ALMATY – The United States’ International Development Finance Corporation (DFC) has issued letters of interest exploring up to $700 million in financing for a tungsten mining project in Kazakhstan, the U.S. Embassy’s press service reported on Feb. 11.
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The potential financing would support Cove Kaz Capital Group’s investment in the Severniy Katpar Tungsten Mine, one of the world’s largest untapped tungsten deposits. The project includes both debt financing and project development funding.
The project is structured as a joint venture between Cove Kaz Capital and Kazakhstan’s national mining company Tau-Ken Samruk, marking what U.S. officials described as a landmark investment in Kazakhstan’s mining sector.
According to U.S. officials, Severniy Katpar is estimated to contain more than 10% of global tungsten reserves. Tungsten is considered a critical mineral essential for U.S. defense systems, aerospace applications, electronics, and advanced industrial manufacturing.
U.S. Special Envoy Sergio Gor praised the initiative, signaling a broader geopolitical shift. According to him, the U.S. intends to engage with Central Asian nations at unprecedented levels.
“We are thrilled that Kazakhstan is becoming a reliable partner and will continue to identify areas of mutual interest,” Gor said.
DFC CEO Ben Black emphasized the project’s strategic dimension, noting that it will help reduce vulnerabilities and strengthen partnerships in Central Asia.
“This project reflects one of DFC’s core missions – mobilizing private capital to secure the supply chains that matter most to U.S. economic growth and security,” he said.
U.S. Ambassador to Kazakhstan Julie M. Stufft highlighted the broader strategic implications.
“We will work to attract additional U.S. investments and partnerships to Kazakhstan to help both countries build secure and diversified global critical minerals supply chains,” she said.
The initiative also advances the U.S.–Kazakhstan memorandum of understanding on critical minerals cooperation, signed in November 2025, reinforcing Kazakhstan’s role as a strategic mining and security partner for Washington.
