C29 Metals Secures 75% Stake in New Kazakhstan Copper-Gold JV
C29 Metals has signed a binding Heads of Agreement with Bask International Group to form a joint venture targeting advanced copper and gold exploration projects in Kazakhstan, aiming to rapidly expand its portfolio and scale.
- Binding Heads of Agreement signed between C29 Metals and Bask International Group
- Joint Venture to focus on copper and gold exploration projects in Kazakhstan
- C29 Metals Kaz to hold 75% equity in the incorporated JV
- JV agreement to be finalized within four weeks following the HOA
- Existing projects and capital structure remain unaffected by the new JV
Strategic Expansion into Kazakhstan
C29 Metals Limited has taken a decisive step towards rapid growth and diversification by entering into a binding Heads of Agreement (HOA) with Kazakhstan-based Bask International Group Ltd. This agreement lays the groundwork for an incorporated joint venture (JV) focused on identifying, acquiring, and developing advanced copper and gold exploration projects across Kazakhstan.
The JV will be majority owned by C29 Metals Kaz, the company's wholly owned subsidiary incorporated in Astana, holding 75% equity, while Bask International Group will hold the remaining 25%. The partnership aims to leverage Bask’s extensive local expertise and networks to accelerate project identification and development in a region rich with untapped mineral potential.
A Collaborative Approach to Tier-1 Projects
The JV’s primary objective is to target projects with strong geological evidence and tenement scale that could evolve into Tier-1, world-class copper and gold assets. Both parties have already commenced due diligence on several prospective projects, working collaboratively in good faith. However, no project approvals have been made at this stage, underscoring the exploratory nature of this initial phase.
Importantly, the HOA specifies that Bask International Group will not participate in funding until the final investment decision, which may introduce dilution mechanisms for Bask depending on future capital requirements. The JV will be governed under the laws of the Astana International Finance Centre, with a board composition reflecting the equity split: two seats for C29 Metals Kaz and one for Bask.
Leadership Perspectives and Market Implications
Shannon Green, Managing Director of C29 Metals, highlighted the strategic significance of the JV, emphasizing that Bask’s local presence and capabilities will enable C29 to move at an unprecedented pace in scaling its project portfolio. This partnership opens doors to opportunities that would otherwise be difficult for C29 to access independently.
Yerlan Issekeshev, Founder and Head of Bask International Group, framed the JV as a long-term partnership aimed at responsibly unlocking Kazakhstan’s vast mineral resources, which remain largely underexplored since the post-Soviet era. He underscored the importance of bringing world-class expertise and best practices to ensure sustainable growth and value creation for Kazakhstan’s people.
Looking Ahead
The HOA is legally binding and sets a clear timeline for finalizing the definitive JV agreement within four weeks. While the agreement does not impact C29 Metals’ existing projects or capital structure, it represents a forward-looking strategy to rapidly build scale through new project opportunities in a geopolitically significant jurisdiction.
Investors will be watching closely as the JV progresses through due diligence and project approvals, with the potential to significantly reshape C29’s growth trajectory and exposure to copper and gold markets.
Bottom Line?
C29 Metals’ Kazakhstan JV signals a bold push into new frontiers, but execution and project approvals will be critical next steps.
Questions in the middle?
- Which specific copper and gold projects will the JV prioritize for acquisition or development?
- How will geopolitical and regulatory risks in Kazakhstan impact the JV’s progress and C29’s investment?
- What funding strategies will be employed to support project development, given Bask’s initial zero funding participation?
