The national mining company Tau-Ken Samruk and the American investment company Cove Capital have signed an agreement on the joint development of the Northern Katpar and Upper Kairakty tungsten deposits.

The volume of investments is about USD1.1 billion.

The document was signed on the sidelines of the C5+1 summit in Washington D.C. It was signed by Nariman Absametov, Head of Tau-Ken Samruk, and Mr. Pini Althaus, CEO of Cove Capital.

Preparatory work has begun on developing the final feasibility study for the Northern Katpar project, including plans to establish production facilities in Kazakhstan for ammonium paratungstate — a metallurgical processing products from which specialized tungsten products such as powders, wear-resistant parts, and others.

Northern Katpar and Upper Kairakty fields are among the largest worldwide, the total reserves of tungsten according to JORC amount to 410 thousand tons.

The implementation of the project will contribute to the development of the domestic mining industry.

Cove Capital, founded in 2015, is a mining-focused firm with its head office in the USA. The company invests in biopharmaceuticals, renewable energy, and mining.