Geological exploration at the Akbulak Site

The National Mining Company Tau-Ken Samruk and the American Investment Company Cove Capital to Start Joint Exploration at the Akbulak Site in Kostanay region.

According to historical evidence, there are reserves of rare earth elements at the site, which are in demand in high-tech industries. The contract for exploration work at the Akbulak site belongs to Kazgeology JSC, a subsidiary of JSC NMC Tau-Ken Samruk.

Bakyt Chirchikbayev, Chairman of the Management Board of JSC NMC Tau-Ken Samruk, and Pini Althaus, Founder and Managing Partner of Cove Capital, signed a Term Sheet for geological exploration.

In particular, it is planned to create a joint venture between Kazgeology JSC and Cove Capital with equity interests of the parties: Kazgeology JSC – 25%, Cove Capital – 75%. Cove Capital will fully finance the exploration work until entering of the reserves on the balance sheet.

Let us recall that in September in 2023, Samruk-Kazyna JSC and Cove Capital signed a Memorandum of Understanding regarding the cooperation on critical raw materials, in particular, rare-earth metals.

Cove Capital was founded in 2015. The offices of the company are located in Melbourne and New York (head office). Cove invests in mining, renewable energy, green technologies.