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Tungsten Mining & Processing Project (Updated)
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PROJECT ID
1011202502
SECTOR
Mining & Metallurgy
PROJECT PHASE
Engineering Design & Planning
LOCATION
100000 Караганда, Казахстан
START DATE
11/7/2025
END DATE
12/31/2030
INVESTMENT VALUE
$ 1100 M
Active
Verified
Updated: 2 Days ago
Publication: May 8, 2026
Project Description
This project involves the joint development of two very large tungsten (wolfram) deposits — the Northern Katpar and Upper Kairakty fields — by the Kazakh state mining company Tau‑Ken Samruk (via its subsidiary) and the U.S. investment firm Cove Capital LLC. According to feasibili... Read more
Involved Companies & Contacts
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PARTY 1 - Involved Companies & Contacts
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Other important details
The agreement was signed on the sidelines of the C5+1 summit in Washington D.C. in November 2025.
The U.S. Export-Import Bank has indicated a letter of interest to fund up to USD 900 million of the investment.
Production capacity is projected at ~12,000 t/year (5,000 t from Northern Katpar + 7,000 t from Upper Kairakty) representing ~15 % of global production.
The joint venture between Tau-Ken Samruk and Cove Capital is for the “largest known undeveloped global tungsten resource”.
Severniy Katpar 48.732196, 72.985225
Upper Kairakty 48.651229, 73.127408
A second key project is the Akbulak Rare Earth Project (REEs), implemented as a joint venture with Qazgeology.
The company also manages a portfolio of licenses for lithium, niobium, tantalum, and other rare earth elements in Eastern Kazakhstan, conducting active exploration and drilling programs.
Legally, some projects are structured through the Astana International Financial Centre, while Cove Capital does not maintain a separate public office in Kazakhstan.
Sources
Publication Date
2/16/2026