Cove Kaz Capital Group, a Cove Capital subsidiary, has signed agreements with Tau-Ken Samruk National Mining Company to develop tungsten deposits in Kazakhstan. The venture includes a share purchase agreement and a shareholders’ agreement, with Cove holding 70% ownership in Severniy Katpar.

The development costs for the Northern Katpar and Upper Kairakty tungsten deposits are estimated at $1.1bn. Feasibility studies show compliant mineral resources containing 1.4mt of tungsten trioxide, contributing approximately 15% of global output. Production is expected to be 5,000tpa from Northern Katpar and 7,000tpa from Upper Kairakty.

Cove Kaz Capital Group’s partnership with Tau-Ken Samruk on the Kazakhstan tungsten project was announced during the C5+1 Leaders’ Summit. The project is supported by the Export-Import Bank of the US and the US International Development Finance Corporation, with financing up to $900m and $700m, respectively.

The joint venture in Kazakhstan is expected to create around 2,000 jobs during construction and operation, boosting foreign direct investment and fostering long-term economic growth. The project aims to establish refining capacities within Kazakhstan to produce ammonium paratungstate and other tungsten compounds.

Read more at Yahoo Finance: Cove Kaz, Tau-Ken Samruk partner on Kazakhstan tungsten project