A portfolio company of the Fund — Tau-Ken Samruk National Mining Company — and the Cove Kaz Capital Group LCC (Cove Capital) have signed a package of transaction documents, including a Sale and Purchase Agreement (SPA) and a Shareholders’ Agreement (FA), for a strategic investment project in the critical minerals sector. The signing was witnessed by the Head of Samruk-Kazyna, Nurlan Zhakupov.

The project provides the establishment in Kazakhstan of a high-tech tungsten deep-processing facility based on the Northern Katpar and Upper Kairakty deposits. Approximately 2,000 jobs will be created. Cove Capital has committed to invest at least USD 1.1 billion in the project’s development.

The Northern Katpar project is aimed at establishing production of ammonium paratungstate — a high value-added metallurgical product in strong demand on the global market.

In addition to financing, the strategic partner will provide the transfer of advanced mining, processing, and beneficiation technologies, as well as support the promotion of finished products in international markets, including through the conclusion of offtake agreements with the U.S. Government.

The implementation of this project will be an important step in strengthening Kazakhstan’s position in the global critical minerals supply chain, advancing deep processing of raw materials, and attracting foreign direct investment into the country’s industrial sector.