In a recent announcement, “Tau-Ken Samruk,” a mining company affiliated with “Samruk-Kazyna,” revealed its intentions to commence zinc and lead extraction operations at the Shalkiya deposit in the Kyzylorda region by October of this year. The company aims to reach a production volume of 2.2 million tons of ore by 2025, as stated by the chairman of the company’s board, Bakyt Chirchikbayev, during the MINEX-2024 forum. Chirchikbayev further disclosed plans for potential tolling arrangements for ore processing while the company’s own factory is under construction. Negotiations with potential partners for the purchase of a controlling stake are underway, with details expected to be finalized post-discussions.
Additionally, Chirchikbayev mentioned the positive outcome of the state expertise regarding the technical and economic feasibility of the North Katpar and Upper Kayrakty tungsten projects. The company received favorable feedback on the project’s feasibility study, which has been circulated among interested partners. Currently, the project is under review by several potential collaborators, with further steps aligned with project privatization regulations.
The financing of the Shalkiya project involves the European Bank for Reconstruction and Development (EBRD), with agreements dating back to June 2017. Updates to the credit agreement were made in September 2021, extending credit lines up to $175 million. Recent disbursements from the EBRD, including a second tranche of $40.5 million in October 2022, demonstrate ongoing financial support for the project. “Samruk-Kazyna” has provided full guarantees for “Shalkiya Zinc’s” obligations to the EBRD, ensuring financial security for the venture.
