MINEX Forum

Tag: critical minerals

  • EU Plans Centralized Critical Minerals Purchasing Body to Counter U.S. Global Stockpiling

    EU Plans Centralized Critical Minerals Purchasing Body to Counter U.S. Global Stockpiling

    The European Union is preparing to establish a central authority to co-ordinate the purchasing and stockpiling of critical minerals in an effort to prevent the United States from securing global supplies ahead of the bloc, according to Stéphane Séjourné, the EU’s executive vice-president for industrial strategy.

    Séjourné told the Financial Times that Europe has become “collateral damage” in the intensifying U.S.–China rivalry over access to rare earth minerals, which are essential for defense systems, renewable energy technologies, and advanced electronics.

    Tensions escalated after China imposed export controls on 17 rare earth metals in April, a reaction to U.S. restrictions on advanced technology sales to Chinese companies. The Chinese measures forced several EU manufacturers to halt production lines and lay off workers due to shortages of critical inputs. Although Beijing agreed last month to delay broader export curbs for a year following a temporary easing of tariff disputes with Washington, the EU remains exposed.

    In response, the European Commission accelerated efforts to diversify and secure supplies of critical raw materials—including rare earths, lithium, and copper—beyond China. Beijing currently dominates the market, accounting for 88% of global rare earth refining, more than 75% of refined germanium and gallium, and roughly 70% of processed lithium, according to EU data.

    Séjourné said Brussels intends to create a critical minerals “center” equipped with dedicated funding to conduct purchases, coordinate procurement across member states, build strategic reserves, and encourage EU companies to factor economic security into their supply chains. He acknowledged that Europe is “late” to adopt such mechanisms compared with the U.S., which has invested heavily in domestic mining and struck numerous supply agreements with foreign governments.

    “The Americans have a business department that buys stocks of critical materials before us everywhere in the world. They often buy them from under our noses,” Séjourné said.

    The proposal—still subject to approval by all 27 commissioners—also calls for rapidly signing supply partnerships with countries such as Brazil and South Africa. Séjourné is scheduled to visit both nations in the coming weeks to advance negotiations.

    He further suggested that the EU could consider price floors to guarantee access to domestic reserves, noting that European miners and processors hesitate to invest because cheaper Chinese products can undermine the market at any time. Many companies maintain only a few weeks’ worth of inventory, leaving them vulnerable to supply shocks.

    The Commission is expected to issue recommendations to prioritize stockpiling and diversify supply routes, with possible legislation to follow if industry practices do not shift.

    Industry voices say urgency is critical. Victor van Hoorn, director at Cleantech for Europe, warned that the recent Chinese export controls were a “wake-up call,” urging the EU to map its vulnerabilities and aggressively de-risk its supply chain.

    While the EU set domestic production goals for critical minerals in 2023, new projects face delays due to lengthy permitting processes and environmental resistance.

    Séjourné also backed the Dutch government’s decision to seize chipmaker Nexperia from its Chinese owner, calling it an action taken “in the European interest,” despite Beijing’s anger and subsequent disruptions to EU chip supplies.

    Looking ahead, the EU’s plan will also support research into technologies that require fewer or no rare earths. “The best way to become independent is not to have to use the raw material,” Séjourné said.

  • Rare-Earth Metals Move to the Center of Global Tech Competition as Kazakhstan Emerges as a Major Future Player

    Rare-Earth Metals Move to the Center of Global Tech Competition as Kazakhstan Emerges as a Major Future Player

    Rare-earth metals, long overshadowed by more familiar raw materials, have become the backbone of the global technological race, according to BAQ.KZ citing Energyprom. These 17 elements, found in nature in dispersed form, are essential to modern economic resilience. They are critical for manufacturing microchips, lasers, batteries, electric vehicle magnets, and key components of military electronics.

    Surging demand—driven by the rapid expansion of electric mobility, the growth of renewable energy, and increasing defense budgets—has turned rare-earth elements into one of the world’s most strained and politically sensitive commodity markets. Supply growth continues to lag behind demand, intensifying geopolitical tensions especially given that China controls over 70% of global mining and nearly 90% of processing.

    Over the past two decades, the industry has undergone several drastic shifts, ranging from declining output in the early 2010s to a strong production boom between 2018 and 2023. Global output rose from 101.5 thousand tonnes in 2004 to 379.9 thousand tonnes in 2024—nearly a fourfold increase. China remains the dominant producer with 270 thousand tonnes annually, followed by the United States with 45 thousand tonnes, Australia and Thailand with 13 thousand tonnes each, and Russia with just 2.5 thousand tonnes.

    Beijing continues to leverage its vast production capacity and near-total processing dominance as both an economic and geopolitical tool. In recent months, China has expanded export controls on multiple rare-earth elements. The U.S. has accused China of market manipulation and exerting “economic pressure.” While a recent meeting between leaders of the two nations helped temporarily reduce tensions—China agreed to delay some restrictions and the U.S. softened select tariffs—the underlying rivalry persists.

    China’s share of global production has fluctuated sharply. It dropped from 85.7% in 2014 to 57.3% by 2020, before rebounding to 71.1% in 2024. Despite global efforts to diversify, China remains the central pillar of the supply chain.

    Global rare-earth reserves are estimated at 90–91 million tonnes. China holds roughly half—44 million tonnes—followed by Brazil (21 million), India (6.9 million), Australia (5.7 million), and Russia (3.8 million). In comparison, the U.S., Madagascar, and Thailand possess only minor reserves.

    A new major player, however, is rapidly emerging. Kazakhstan, according to the State Committee on Geology, holds an estimated 28.2 million tonnes of rare-earth reserves, placing it second in the world behind only China. Experts emphasize that true competitiveness depends not just on resources but on processing capacity. While Brazil has vast reserves, it produces only about 20 tonnes per year due to limited processing capabilities. China, in contrast, combines large reserves with unmatched technological strength.

    Recognizing the sector’s strategic importance, Kazakhstan’s President Kassym-Jomart Tokayev has ordered the launch of at least three rare-earth processing and deep-refining enterprises within the next three years. At the same time, Kazakhstan is actively expanding international partnerships, including signing a Memorandum of Understanding with the United States on critical minerals. This move may play a key role in diversifying global supply chains and strengthening Kazakhstan’s position in the emerging resource architecture of the future.

  • Uzbekistan Opens First National Center for Critical Minerals Research

    Uzbekistan Opens First National Center for Critical Minerals Research

    Uzbekistan has launched a new scientific center dedicated to critical minerals, established on the initiative of the Technological Metals Combine (TMK) and located inside the National Library. According to the company, this is the country’s first innovation hub designed to connect science with industrial development and serve as a national analytical platform for critical raw materials.

    The center will operate as an open-access facility for researchers, students, and industry specialists. TMK plans to implement more than 50 projects related to strategic minerals between 2025 and 2027, including 13 new production facilities.

    The Ministry of Mining and Geology reports that Uzbekistan holds deposits containing 28 types of critical minerals, including copper, lithium, graphite, germanium, tungsten, vanadium, tantalum, niobium, and rare-earth elements.

    By 2028, the country aims to complete 70 projects focused on developing strategically important mineral resources, with a total investment portfolio exceeding $1.6 billion.

  • Uzbekistan Eyes Kazakh Tungsten as Global Powers Compete for Strategic Metal

    Uzbekistan Eyes Kazakh Tungsten as Global Powers Compete for Strategic Metal

    Uzbekistan is plotting a tighter grip on critical minerals by seeking to purchase tungsten concentrate from Kazakhstan, as Uzbekistan’s government-led Uzbek Metal Processing Plant (TMK) prepares to ramp up production. Metin Alemder, TMK’s technical adviser, told inbusiness.kz at the China Mining summit in Tianjin that TMK is in talks with Kazakh colleagues to secure tungsten concentrate, signaling a strategic push to source raw materials locally for its expanding operations.

    Kazakhstan has been developing tungsten at the Boguty mine in the Almaty region near the Charyn Canyon. The project is led by Zhetyсу Wolfram LLC, in which Chinese-backed Jiaxin International Resources Investment Limited is a major shareholder. Boguty is regarded as one of the world’s larger tungsten deposits, with a mining licence valid through 2040. Early projections estimated an annual processing capacity of 3.3 million tonnes of ore to produce about 10,000 tonnes of 65% tungsten oxide concentrate, primarily destined for China. The site also contains molybdenum, bismuth, and beryllium, with plans to raise tungsten extraction to nearly 5 million tonnes of ore by 2027.

    Other Kazakh tungsten prospects include Aksoran at the SCO-Akmola border, as well as Northern Katpar and Verkhnee Kairakty in Karaganda. Notably, the last two are set to be developed via a joint venture in which Cove Capital (70%) partners with state mining firm Tau-Ken Samruk (30%) in a project budget of about $1.1 billion, with production expected to start in roughly 3.5 years. Cove Capital also has interests in Uzbekistan.

    Alemder notes that China already controls more than 80% of global tungsten production and leads fundamental research in this strategic metal, which Czech-like knowledge in Uzbekistan could help leverage. Tungsten is not a rare earth metal, but it remains a critical material due to its unique properties and supply concentration.

    TMK currently relies largely on local tungsten concentrates, with Uzbekistan able to produce tungsten using both hydrometallurgical and pyrometallurgical methods. The company’s plant in Chirchik is expanding capabilities, and a new hydrometallurgical workshop in Samarkand is slated to begin in 2027, targeting 5,000 tonnes of tungsten oxide annually. By 2030, production is expected to reach 15,000 tonnes per year, requiring growing external ore supplies. In the interim, the plant utilises residual tailings from an older deposit.

    In addition to tungsten, TMK is expanding molybdenum production from tailings from the Almalyk Mining and Metallurgical Complex and is developing tellurium and osmium. A sulfuric acid plant with a capacity of 500,000 tonnes annually is under construction, feeding consumables for the chemical sector, fertiliser production, and uranium mining via in-situ leaching, using sulfur supplied by Uzbekneftegaz and local gas-processing facilities.

  • China’s Mineral Export Curbs Could Shave Over $1 Billion from US GDP — Macquarie

    China’s Mineral Export Curbs Could Shave Over $1 Billion from US GDP — Macquarie

    China’s export restrictions on a handful of critical minerals could cost the United States more than $1 billion annually in GDP losses, according to new research by Macquarie Group.

    The analysis, led by chief economist Ric Deverell, modeled the potential impact of Beijing’s export controls on four rare earth elements — samarium, lutetium, terbium, and dysprosium — along with gallium, all of which appear on the US government’s updated list of 60 critical minerals, which now also includes copper and silver.

    While the direct trade exposure may appear limited, Macquarie’s study highlights how supply disruptions to these small but indispensable materials could ripple through the defense, semiconductor, and clean-tech sectors, amplifying the economic impact far beyond their raw import value.

    The Numbers Behind the Risk

    In 2024, the US mined $17.5 billion worth of minerals domestically but imported $65 billion, Macquarie reported. Although China accounted for just $2 billion, or 3% of total US mineral imports, the concentration of value-added processing and material specialization in China means even a limited export ban could have disproportionate effects.

    Macquarie found that the US was:

    • 100% import reliant on 12 critical minerals, and

    • over 50% dependent on imports for another 33.

    For rare earths, the dependency is especially acute. The US relies on imports for around 80% of its rare earth compounds and metals, and about 70% of that supply originates from China.

    While the nominal import value of these materials is small — around $170 million in 2024, with $120 million sourced from China — the knock-on effects of an export halt could dent US GDP by over $1 billion in a single year, Macquarie estimated.

    The report also flagged gallium — a key input in semiconductors, LEDs, and defense electronics — as another potential choke point.

    Strategic, Not Just Economic, Damage

    Beyond direct losses, Macquarie warned that the strategic cost of supply disruption would be significant. Rare earths and gallium underpin advanced manufacturing, defense systems, and energy technologies, sectors that are difficult to substitute or reshore quickly.

    “Even a temporary interruption in these supply chains would carry lasting industrial and strategic repercussions,” the report noted.

    Australia’s Emerging Role

    Macquarie analysts also pointed to Australia as a potential replacement source for US critical mineral imports currently coming from China.

    Australia, which recently signed a Critical Minerals Framework agreement with the US, holds over 15% of the world’s critical mineral reserves and already produces nearly half of the minerals on Washington’s critical list.

    Although Australian exports currently account for just 2% of US critical mineral imports, investment in the sector is accelerating. As of October 2024, more than $50 billion in new projects were in the pipeline, positioning Australia to play a much larger role in diversifying Western supply chains.

    “Over time, Australia could feasibly replace all Chinese-origin critical minerals in the US import mix,” Macquarie said.

  • Ukraine’s Titanium Comeback: A Strategic Blueprint for Rebuilding Europe’s Titanium Industry

    Ukraine’s Titanium Comeback: A Strategic Blueprint for Rebuilding Europe’s Titanium Industry

    For decades, titanium has been a cornerstone of aerospace, defense, and high-tech manufacturing — prized for its strength, lightness, and resistance to corrosion. Yet behind this strategic metal lies a highly concentrated global industry, where only a handful of nations control production of titanium sponge, the raw metallic form of the element.

    Among them, Ukraine once stood as a global leader, the industrial backbone of the Soviet titanium complex and one of the few countries that mastered the Kroll process — the key technology for sponge production. Ukraine uniquely combined chemical, metallurgical, and scientific expertise, hosting its own Institute of Titanium and advanced hydrometallurgical facilities capable of extracting not only titanium but also zirconium and hafnium.

    Today, that legacy stands disrupted. The Russian invasion has fractured Ukraine’s heavy industry and halted sponge production since 2021. But it also opened a potential path forward: the chance for Ukraine to reclaim a central role in Western titanium supply chains, as the world scrambles to reduce dependence on Russia and China.

    Global Titanium Landscape

    According to the US Geological Survey, global titanium sponge capacity reached 410,000 tons in 2024, with production steady at around 320,000 tons. The market is heavily consolidated:

    • China accounts for nearly 69% of global output, producing mainly industrial-grade sponge for domestic use.

    • Japan, Saudi Arabia, and Kazakhstan supply almost all of the aerospace-grade sponge imported by the United States and the European Union.

    • Russia remains integrated in its own defense value chain, but sanctions have eroded margins and logistics competitiveness.

    • Ukraine, a former key player, has recorded zero production since 2021.

    While China dominates the midstream segment with state-backed clusters, low-cost energy, and full integration, it lacks certification pathways to access Western aerospace markets. By contrast, Japan and Saudi Arabia occupy the high-quality premium segment, selling sponge at $11,000–13,000 per ton, compared with China’s $7,000 average price.

    The United States and EU remain the largest consumers and stockpilers, offering the most stable and profitable end markets — but they are also the most supply-constrained.

    Why Ukraine Matters

    Ukraine is the only European nation with both a high-grade mineral base and the industrial legacy to re-enter titanium sponge production. Its ilmenite and rutile deposits can support chloride-route Kroll processing, the same route used for aerospace-quality sponge.

    Even a 10,000–15,000 tpa facility could anchor a new Titanium Cluster serving Western markets. The cluster could later expand into VAR smelting (Vacuum Arc Remelting) to produce ingots and billets, especially for Ti-6Al-4V alloys used in aviation and defense.

    Strategically, this would fill a critical gap in the non-Chinese, non-Russian titanium segment, providing Europe with a certified domestic source of titanium metal for the first time in decades.

    Key Enablers and Investment Model

    Rebuilding Ukraine’s titanium metallurgy requires three foundational pillars:

    1. Energy Efficiency and Security:
      Titanium sponge production is power-intensive, with electricity costs accounting for 20–30% of total cash costs. Stable, affordable power — ideally renewable or nuclear — is crucial.

    2. Integrated Clustering:
      A vertically integrated industrial cluster combining mining, sponge, smelting, and by-product recovery (zirconium, hafnium, germanium) would minimize costs and maximize value retention.

    3. Strategic Financing:
      A $400–700 million CAPEX is needed for a 10,000–15,000 tpa sponge facility, with an additional $350–400 million for smelting capacity. Financing could come through long-term offtake contracts with Western aerospace and defense OEMs, supported by instruments such as the U.S.–Ukraine Reconstruction Investment Fund.

    Advanced payments and consortium-based equity could unlock broader project financing, while ensuring certification alignment with Western standards.

    Outlook and Feasibility

    Global titanium sponge output is forecast to reach 400,000–440,000 tons by 2035, driven by:

    • Rising aerospace demand (notably from Airbus A320 and Boeing 737 MAX programs).

    • Global rearmament and stockpiling.

    • Ongoing supply diversification efforts by Western governments.

    Within this framework, Ukraine and India are viewed as the two most promising re-entry markets. Ukraine could restore 5,000–10,000 tons per year of production by 2035, scaling to 15,000 tons under favorable conditions.

    Even modest early-stage output would offer strategic returns: it would anchor a European titanium hub, reduce Western supply risk, and cement Ukraine’s industrial role in the critical minerals value chain.

    Conclusion

    Ukraine possesses the minerals, know-how, and geographic advantage to rebuild a titanium industry that serves Europe’s long-term strategic interests.

    If paired with targeted investment, certification partnerships, and energy reforms, Ukraine could re-establish itself as a core supplier of aerospace-grade titanium, bridging the gap between resource-rich producers and high-tech Western consumers.

    Far from a nostalgic revival, this would mark a new strategic chapter — positioning Ukraine not just as a raw material exporter, but as Europe’s titanium powerhouse.

  • Tungsten West Produces First Tungsten Concentrate in Hemerdon Restart Trial

    Tungsten West Produces First Tungsten Concentrate in Hemerdon Restart Trial

    Tungsten West (LON: TUN) has achieved a major milestone in its plans to restart production at the Hemerdon mine in Devon, England, after successfully producing its first tungsten concentrate during an ongoing mineral processing trial.

    The trial is part of a broader plant optimization and technical validation program, designed to test and enhance the performance of key sections of the mine’s processing facility. The company said the data collected will support the planned restart of full-scale operations, expected by late 2026.

    “This progress marks an important milestone in restarting operations at Hemerdon,” said CEO Jeff Court. “It provides confidence to our neighbours, the environment agency, investors and off-takers that we are moving towards production.”

    Court added that the company is maintaining high environmental and operational standards throughout the trial, noting Hemerdon’s growing importance as demand for diversified tungsten supply intensifies globally.

    Strategic Importance

    Hemerdon — historically known as Drakelands mine — is one of the largest tungsten deposits in the world. Located about 7 miles northeast of Plymouth, the site has a long mining history, with operations dating back to 1918 and production during both World Wars.

    After feasibility work in the 1980s, the mine was redeveloped into a modern tungsten and tin operation that ran from 2015 to 2018 under previous ownership. The project’s restart is considered strategically significant for both the UK and Europe, offering a potential secure tungsten supply outside China, which dominates global production.

    Tungsten is a relatively small market — valued at around $5 billion in 2023 — but it plays a critical role in defense and high-tech industries. Its density and hardness make it the material of choice for armour-piercing ammunition, aerospace components, and heavy-duty tools.

    Market Reaction

    Shares in Tungsten West rose 12% following the announcement, closing with a market capitalization of £21.28 million ($28 million).

    The company’s management emphasized that the successful trial demonstrates technical readiness and operational credibility, key steps toward securing financing and offtake agreements for the mine’s full-scale restart.

  • Sweden Lifts Uranium Mining Ban, Opening Path to Exploration from January

    Sweden Lifts Uranium Mining Ban, Opening Path to Exploration from January

    Sweden’s parliament, the Riksdag, has voted to repeal a 2018 moratorium on uranium mining, reopening the country to exploration and production beginning January 1. The decision restores uranium’s status under the Minerals Act, enabling companies to apply for exploration and mining concessions after a seven-year freeze.

    The move positions Sweden — which holds an estimated 27% of Europe’s known uranium resources, according to the Geological Survey of Sweden — to play a larger role in Europe’s energy transition and nuclear fuel supply security.

    “It is very positive that the Riksdag is now backing the government’s proposal,” said Maria Sunér, CEO of the Swedish Mining Association (Svemin). “There are no factual reasons for uranium to be treated differently than other metals, and it is therefore entirely reasonable that we now have the opportunity to utilize the resources found in our bedrock efficiently.”

    A municipal veto on handling small quantities of uranium was also narrowed, reducing local barriers to development.

    Policy Shift and Strategic Context

    The repeal caps a two-year legislative push led by Sweden’s Climate and Enterprise Ministry. The government formally presented the bill in August 2025, describing uranium as strategic for both nuclear energy expansion and raw-materials security.

    Sweden operates six nuclear reactors, supplying roughly one-third of the nation’s electricity. Plans are underway to build several new reactors over the next decade to meet surging power demand.

    The change also aligns with broader EU supply-chain resilience goals, as the bloc seeks to reduce its dependence on imported uranium, particularly from Russia.

    Exploration Ready to Resume

    Several companies are preparing to act immediately.

    Australian explorer Aura Energy (ASX: AEE; AIM: AURA), which controls the Häggån polymetallic deposit in Jämtland, has already submitted a 25-year exploitation permit to Sweden’s Mining Inspectorate. Häggån’s JORC resource includes roughly 800 million lb of uranium oxide (U₃O₈) within a 2.55-billion-tonne vanadium deposit.

    “This vote means that from now on uranium has the potential to be an important contributor to Sweden’s economy and energy security and to support the region’s intention to triple nuclear power,” said Aura executive chairman Phil Mitchell.

    Canada’s District Metals (TSXV: DMX) also hailed the vote as a “historic step.” The company plans fieldwork in 2026 at its Viken project, including geophysics, drilling, and economic studies. Viken hosts an indicated resource of 176 million lb U₃O₈ and an inferred resource of 1.54 billion lb U₃O₈, alongside vanadium and molybdenum.

    Market Response

    Despite the legislative breakthrough, uranium developers saw modest share pullbacks:

    • Aura Energy fell 7% to A$0.20, trimming its 12-month gain to 46% (market cap A$188 million / $122 million).

    • District Metals slipped 6% to C$1.37, giving it a valuation of C$228 million ($162 million), though its stock has quadrupled in the past year.

    Next Steps

    A separate proposal is now under consultation until December 3 to redefine uranium mining so it is no longer legally classified as a nuclear installation. If adopted, that change would take effect on July 1, 2026, further simplifying the permitting process.

  • EU Sets Up “Special Channel” with China to Secure Rare Earth Supply

    EU Sets Up “Special Channel” with China to Secure Rare Earth Supply

    The European Union has established a special communication channel with Chinese authorities to ensure the continuous flow of rare earth materials essential for European industries, EU Trade Commissioner Maros Sefcovic said on Wednesday.

    The move comes after China imposed export controls on rare earths earlier this year, triggering alarm in Europe over possible disruptions to the supply of critical materials used in electric vehicles, wind turbines, and permanent magnets — key components for clean energy and high-tech manufacturing.

    Speaking at the 2025 GCC–EU Business Forum in Kuwait, Sefcovic told Reuters that he had held multiple discussions with Chinese Commerce Minister Wang Wentao, emphasizing that bureaucratic delays in export procedures could have a “very negative impact on production and manufacturing in the EU.”

    Fast-Track Cooperation Mechanism

    Brussels and Beijing have agreed to prioritize export permit applications from European companies. Through the newly established channel, EU and Chinese officials are jointly reviewing and fast-tracking export approvals for rare earth shipments.

    According to Sefcovic, European companies have submitted about 2,000 applications since the controls were introduced, with just over half already approved. He said the EU was urging China to accelerate the remaining cases while pursuing broader supply chain diversification.

    “We continue to press for faster processing,” Sefcovic said, adding that Europe is simultaneously developing alternative rare earth sources, including new mining and magnet production projects in Estonia.

    Wider Context

    The announcement follows months of tension between Europe and Beijing after China’s export restrictions on rare earths and related technologies. Although subsequent deals with the EU and the United States helped ease the immediate supply squeeze, both regions have intensified efforts to reduce dependence on Chinese critical materials.

    On Tuesday, the European Commission confirmed that EU and Chinese officials discussed introducing general export licenses to simplify rare earth shipments — similar to arrangements reportedly secured by the United States.

  • Tau-Ken Samruk and U.S. Cove Capital to Jointly Develop Major Tungsten Deposits in Kazakhstan

    Tau-Ken Samruk and U.S. Cove Capital to Jointly Develop Major Tungsten Deposits in Kazakhstan

    Kazakhstan’s state mining holding Tau-Ken Samruk and U.S.-based Cove Capital have signed an agreement to jointly develop the Northern Katpar and Upper Kairakty tungsten deposits in the Karaganda region. The document was signed on the sidelines of the C5+1 Summit in Washington, D.C.

    According to Reuters, the joint venture will be 70% controlled by Cove Capital, with total investments estimated at $1.1 billion, including up to $900 million in financing from the U.S. Export-Import Bank (Exim Bank), kursiv.media reported.

    Specialists are already conducting preparatory work for the feasibility study (FS) for the Northern Katpar project. The investment initiative foresees the use of existing primary processing capacities in Kazakhstan to produce ammonium paratungstate (APT) — a key intermediate product for high-demand materials such as tungsten powders and wear-resistant components used in tools, machinery, and defense applications.

    The Northern Katpar and Upper Kairakty deposits are considered among the largest tungsten reserves in the world, with combined resources of up to 410,000 tonnes of tungsten, according to the JORC classification.

    Tau-Ken Samruk acquired LLP Northern Katpar and the deposit itself in 2015 for 7.7 billion tenge, while the Upper Kairakty exploration license was obtained in 2016.

    Founded in 2015, Cove Capital invests in renewable energy and mining projects. In Kazakhstan, the U.S. company is already engaged in rare and rare-earth metal exploration at the Gremyachinsky site in East Kazakhstan and Akbulak in the Kostanay region.