The funds will be used to develop Koksay, including a feasibility study to determine the detailed mining and processing operations design and the associated capital budget.
Once the FS is completed, KAZ's board will decide how and when to proceed with the project.
Koksay is a potential openpit development with an estimated mineral resource of 736 million tonnes at an average grade of 0.42% copper, and contained copper of 3.1Mt.
KAZ chair Oleg Novachuk said the two companies had worked successfully in the construction of the Bozshakol and Aktogay openpit mines and looked forward to developing the relationship further by working with NFC on Koksay.
KAZ produced 67,300 tonnes of copper and 49,900 ounces of gold quarter from Bozshakol and Aktogay in the March.
The company's shares were trading 6.55% lower Friday at £10.055 (US$13.48).