BAKU, Azerbaijan, October 8. A $150 million investment project to modernize an existing facility and build a new rare-earth metals processing and separation facility is being implemented in Stepnogorsk, Akmola region of Kazakhstan, the Akmola region administration said.
The investor is Silkway Metals LLP, part of Australia's Lindian Resources Ltd. group.
Akim of the Akmola region, Marat Akhmetzhanov, met with Silkway Metals CEO Dinmukhammed Madzhanov to discuss the progress of the project and issues related to regional support for its implementation.
The project is scheduled for 2026-2028 and provides for the reconstruction of existing production facilities and the launch of new production of rare-earth metal carbonate. Preparatory work has already begun.
"About $50 million will be allocated to modernize the existing facility, while another $100 million will be used to build a new production facility. It is planned to produce mixed rare-earth metal carbonate there for the production of permanent magnets used in the semiconductor industry, including in the manufacture of electric vehicle batteries and computer chips," the statement of the administration notes.
The new production facility will have a designed capacity of 12,500 tons per year, with planned annual output of 8,000 tons.
The project will preserve 228 jobs and create additional jobs once the new facilities reach their designed capacity.
"The project is in line with the President's instruction to efficiently use Kazakhstan's resource potential and develop the critical minerals sector. Rare-earth metals are currently one of the promising areas of global industry. Stepnogorsk has the necessary conditions to implement such a project, including sufficient electricity and heat supply capacity, as well as developed industrial infrastructure. An industrial zone was recently opened in the city, creating additional opportunities for the location and development of production facilities," Akhmetzhanov said.
The regional head also stressed the importance of resolving issues related to the project implementation in a timely manner.
The meeting also addressed the public hearings, as well as production and social aspects of the project.
