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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 feasibility studies, the combined mineral resources at these sites are very substantial: for example, one source reports 1.4 million tonnes of tungsten trioxide (WO₃) equivalent under JORC standards. The project envisions mine development (open-pit or near-surface bulk tonnage, scheelite mineralisation) and a full value chain in Kazakhstan: mining, ore processing, hydrometallurgical plant producing ammonium paratungstate (APT) and eventually tungsten powders and carbides. The U.S. partner (Cove Capital) will hold 70 % of the joint venture and will control marketing of output (including prioritising U.S. government & American commercial needs) while Tau-Ken Samruk retains 30 %. The investment estimate is approximately USD 1.1 billion. Unique characteristics include: one of the world’s largest undeveloped tungsten resources outside China; integration of mining and advanced processing in Kazakhstan; strategic importance in global critical minerals supply chains; and a framework that prioritises U.S.-Kazakh cooperation. Construction is planned to start within about two years, and production roughly within three and a half years of the agreement. The project is also aligned with Kazakhstan’s goal of developing deeper processing capacity (not just raw ore export) and the U.S. aim of reducing reliance on Chinese tungsten supply. The scale (12,000 t/year capacity projected) would represent around 15 % of current global tungsten production. Overall, this is a high-value, strategically positioned mining and processing project with significant infrastructure, capital, resource and processing commitments in Kazakhstan.
Project Phase:
Engineering Design & Planning
Start Date:
11/7/2025
Investment Value:
1 100 000 000 $
End Date:
12/31/2030
Location:
100000 Караганда, Казахстан
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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.
Publication/Revision Date:
2/16/2026