Chinese CNTIC to invest to Massalsky Mining and Processing Plant

MINEX FORUM | May 18, 2017 | Views: 137

Portfolio companies of Kazakhstan’s national wealth fund Samruk-Kazyna JSC have signed several agreements with Chinese partners as part of the official visit of Kazakhstan President Nursultan Nazarbayev to China. Nazarbayev was in Beijing to attend the Belt and Road Forum for International Cooperation on May 14-15, said

In Beijing, Massalsky Mining and Processing Plant LLP and China National Technical Import and Export Corporation (CNTIC) signed two agreements for the construction of a mining and metallurgical complex at the Massalskoe titanium magnetite deposit in Kazakhstan’s Akmola region, Samruk-Kazyna said. It is planned that the complex will cover the entire value chain, from ore extraction to the production of high-quality steel grades. C1 and C2 reserves at the Massalskoe deposit amount to 729 million tons. In addition, Massalsky Mining and Processing Plant LLP and Exim Bank of China signed a framework agreement to finance the project.

Mazhit Turmagambetov, CEO of Tau-Ken Samruk JSC, commented during the signing ceremony: “We want to produce our own high-quality steel, as currently Kazakhstan only imports the metal, bringing in around 1.5 million tons of steel annually. Our plant is not large by international standards, with an annual capacity of 940,000 tons. This is a new industry trend, because enterprises increasingly need to be flexible. They have to be ready to adapt at any moment and produce what is required by industry customers at any given time.”

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