The American company Cove Capital and the Kazakhstani "Tau-Ken Samruk" have signed an agreement for the joint development of two major tungsten deposits — Northern Katpar and Upper Kairakty in the Karaganda region. These deposits are considered among the largest in the world that have yet to be developed, as reported by "Samruk-Kazyna".
The signing of the agreement took place during the C5+1 summit held in Washington. The document was signed by Nariman Absametov, head of "Tau-Ken Samruk," and Pini Althaus, CEO of Cove Capital. Under this agreement, a joint venture is to be established, with Cove Capital controlling 70% of the shares of this venture. Investments in the project will amount to approximately $1.1 billion, of which $900 million may be provided by the Export-Import Bank of the United States.
Currently, preparatory work is underway to complete the feasibility study (FS) for the Northern Katpar project. The project includes the establishment of facilities for the primary processing of tungsten raw materials in Kazakhstan with the aim of producing ammonium paratungstate, which is used for manufacturing specialized tungsten products, such as powders and parts with high wear resistance.
According to JORC, the tungsten reserves in the Northern Katpar and Upper Kairakty deposits amount to 410,000 tons, making them some of the largest in the world.
This collaboration is not the only project for Cove Capital in Kazakhstan. The company is also engaged in the search for rare and rare earth metals in the Gremyachinsky site in the East Kazakhstan region and in the Akbulak site in the Kostanay region, the latter of which is being developed in partnership with "Kazgeology," a subsidiary of "Tau-Ken Samruk".
Previously, Pini Althaus shared his views on the future of Kazakhstan in the promising industry in an interview with "Kursiv," as well as discussed the use of Soviet heritage and Cove Capital's projects in the country.
Source: kursiv.media
