More than 13 thousand delegates from 145 countries around the world gathered in the capital of Saudi Arabia for the FMF Forum to discuss issues related to the prospects of the rare and rare earth elements sector. In particular, this is the definition of a global strategy for critical minerals, the exchange of advanced technologies and experience, the creation of new sustainable production and supply chains, as well as the formation of a hub for “green” metals in Africa, West and Central Asia. The authoritative forum with the support of the government of Saudi Arabia is being held for the third time.
Our country is represented at the Future Minerals Forum by the Minister of Industry and Construction Kanat Sharlapaev, representatives of the Ministry of Foreign Affairs of the Republic of Kazakhstan, the AIFC, NK Kazatomprom JSC, the management of Greywolf Management, the Ambassador Extraordinary and Plenipotentiary of Kazakhstan to Saudi Arabia, as well as the Chief Director for Business Development of JSC NGK “Tau-Ken Samruk” Nariman Absametov.
Today Nariman Absametov is expected to participate in meetings with representatives of the State Investment Fund (PIF). By the way, this is one of the world’s largest sovereign wealth funds with assets of 776 billion US dollars. Since 1971, PIF has financed various projects both in Saudi Arabia and abroad on behalf of the country’s government.
Meetings are also planned with colleagues from the largest mining company in the Middle East, Maaden Group and Manara Minerals. Until 2008, Maaden Group was wholly owned by the government of Saudi Arabia, currently 65% of the shares are owned by PIF. Manara Minerals is a subsidiary of the Maaden Group, specializing in investing in mining assets.
Another meeting in the work schedule – with partners from Cove Capital – in 2023, Samruk-Kazyna JSC and the investment company Cove Capital LLC entered into a Memorandum of Understanding. The document specifically provides for the possibility of cooperation in the field of rare and rare earth elements.
In addition, Nariman Absametov will take part in panel sessions on investment opportunities in Kazakhstan and the development of supply chains, and will hold a number of bilateral meetings with representatives of the business community of Riyadh.
The strategic importance of rare and rare-earth metals is explained by the fact that they are the most sought-after raw materials for high-tech industries of the world economy. RM and REM are widely used in the energy sector, including nuclear and renewable energy sources, aerospace, mechanical engineering, robotics, medicine, chemical industry, metallurgy, etc. Without them, it is impossible to produce a single smartphone, computer, TV or car. It is important that experts predict stable growth of the PM and REM market – by 2032, global consumption may increase to 230,000 tons.
President Kassym-Jomart Tokayev in his Message called rare and rare earth metals “new oil” and noted the importance of developing RM and REM reserves: “Countries that can realize their potential in this area will determine the vector of technological progress of the whole world.”
Kazakhstan is one of the most promising states in the region from the point of view of RM and REM. More than 600 ore occurrences of tantalum, niobium, rare earths of the yttrium and cerium groups have been identified on the territory of the country. There are also significant reserves of tungsten and molybdenum; for example, Tau-Ken Samruk has the right to subsoil use in the Upper Kairakty and Northern Katpar deposits. The total reserves of these two deposits are almost 1.5 billion tons of tungsten trioxide (these are the largest proven reserves outside of China, which today remains the leader in the global tungsten industry).
Subject to successful interaction with investors, Kazakhstan has every chance of becoming a member of the prestigious “club” of countries exporting rare earth metals.
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