QazMoly Limited, part of Kazakhstan-based mining and energy group AltynGroup controlled by the Asaubayev family, said it has received indicative interest from the Export-Import Bank of the United States (US EXIM) for financing of up to $240 million to advance the Drozhilovskoye tungsten-molybdenum deposit in the Denisov district of Kostanay region.
According to the company, the Drozhilovskoye deposit contains significant resources of critical minerals including tungsten, beryllium and molybdenum, metals widely used in high-technology manufacturing and applications across engineering, aerospace and defence industries. The announcement positions the project within broader US and European efforts to diversify critical mineral supply chains away from China, which remains a dominant supplier of many strategic raw materials.
Under the proposed structure, the financing would be conditional on 100% of Kazakhstan’s tungsten concentrate output from the project being supplied to the US market, reflecting Washington’s classification of tungsten as a strategic material. QazMoly said Fosbury Capital is expected to act as the exclusive buyer and financial partner for the project.
The potential EXIM support remains subject to completion of QazMoly’s feasibility studies and the lender’s full legal, commercial and technical due diligence. QazMoly said the project benefits from competitive production costs, government support, and macro tailwinds from expected growth in global tungsten demand, which market estimates suggest could rise by an average of around 8% per year and push the sector toward a value of $10 billion by the mid-2030s.
Aidar Asaubayev, chairman of QazMoly’s board, said the indicative backing could help move the Drozhilovskoye development forward, supporting job creation and strengthening critical mineral supply chains. The company expects the financing, if finalised, to cover a significant share of capital expenditure and could become one of the largest examples of US export credit participation in Kazakhstan’s mining industry.
Earlier plans disclosed in the early 2020s by Qaz Mining Company envisaged development of the 5.86 km² Drozhilovskoye licence area over 2022–2034, with a reported resource base of 125.2 million tonnes of ore and a targeted mining and processing capacity of 11 million tonnes per year. However, public sources have not confirmed the start of full-scale operations.
QazMoly’s 2024 financial reporting cited estimated tungsten trioxide mineral resources at Drozhilovskoye of 126,400 tonnes at a grade of 0.116%, with the licence valid until 2034. The company previously indicated plans to build a concentrator designed to process molybdenum-tungsten ores at a capacity of 200,000 tonnes per year by 2025.
The company also disclosed it holds an exploration contract for the Smirnovskoye molybdenum project in Kostanay region. QazMoly reported a loss of £213,000 for the 2024 reporting period.
