Global law firm White & Case LLP has advised Cove Kaz Capital Group, a portfolio company of Cove Capital LLC, on the signing of definitive agreements with Tau-Ken Samruk National Mining Company to advance the Northern Katpar and Upper Kairakty tungsten projects in Kazakhstan.
The transaction includes a share purchase agreement and shareholders’ agreement establishing a joint venture structure in which Cove Kaz will hold a 70 percent stake and Tau-Ken Samruk will retain 30 percent ownership in Severniy Katpar LLP.
The two projects are described as the largest undeveloped tungsten resource globally, with a planned combined annual production target of 12,000 metric tons, equivalent to approximately 15 percent of current global output.
Following execution of the agreements, Cove Kaz will proceed with a definitive feasibility study and downstream refining plans. The development is expected to create around 2,000 jobs and enhance Kazakhstan’s position in the global critical minerals supply chain.
The project has received backing from both the US and Kazakh governments. Letters of interest have been issued for up to $1.6 billion in potential financing from the Export-Import Bank of the United States and the US International Development Finance Corporation.
The White & Case advisory team was led by partners Carolyn Lamm in Washington, DC and Maxim Telemtayev in Astana, alongside partners Martin Menski, John Vetterli, Keith Hallam and Morgan Hollins.
