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[Ferro-Alloys.com] Kazakhstan, US Discuss $1.1 Billion Mining Project in Karagandy Region

Kazakh Minister of Industry and Construction Yersaiyn Nagaspayev discussed a $1.1 billion investment project in the mining sector with Cove Kaz Capital Group CEO Dominic Heaton, focusing on developing major deposits in the Karagandy Region and expanding U.S.-Kazakhstan investment cooperation.

The meeting focused on the implementation of a large-scale investment project to develop the North Katpar and Upper Kairakty deposits in the Karagandy Region, reported the ministry’s press service on March 12.

The project follows an agreement signed in November 2025 between Tau-Ken Samruk and Cove Capital. Under the deal, the investor plans to invest $1.1 billion to build two enrichment plants and one metallurgical plant.

At full capacity, the project is expected to create around 1,000 jobs, with priority given to local workers.

A key strategic condition of the project is a ban on the export of raw materials and semi-finished products. Production will focus exclusively on deep processing, supporting the development of higher value-added metallurgy in Kazakhstan.

US Investment Company to Launch Major Tungsten Exploration Project in Karagandy Region

26 NOVEMBER 2025 ALMATY – A Severny Katpar deposit in Kazakhstan’s Karagandy region will now be developed jointly with the United States company Cove Capital, following an agreement signed during President Kassym-Jomart Tokayev’s visit to the United States for the C5+1 Summit.

The move marks a significant shift in the long-discussed project, which previously attracted interest from China’s Xiamen Tungsten, reported the Kazinform news agency on Nov. 26.

According to the agreement, Cove Capital will receive a 70% stake in the joint venture developing the Severny Katpar and Verkhny Kairakty deposits, while 30% will remain with Kazakhstan’s national mining holding Tau-Ken Samruk.

According to Tau-Ken Samruk, the tungsten deposits first gained international attention in 2018, when Xiamen Tungsten expressed interest in developing Severny Katpar.

In an official clarification provided to Kazinform, Tau-Ken Samruk explained that the Chinese company ultimately withdrew.

“In 2018, the parties signed a memorandum of understanding and a non-binding term sheet. Later, the Chinese company declined participation in the project because its major shareholder did not approve the deal,” reads the statement.

The company emphasized that the new agreement with the American investor does not violate or override previous arrangements with China.

“Given the above, we stress that negotiations and agreements with the American side do not constitute a revision or alteration of any previous commitments,” the company said.

Tungsten is considered a strategic mineral due to its critical role in high-tech manufacturing, aerospace, defense industries and clean-energy technologies.

Earlier, Kazakhstan launched the first tungsten processing plant in Almaty region in 2024, strengthening Kazakhstan’s position in the global market of rare earth minerals.

• [Editor:tianyawei]