Cove Kaz, Tau-Ken Samruk partner on Kazakhstan tungsten project

Core Viewpoint - Cove Kaz Capital Group has entered into agreements with Tau-Ken Samruk National Mining Company to advance the development of tungsten deposits in Kazakhstan, marking a significant milestone for the venture [1][2]. Group 1: Project Details - Cove Kaz Capital Group will hold a 70% ownership interest in Severniy Katpar, while Tau-Ken Samruk will own the remaining 30% [2]. - Development costs for the project are estimated at $1.1 billion, with production expected to contribute approximately 15% of current global tungsten output [2]. - The feasibility studies indicate mineral resources compliant with JORC standards, containing 1.4 million tonnes of tungsten trioxide, which represents around 70% of Kazakhstan's estimated tungsten resources [2]. Group 2: Production Plans - Planned production output includes 5,000 tonnes per annum from Northern Katpar and 7,000 tonnes per annum from Upper Kairakty [3]. - The deposits are located in the Karaganda mining district, known for its strong infrastructure [3]. Group 3: Strategic Importance - Cove Kaz is progressing towards a definitive feasibility study that will include establishing refining capacities in Kazakhstan to produce ammonium paratungstate and other tungsten compounds [4]. - The project is supported by the Export-Import Bank of the US and the US International Development Finance Corporation, which are providing financing of up to $900 million and $700 million, respectively [5]. Group 4: Economic Impact - The project is expected to create approximately 2,000 jobs during the construction and operation phases, contributing to foreign direct investment and long-term economic growth [6].