Nariman Absametov, the Chief Executive Officer of JSC “National Mining Company “Tau-Ken Samruk”, discussed cooperation in implementing investment projects with Yermaganbet Bulekpayev, the Akim of Karaganda region, and American investors.
The development of Severny Katpar and Verkhneye Kairakty deposits in Shet district of Karaganda region is one of the key projects. The project is being implemented in partnership with Cove Kaz Capital Group LLC (a Kazakhstani subsidiary of the U.S.-based Cove Capital). The partnership agreement was signed in November 2025 as part of President Kassym-Jomart Tokayev’s visit to the United States and is part of a strategic bilateral agreement on critical minerals. On February 13, the package of constituent documents was signed in Astana.
As Nariman Absametov, the Chief Executive Officer of Tau-Ken Samruk JSC noted, Severny Katpar and Verkhneye Kairakty deposits are the largest tungsten deposits outside of China; total reserves amount to 410,000 tons of tungsten trioxide (WO3). The company has already conducted geological exploration and completed a feasibility study for the project.
Under the terms of the agreement, the investor commits to investing USD1.1 billion in the construction of two processing plants and a metallurgical plant. A key strategic condition is explicitly stipulated: a ban on the export of raw materials and semi-finished products. Production will be focused exclusively on deep processing (high-value added processing). Over the entire project implementation period, tax proceeds to the budget are expected to reach approximately USD1.5 billion.
Dominic Heaton, the CEO of Cove Kaz Capital Group LLC, noted that the company recognizes the long-term nature of the project and intends to actively recruit local staff.
– We are sensible of a great responsibility to the local authorities and residents for implementing this project. We understand that Karaganda region is an industrial hub with vast production experience and expertise. In the long term, we plan to train local specialists and gradually replace expatriate staff, he emphasized.
Yermaganbet Bulekpayev, the Akim of the region, expressed readiness to provide comprehensive support for the project implementation.
– This is one of our largest projects. Everything within the jurisdiction of the local authorities will be fulfilled. We are ready to provide full cooperation, the Head of the region said.
The implementation of this project will make a significant contribution to the development of the region’s industrial potential, the creation of new jobs, and the strengthening of investment cooperation between Kazakhstan and the USA in the field of critical minerals.
Photo provided by the press-service of the akim of the Karaganda region