U.S. Company to Develop Major Tungsten Deposits in Kazakhstan
Photo: Midjorney Generated, ill. purposes
American mining firm Cove Capital will help develop one of Kazakhstan’s largest tungsten deposits, Orda.kz reports, citing Reuters.
Cove Capital and Kazakhstan’s Tau-Ken Samruk have signed an agreement to jointly develop the North Katpar and Upper Kairakty deposits in eastern Kazakhstan.
Cove Capital will receive a 70% stake in the joint venture and will control metal sales. Tau-Ken Samruk will own the remaining 30%.
Development of the sites will cost about $1.1 billion. The U.S. Export-Import Bank has already expressed interest in financing $900 million of this amount,
Reuters writes.
Tungsten is a strategically important metal used to strengthen steel and in defense manufacturing. The United States has not mined tungsten domestically since 2015, while China remains the world’s largest producer and supplier.
Cove Capital CEO Pini Althaus said the deal is a historic victory for the United States and its need for critical minerals. He added that Donald Trump and U.S. Commerce Secretary Howard Lutnick personally participated in the negotiations to prevent the asset from falling under Chinese control.
Construction of the mine is expected to begin in two years, with production starting roughly three and a half years later. Ore processing will also take place in Kazakhstan. According to U.S. officials, tungsten from these deposits will primarily supply the U.S. government and American companies.
Bloomberg previously reported that Cove Kaz Capital plans to both mine and process tungsten locally, with the U.S. side providing financing rather than taking an equity stake.
On November 6, U.S. Secretary of State Marco Rubio announced plans to visit Kazakhstan and other Central Asian countries in 2026, highlighting Washington’s intention to deepen cooperation in resource extraction and processing.
Original Author: Ruslan Loginov
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