Kazakhstan, U.S. sign major $1.1bn deal on critical minerals

ASTANA, Feb 17 (Kazinform/APP) : Tau-Ken Samruk, a portfolio company of the Samruk-Kazyna Fund, and Cove Kaz Capital Group LLC (Cove Capital) have signed a package of transaction documents, Qazinform News Agency reports.
The documents include a Sale and Purchase Agreement (SPA) and a Shareholders’ Agreement (FA) for a strategic investment project in the critical minerals sector, according to the press service of Samruk-Kazyna. The signing ceremony was attended by Nurlan Zhakupov, CEO of Samruk-Kazyna.
The project envisions the establishment of a high-tech tungsten deep-processing facility in Kazakhstan, based on the Northern Katpar and Upper Kairakty deposits. It is expected to create around 2,000 jobs. Cove Capital has pledged to invest at least USD 1.1 billion in the project’s development.
The Northern Katpar project focuses on producing ammonium paratungstate – a high value-added metallurgical product in strong demand globally.
Beyond financing, the strategic partner will bring advanced mining, processing, and beneficiation technologies, and support the promotion of finished products in international markets, including through offtake agreements with the U.S. Government.
The implementation of this project marks an important step in strengthening Kazakhstan’s role in the global critical minerals supply chain, advancing deep processing of raw materials, and attracting foreign direct investment into the country’s industrial sector.
Earlier, it was reported that Chairman of Samruk-Kazyna National Welfare Fund, Nurlan Zhakupov, met with Mr. Wang Shuguang, Deputy Chairman of the Board of Directors, President and member of the CICC Management Committee in Beijing. The parties discussed the prospects for Samruk-Kazyna to enter the Chinese bond market.