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.
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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.
