exploration activity on new licence areas in the Chromtau district, seeking to expand its mineral resource base and ensure sufficient feedstock for its processing facilities.
Through its subsidiary Sunrise Mining, CoreX is preparing to move to commercial production at the Udar deposit in the Kempirsai massif. Estimated reserves of clean chrome at the site amount to approximately 500,000 tonnes — enough, by the company’s calculations, for around four to five years of operation.
Alongside its chromite projects, CoreX is continuing work on the construction of the Qazaq Soda calcined soda plant in Zhambyl Oblast. The facility’s launch has been postponed on multiple occasions due to protracted permitting and environmental documentation processes, and the approval process is still ongoing.
CoreX is thus reshaping its portfolio of joint projects with its state partner while simultaneously strengthening its own mining assets and investing in new processing capacity. Exiting four JVs with Kazgeology allows the holding to concentrate resources on more promising directions.
Source: @metalsesgtrends
Image: @metalsesgtrends
