Add as a preferred source on GoogleCoreX Holding Says It Spent More Than $180 Million on Kazakhstan Copper Projects
Altyndara said it became the investor and subsoil-use license recipient for two deposits and plans to invest more than $500 million.
CoreX Holding said it spent more than $180 million over 30 months on two Kazakhstan copper projects while awaiting approval to acquire the companies operating them, and plans to pursue legal proceedings over the dispute.
The company said it signed an agreement in January 2024 under English law to acquire all of Altai Polymetals LLP and Terekty Ken Baiytu LLP. It said the share transfer was awaiting approvals and that its spending covered debts, employee salaries, operating costs and state-imposed penalties.
Altyndara announced April 7 that it had become the investor and subsoil-use license recipient for the Koktaszhal and Kyzylshoky deposits. It said it plans to invest more than $500 million and create more than 800 jobs.
Altyndara also cited more than 50 million tonnes of copper ore and more than 500,000 tonnes of proven copper at the deposits. CoreX announced its spending claim and planned legal proceedings on April 9.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.