ASTANA, Kazakhstan, November 7. Kazakhstan’s national mining company Tau-Ken Samruk and U.S. investment firm Cove Capital have announced the creation of a joint venture to develop the Severny Katpar and Verkhnee Kairakty tungsten deposits, which are among the largest undeveloped tungsten reserves in the world, Trend reports via Samruk-Kazyna.
The $1.1 billion agreement was signed on the sidelines of the C5+1 Summit in Washington, with Nariman Absametov, CEO of Tau-Ken Samruk, and Pini Althaus, CEO of Cove Capital, representing the two companies.
Preparatory work is now underway on the final feasibility study for the Severny Katpar project, which includes plans to establish primary processing facilities in Kazakhstan for the production of ammonium paratungstate (APT), a key intermediate product used in advanced tungsten applications such as powders and wear-resistant components.
The Severny Katpar and Verkhnee Kairakty deposits hold an estimated 410,000 tonnes of tungsten reserves (JORC standard), positioning Kazakhstan among the global leaders in tungsten resources. The project is expected to significantly contribute to the country’s mining and metallurgical development.
Founded in 2015, Cove Capital invests in biopharmaceuticals, renewable energy, and mining sectors, with its headquarters in the U.S.
Kazakhstan's additional significant deposits include Karaoba, Boguty, and Koktenkol, all predominantly stockwork deposits that frequently contain molybdenum and rare earth elements. The nation's tungsten potential, with deposits exceeding 2 million tons of WO₃, positions it as a pivotal global contributor in the metal's supply chain.
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