Chinese Enterprise Invests $65 Million to Develop Kazakhstan's Verkhuba Copper Mine

en.Wedoany.com Reported - East Star Resources, a London-listed mining company, has reached a deep cooperation with Hong Kong Xinhai Mining to launch a joint venture development project for the Verkhuba copper mine in Kazakhstan. The Chinese side provides full development funding, and both parties leverage the Astana International Financial Centre to establish a cooperation platform.

The two parties reached a cooperation intention in December 2025 and formally signed a joint venture agreement in March 2026. According to the agreement, Hong Kong Xinhai Mining will invest $65 million in five phases, covering the entire project cycle from development to production, gradually acquiring a 70% stake in the project, while East Star Resources retains a 30% mine stake free of charge. Currently, Xinhai Mining has allocated AUD 500,000 (approximately USD 344,900) for resource updates and preliminary preparations, with on-site equipment and laboratory construction progressing in an orderly manner. Drilling is scheduled to commence in June 2026, with a total drilling length of 5,000 meters, alongside the application for mining permits and feasibility studies. The deposit has JORC-compliant reserves of 20.3 million tonnes, containing 1.16% copper, 1.54% zinc, and 0.27% lead.

This cooperation achieves complementary advantages between Chinese and foreign enterprises: East Star Resources leverages its local exploration qualifications and overseas project resources to secure high-quality mining rights through an asset-light model; Hong Kong Xinhai Mining focuses on capital injection, steadily gaining project control through a phased equity acquisition approach.