Future Minerals Forum-2024

Rare and Critical Metals to be Global Prospects and Local Opportunities: Tau-Ken Samruk National Mining Company to Participate in a Large-Scale Forum in Riyadh

More than 13 thousand delegates from 145 countries gathered today in the capital of Saudi Arabia at the Future Minerals Forum to discuss issues related to the prospects of the sector of rare and rare earth elements. In particular, it is determination of a global strategy for critical minerals, exchange of advanced technologies and experience, creation of new sustainable production and supply chains, as well as formation of a hub of “green” metals in Africa, Western and Central Asia. This is the third time that the authoritative forum has been held with the support of the Government of Saudi Arabia.

       Kanat Sharlapayev, the Minister of Industry and Construction, representatives of the Ministry of Foreign Affairs of the Republic of Kazakhstan, AIFC, JSC NAC Kazatomprom, management of Greywolf Management, Ambassador Extraordinary and Plenipotentiary of Kazakhstan to Saudi Arabia, as well as Nariman Absametov, the Chief Business Development Director of JSC NMC Tau-Ken Samruk have represented our country at the FMF forum.

     Nariman Absametov is expected to participate in meetings with representatives of the Public Investment Fund (PIF). By the way, it is one of the world’s largest sovereign wealth funds with assets of USD776 billion. Since 1971, PIF has been financing various projects both in Saudi Arabia and outside the country on behalf of the Government of Saudi Arabia.

     Meetings are also planned with colleagues from the largest mining company in the Middle East, Maaden Group and Manara Minerals. Until 2008, the Maaden Group was fully owned by the Government of Saudi Arabia, currently 65% of the shares are owned by PIF. Manara Minerals is a subsidiary of the Maaden Group, specializing in investing in mining assets. 

     Another meeting in the working schedule is the meeting with partners from Cove Capital – in 2023, Samruk-Kazyna JSC and Cove Capital LLC, the investment company, signed a Memorandum of Understanding. The document provides for the possibility of cooperation in the field of rare and rare earth elements.

     In addition, Nariman Absametov will take part in panel sessions on investment opportunities in Kazakhstan and development of supply chains and will hold a number of bilateral meetings with representatives of the business community of Riyadh.

     The strategic importance of rare and rare earth metals is explained by the fact that they are the most in-demand raw materials for high-tech sectors of the global economy. Rare and rare earth metals are widely used in the energy sector, including nuclear and renewable energy, aerospace, mechanical engineering, robotics, medicine, chemical industry, metallurgy, etc. Without them, it is impossible to produce any smartphone, computer, TV or car. It is important that experts forecast stable growth of the rare and rare earth metals market – by 2032, global consumption may increase up to 230 000 tons.

     The President Kassym-Jomart Tokayev in his Address called rare and rare earth metals “new oil” and noted the importance of developing reserves of rare and rare earth metals: “Countries that will be able to realize their potential in this area will determine the vector of technological progress around the world.”

     Kazakhstan is one of the most promising countries in the region from the point of view of rare and rare earth metals. More than 600 ore occurrences of tantalum, niobium, and rare earths of the yttrium and cerium groups have been identified in the country. There are also significant reserves of tungsten and molybdenum, for example, Tau-Ken Samruk has the right to subsoil use in Verkhneye Kairakty and Severny Katpar fields. The total reserves of these two fields are almost 1.5 billion tons of tungsten trioxide (these are the largest explored reserves outside of China, which today remains the leader of the global tungsten industry).

     Subject to successful interaction with investors, Kazakhstan has every chance to become a member of the prestigious “club” of countries exporting rare earth metals.