MINEX Forum

Tag: critical minerals

  • U.S. and Kazakhstan Forge Joint Venture to Secure Global Tungsten Supply

    U.S. and Kazakhstan Forge Joint Venture to Secure Global Tungsten Supply

    Following the announcement of the joint venture between US-based Cove Capital LLC and Kazakhstan’s National Mining Company, JSC Tau-Ken Samruk, further details have emerged regarding the development timeline and scale of the Northern Katpar and Upper Kairakty tungsten projects.

    Cove Kaz Capital Group LLC (“Cove Kaz”), a portfolio company of U.S.-based Cove Capital LLC, will hold a 70 per cent interest, with Tau-Ken Samruk retaining 30 per cent ownership of Severniy Katpar LLP, which owns the Northern Katpar and Upper Kairakty tungsten projects.

    Cove Kaz will oversee marketing of 100 per cent of project output and has entered into a Letter of Intent with the International Trade Administration at the U.S. Department of Commerce to prioritise supply for U.S. government and commercial needs.

    The announcement was made in Washington, D.C., during the C5+1 Leaders’ Summit by U.S. President Donald J. Trump and Kazakhstan President Kassym-Jomart Tokayev.

    Total development costs for the Northern Katpar and Upper Kairakty projects are estimated at USD $1.1 billion. The Export-Import Bank of the United States has issued a Letter of Interest for USD $900 million in financing, complemented by a similar commitment from the U.S. International Development Finance Corporation.

    Cove Kaz’s project team will be led by Dominic Heaton, who previously oversaw development of the Nui Phao integrated tungsten mine and refinery in Vietnam – the world’s largest tungsten operation outside China. Preparatory work has already commenced to support a Definitive Feasibility Study for Northern Katpar, including the establishment of downstream refining capacity in Kazakhstan to produce ammonium paratungstate (APT) and other tungsten compounds.

    Pini Althaus, Chief Executive Officer of Cove Capital and Cove Kaz Capital, expressed gratitude for U.S. and Kazakh government support:

    “On behalf of Cove Capital and Cove Kaz, I wish to thank President Donald J. Trump, Secretary of Commerce Howard Lutnick, and the U.S. Trade Advocacy Center for their exceptional engagement. Their efforts have aligned financing, offtake pathways, and policy support to deliver a secure, allied tungsten supply for America’s industrial and defence needs.

    “I also wish to thank President Kassym-Jomart Tokayev for his leadership and partnership. This collaboration is a win for both nations—strengthening U.S. supply chains while fostering investment and long-term prosperity in Kazakhstan.”

    Tungsten – A Critical Industrial and Defence Mineral

    Tungsten is ranked by the U.S. Defense Logistics Agency as a “material of interest” and by the European Union as the raw material of highest economic importance due to its unique physical properties: the highest tensile strength at high temperatures, the highest melting point of any metal, and exceptional corrosion resistance.

    Its density and durability make tungsten indispensable in high-performance cutting and drilling tools, aerospace alloys, semiconductor contacts, and radiation shielding. In defence applications, tungsten is used in armour-piercing munitions, missile components, aircraft ballast, and other high-stress environments.

    Currently, China controls over 80 per cent of global tungsten production and processing. In February 2025, China imposed new export restrictions on tungsten and tungsten-containing products to the United States.

    Severniy Katpar LLP

    Severniy Katpar LLP holds licences for two projects—Northern Katpar and Upper Kairakty—located approximately 30 kilometres apart in the established Karaganda mining district of central Kazakhstan, less than 160 kilometres south of the city of Karaganda.

    Feasibility studies completed in April 2023 report total JORC-compliant mineral resources of 1.4 million tonnes of tungsten trioxide (WO₃), accounting for around 70 per cent of Kazakhstan’s total tungsten resources. For comparison, the U.S. Geological Survey estimates China’s reserves at 2.4 million tonnes.

    Combined production from both projects is expected to reach 12,000 metric tonnes per annum (mtpa) of tungsten trioxide—approximately 15 per cent of current global output.

    Cove Capital’s Broader Commitment in Kazakhstan

    Cove Capital’s portfolio company, Kaz Resources LLC, became in 2023 the first U.S. entity to receive critical minerals and rare earth concessions in Kazakhstan. These include licences for 13 minerals such as lithium, tantalum, beryllium, niobium, and rare earth elements.

    In 2024, Cove Capital and Tau-Ken Samruk formalised a joint venture for exploration of rare earths at the Akbulak project in the Kostanay region, with Cove holding 75 per cent and “Qazgeology” JSC 25 per cent. Cove is fully financing exploration activities until reserves are booked.

    About Cove Capital LLC

    Founded in 2015, Cove Capital is a mining-focused investment and development firm headquartered in New York and Melbourne. Since 2018, the company has focused on critical minerals projects that enhance U.S. and allied supply chains. Led by CEO Pini Althaus, Cove Capital brings extensive expertise across exploration, mining, processing, and offtake structuring.

    About Tau-Ken Samruk

    Tau-Ken Samruk, Kazakhstan’s national mining company, manages the sustainable development of the nation’s mineral wealth. Through partnerships with international investors, it aims to strengthen Kazakhstan’s mining sector and support the country’s long-term economic growth.

  • Uzbek President Mirziyoyev Meets U.S. Business Leaders in Washington to Deepen Economic Partnership

    Uzbek President Mirziyoyev Meets U.S. Business Leaders in Washington to Deepen Economic Partnership

    At the conclusion of his working visit to Washington, D.C., President of Uzbekistan Shavkat Mirziyoyev met with representatives of major U.S. corporations, investment funds, and financial institutions to discuss expanding economic cooperation between the two countries.

    The meeting was attended by U.S. Secretary of Commerce Howard Lutnick, Special Assistant to the President Ricky Gill, Special Envoy Paolo Zampolli, and Deputy Secretary of Agriculture Stephen Vaden. Senior executives from leading American companies — including Traxys, FLSmidth, McKinsey, Meta, Google, Amazon, Boeing, Air Products, Axiom Space, Cove Capital, Freeport-McMoRan, Orion CMC, Cargill Cotton, John Deere, Honeywell, Valmont Industries, and Flowserve Corporation — also took part in the discussions.

    President Mirziyoyev highlighted that trade turnover between Uzbekistan and the United States has quadrupled over the past eight years, with more than 300 American companies now operating in Uzbekistan. He emphasized that this growth marks only the beginning of a new stage in bilateral cooperation, and that specific projects would be further discussed during his upcoming meeting with U.S. President Donald Trump.

    The Uzbek leader outlined priority areas for strategic partnership, including renewable energy, critical minerals, and digital transformation. By 2030, Uzbekistan aims to build a next-generation energy system with 18–20 gigawatts of renewable capacity, generating more than half of its electricity from solar and wind sources.

    In partnership with the United States, Uzbekistan plans to develop extraction and advanced processing of uranium, copper, tungsten, molybdenum, and graphite, establishing secure supply chains and adopting U.S. technologies in resource processing.

    The President also highlighted Uzbekistan’s ambitious transport infrastructure modernization program, with $12 billion in planned investments by 2030 to upgrade roads, railways, terminals, and airports.

    Digital cooperation is also expanding through joint initiatives with Google, Meta, and NVIDIA, including the launch of Apple Pay and Google Pay, the creation of a Digital Academy, and a nationwide startup hub network.

    Financial support for these initiatives will involve the U.S. International Development Finance Corporation (DFC) and the U.S. Export-Import Bank (Exim Bank).

    Concluding the meeting, President Mirziyoyev reaffirmed Uzbekistan’s commitment to support American investors and maintain the country’s reputation as a reliable and stable partner.

    “Uzbekistan remains a dependable partner and a guarantor of success for foreign investors,” the President said.

  • Sweden’s Parliament Lifts Uranium Mining Ban Amid Narrow Vote and Environmental Concerns

    Sweden’s Parliament Lifts Uranium Mining Ban Amid Narrow Vote and Environmental Concerns

    The Swedish Parliament (Riksdag) has narrowly voted to lift the national ban on uranium mining, reopening the door to domestic extraction of the nuclear fuel for the first time since 2018.

    The decision passed by just one vote, with support from the government coalition and the Sweden Democrats, while the opposition — including the Green Party and Social Democrats — strongly opposed the measure.

    Supporters of the move argue that uranium mining is essential for Sweden’s long-term energy stability as the country expands its nuclear power capacity. Critics, however, warn that the decision poses significant environmental and social risks, particularly for rural municipalities with uranium-rich deposits.

    “This is a step backwards for environmental protection and public safety,” said Amanda Lind, a Green Party representative, sharply criticising the government’s decision.

    Key Changes and Next Steps

    Under the new legislation, mines with small uranium reserves will no longer be subject to strict permit requirements or municipal veto rights, which had previously allowed local authorities to block mining projects.
    This effectively simplifies the approval process and allows uranium to be treated as a secondary raw material in broader mining operations.

    The legal changes will take effect on January 1, with further reforms planned for mid-2026 that could fully abolish municipal veto powers and reclassify uranium extraction from a “nuclear instrument” to a “nuclear activity,” reducing procedural delays for industry.

    Local Concerns

    The decision has sparked strong reactions in uranium-rich regions such as Falköping, Östersund, and Vilhelmina, where local leaders and residents fear potential impacts on water quality, farmland, livestock, and rural landscapes.

    “We risk losing public trust if local communities feel overruled,” said one municipal council member quoted in Swedish media.

    Nuclear Expansion Context

    Sweden currently operates six nuclear reactors and plans to build additional ones in the next decade to meet rising electricity demand and reduce dependence on fossil fuels.

    The previous uranium mining ban, introduced in 2018 by the Social Democratic government, aimed to limit environmental risks and reduce nuclear proliferation concerns.

    However, following Russia’s invasion of Ukraine in 2022, Sweden halted uranium imports from Russia, which previously supplied state-owned utility Vattenfall AB. The government now sees domestic uranium extraction as a way to cut import costs and secure a stable fuel supply for its expanding nuclear fleet.

    The Bigger Picture

    The debate highlights Sweden’s broader energy dilemma — how to balance green transition goals, energy independence, and public environmental concerns.

    While the repeal marks a significant policy shift, it also deepens divisions between advocates of energy security and defenders of environmental safeguards.

  • Turkey’s Miryildiz Mining to Launch Gold and Copper Production in Kazakhstan by 2026

    Turkey’s Miryildiz Mining to Launch Gold and Copper Production in Kazakhstan by 2026

    Turkish mining company Miryildiz Mining plans to begin gold and copper production in Kazakhstan by late 2026, the company’s CEO Emrah Erdem announced at the Kazakhstan Global Investment Roundtable (KGIR).

    “We are engaged in gold and copper mining. Our plants in Turkey have been operating for nearly ten years. I hope that by the end of 2026, we will start gold production in Kazakhstan,” Erdem said.

    According to him, Miryildiz Mining is currently working in cooperation with the Development Bank of Kazakhstan (DBK), a subsidiary of the Baiterek Holding.

    The company operates in five countries, extracting gold, copper, chromium, and other metals, with Turkey remaining its primary market. It produces around 1 million tonnes of copper ore annually.

    “We have now set targets for copper mining in Kazakhstan,” Erdem said, adding that the company sees strong potential for copper extraction in East Kazakhstan, particularly in the Abai and Pavlodar regions.

    He also highlighted promising opportunities in the gold and rare earth metals sectors, noting Kazakhstan’s untapped mineral wealth.

    $482 Million Mining and Processing Project

    Earlier this year, Miryildiz Mining presented a $482 million project to construct a mining and processing complex (MPC) in the Zhanan-Boko-Zaisan gold ore zone to Abai Region Governor Berik Uali. The facility is expected to employ around 2,000 workers.

    The company has already completed geological exploration and purchased some of the necessary extraction and ore-processing equipment.

    Global Footprint

    Miryildiz Mining holds over 100 exploration and production licenses worldwide and is active in Central African Republic (CAR), Sierra Leone, and The Gambia, where it is also building a gold mining operation.

    In Kazakhstan, its subsidiary MIRYILDIZ KZ Ltd plans to conduct metal exploration at the Takyr site in the Zhetysu and Abai regions between 2025 and 2030.

    Market Context

    The company’s expansion comes amid record-high commodity prices — copper surpassed $11,000 per tonne, and gold exceeded $4,000 per ounce in 2025 — boosting investment in mining and geological exploration across the sector.

  • ‘Europe’s Lithium Paradox’: Documentary Highlights Europe’s Struggle Between Green Ambitions and Mining Reality

    ‘Europe’s Lithium Paradox’: Documentary Highlights Europe’s Struggle Between Green Ambitions and Mining Reality

    Europe is facing a “critical crossroads” in its green transition, warns Dr. Peter Tom Jones, director of the KU Leuven Institute for Sustainable Metals and Minerals, whose new documentary Europe’s Lithium Paradox explores the continent’s mounting dilemma over lithium extraction.

    The one-hour film focuses on two key European lithium projects — in Portugal and Serbia — both stalled amid fierce public opposition and political hesitation. As Europe pushes to electrify transport and expand renewable energy, it finds itself torn between the need for raw materials and growing citizen resistance to mining.

    “You can’t recycle your way out of a fossil fuel economy,” Jones says. “You have to mine first — we simply don’t have enough scrap in Europe, and we won’t until at least 2035. That leaves us with a ten-year gap.”

    Europe’s Feedstock Crisis

    Jones argues that Europe’s transition to clean energy is being undermined by a lack of “feedstock” — the raw materials required for batteries, solar panels, and electric vehicles. While recycling giants like Umicore have proven high-level battery recovery is possible, the continent’s reliance on imported lithium remains a major vulnerability.

    He estimates that lithium mined in Serbia alone could power at least one million electric vehicles, potentially creating a “new ecosystem” including a refinery, battery recycling hub, and full supply chain infrastructure.

    “With ten or more industrial-scale mining sites — compared to just four today, one of which is idle — Europe could achieve self-sufficiency in lithium,” he insists. “We need to act now to avoid sleepwalking into the abyss.”

    A “Minerals Cold War”

    In the film, Jones warns that the geopolitical race for critical minerals is intensifying.

    “China and the U.S. aren’t playing by the rules — they’re making their own,” he says. “Donald Trump is pushing a capitalist model with minimum price floors for lithium, while China is restricting exports of technology metals. Europe is a bystander in this minerals cold war.”

    He argues that Europe’s regulatory delays, public protests, and political indecision risk leaving it strategically dependent on foreign supply chains — with devastating consequences for its industrial competitiveness.

    Between Industry and Activism

    Europe’s Lithium Paradox aims to spark informed debate, but its reception has been polarized. In both Serbia and Portugal, local communities refused to speak on camera, accusing the filmmakers of promoting mining interests. Ironically, mining companies also distanced themselves from the project, with some reportedly banning employees from watching it for being “too critical.”

    Jones acknowledges the tension but maintains that the documentary is “grounded in science, not politics.”

    “We’re trying to balance innovation with real-world concerns. I’ve heard the phrase ‘you can’t fight feelings with facts’ — but we can at least try to change the narrative,” he says.

    The film is currently touring European universities, R&D institutes, and industry conferences, and is also available on Amazon Prime.

    “Europe must move beyond entrenched positions and forge a united front,” Jones concludes. “This is not about taking sides — it’s about survival.”

  • Kazakhstan Confirms Central Asia–U.S. Summit in Washington on November 6

    Kazakhstan Confirms Central Asia–U.S. Summit in Washington on November 6

    Kazakhstan’s presidency has confirmed that a Central Asia–United States summit will take place in Washington, D.C., on November 6, bringing together the leaders of the C5+1 format — the United States and the five Central Asian nations: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

    According to the press office of President Kassym-Jomart Tokayev, the Kazakh leader sent a letter of gratitude to U.S. President Donald Trump for the invitation to participate in the summit. Tokayev described the initiative as both “timely and important,” emphasizing that he shares Trump’s key domestic and foreign policy principles, including the promotion of traditional values, common sense, and global peace and security.

    The upcoming gathering will coincide with the tenth anniversary of the C5+1 diplomatic platform, launched in 2015 to strengthen regional cooperation and deepen U.S.–Central Asia engagement in areas such as energy security, trade, counterterrorism, and sustainable development.

    Regional media have confirmed participation from other Central Asian heads of state. Uzbek outlet Gazeta.uz reported that President Shavkat Mirziyoyev has received an invitation, while Kyrgyz media stated that President Sadyr Japarov will also attend. Invitations have reportedly been extended to all five Central Asian leaders, according to Azattyq.

    The announcement follows recent visits to Kazakhstan and Uzbekistan by U.S. Special Envoy for South and Central Asia Sergio Gor and Deputy Secretary of State Christopher Landau, underscoring Washington’s renewed diplomatic focus on the region.

    President Trump met both Tokayev and Mirziyoyev during the U.N. General Assembly last month in New York, where several multi-billion-dollar business deals were announced. Analysts suggest the upcoming summit aims to counterbalance the influence of Russia and China in Central Asia amid heightened global competition for access to the region’s critical minerals and strategic trade routes.

    In an October 20 letter, members of the U.S. House Foreign Affairs Committee urged President Trump to host the C5+1 summit before the end of the year. The letter highlighted U.S. strategic interests in developing regional critical mineral supply chains—notably tungsten, antimony, lithium, and rare earth elements—as well as advancing trade liberalization through the repeal of the Jackson-Vanik amendment and bolstering counterterrorism cooperation against the regional branch of the Islamic State group.

    The Washington summit is expected to mark a major step in U.S. efforts to strengthen political and economic ties with Central Asia, promote regional resilience, and enhance collaboration in energy, defense, and raw materials security.

  • Putin Orders Roadmap for Russia’s Rare-Earth Extraction as Global Competition Intensifies

    Putin Orders Roadmap for Russia’s Rare-Earth Extraction as Global Competition Intensifies

    Russian President Vladimir Putin has instructed his cabinet to develop a national roadmap for rare-earth mineral extraction by December 1, as global competition for critical raw materials intensifies and countries seek to reduce dependence on China’s near-monopoly in the sector.

    The directive, published Tuesday on the Kremlin’s website, also calls for the expansion of transport and logistics infrastructure at Russia’s borders with China and North Korea, including multimodal hubs and new railway links.

    Rare-earth elements—vital for smartphones, electric vehicles, wind turbines, and advanced weapons systems—have become a major point of strategic rivalry between the world’s largest economies.

    In April, U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy signed an agreement granting the United States preferential access to Ukraine’s mineral resources and supporting U.S. investment in reconstruction projects. Moscow has since said it is also open to cooperation with the U.S. on rare-earth projects, though political and diplomatic tensions stemming from Russia’s ongoing war in Ukraine have stalled progress.

    Earlier this year, Kirill Dmitriev, Putin’s investment envoy, said U.S. firms had shown interest in Russian rare-earth ventures, but talks remain at an exploratory stage.

    Meanwhile, China, which dominates the global rare-earth supply chain, has tightened export controls in retaliation against Western tariffs, pushing Washington and its allies to accelerate domestic and alternative sources of supply.

    Putin’s order stems from discussions at the Far Eastern Economic Forum in Vladivostok in September, where he emphasized the strategic importance of developing Russia’s Far East as a resource and transport hub connecting Asia and Europe.

    According to the U.S. Geological Survey (USGS), Russia’s known rare-earth reserves total about 3.8 million tonnes, though Moscow claims much higher figures. The Russian Natural Resources Ministry estimates 28.7 million tonnes of reserves across 15 different rare-earth metals as of January 2023. Even by Moscow’s count, however, Russia’s share remains relatively small compared to China’s dominant position.

    Putin also ordered the construction of new multimodal transport and logistics centers along the country’s borders with China and North Korea, including upgrades to two existing railway bridges and the completion of a new bridge to North Korea by 2026.

    Both China and North Korea have deepened economic cooperation with Russia amid Western sanctions, making regional integration and resource development key components of Moscow’s broader pivot to Asia strategy.

  • Ferro-Alloy Resources Secures Major Cost Savings and Financing Boost for Kazakhstan Vanadium Project

    Ferro-Alloy Resources Secures Major Cost Savings and Financing Boost for Kazakhstan Vanadium Project

    Ferro-Alloy Resources Ltd (LSE: FAR) saw its shares surge 13% to 6.21p after announcing substantial cost reductions and a financing breakthrough for its flagship Balasausqandiq vanadium project in southern Kazakhstan.

    The AIM-listed mining company has signed an agreement with China National Chemical Engineering Sixth Construction (CC6) — one of the world’s top industrial contractors — for front-end engineering and design (FEED) work on the project.

    According to the company, CC6 has provided an indicative construction cost of $261 million, cutting the total funding requirement to $311.9 million — about 40% lower than previously estimated in the project’s feasibility study.

    The revised figures have significantly improved project economics, boosting Balasausqandiq’s post-tax internal rate of return (IRR) to 31% and its net present value (NPV) to $931.6 million.

    Adding to the positive momentum, CC6 has arranged a conditional, non-binding loan offer worth $221.8 million from the Bank of Communications (Hubei Branch), covering 85% of CC6’s construction scope.

    Discussions are also under way with Sinosure, China’s export credit agency, which could provide loan guarantees to reduce borrowing costs.

    “This partnership with CC6 demonstrates the potential to significantly enhance the project’s financial returns,” said Nick Bridgen, CEO of Ferro-Alloy Resources. “It also strengthens our path to production and positions Balasausqandiq as one of the most competitive vanadium operations globally.”

    The company is now in talks with potential strategic investors to fund the project’s equity component, while CC6’s FEED work — expected to last six months — will be followed by a final engineering, procurement and construction (EPC) contract once costs are finalized.

  • Canada Unveils C$1.4 Billion G7-Backed Critical Minerals Investment Plan

    Canada Unveils C$1.4 Billion G7-Backed Critical Minerals Investment Plan

    Rio Tinto Group, Nouveau Monde Graphite Inc., and more than a dozen other companies are set to benefit from a C$1.4 billion ($1 billion) package of new investments and partnerships announced by the Canadian government at the Group of Seven (G7) energy ministers’ meeting in Toronto.

    The measures, unveiled by Prime Minister Mark Carney’s administration, are part of a G7 initiative launched in June to strengthen member nations’ access to critical minerals vital for clean energy, defense, and advanced manufacturing, while reducing reliance on Chinese-dominated supply chains.

    “We have an incredible set of cards in our critical mineral resources,” said Energy Minister Tim Hodgson. “These actions, with the support of our allies, are designed to make sure Canada has all the cards it needs in a world where access to critical minerals is becoming a tool of political and geopolitical coercion.”

    The newly announced projects aim to expand domestic production capacity for metals such as lithium, nickel, copper, and rare earth elements, supporting the transition to clean technologies and reinforcing the resilience of North America’s industrial base.

    Key funding allocations include:

    • C$25 million for Rio Tinto’s scandium plant in Quebec, which will supply the aerospace and defense sectors.

    • C$36.3 million for Ucore Rare Metals Inc. to expand its rare earths processing plant in Ontario.

    • Support for Northern Graphite Corp., Focus Graphite Inc., and Torngat Metals Ltd., alongside a new supply agreement between Canada, Panasonic Holdings Corp., and Traxys North America LLC to secure graphite for battery production.

    Shares of Nouveau Monde Graphite surged 24% intraday on news of the deal before closing 13% higher in Toronto, while Northern Graphite rose 29%.

    Not all financing is finalized: Norway’s Vianode AS, which plans to build a synthetic graphite plant in Ontario, received a letter of interest for up to $500 million in potential Canadian financing, plus $300 million in support from the German government.

    In parallel, Canada has designated critical minerals as essential to national defense and strategic interests, authorizing a domestic stockpiling program and participation in multilateral caching efforts with allies. The government intends to stockpile three types of critical minerals, though it did not disclose which ones.

    “These measures will strengthen our capabilities in strategic sectors and contribute to NATO and defense spending commitments,” Hodgson said. “By protecting domestic production under volatile global conditions, we ensure a secure supply of critical minerals to Canadian and allied defense industries.”

  • Kazakhstan Development Bank Launches $1 Billion Program to Finance Rare and Critical Minerals Projects

    Kazakhstan Development Bank Launches $1 Billion Program to Finance Rare and Critical Minerals Projects

    The Development Bank of Kazakhstan (DBK), a subsidiary of the national holding Baiterek, has announced a new $1 billion financing program to support projects in the extraction and processing of rare, rare earth, and critical materials for the period 2025–2030.

    The initiative is designed to become a key financial instrument for advancing high-tech industries in the country’s mining and metallurgical sector, in line with the strategic course set by Kazakhstan’s President to boost domestic value-added production.

    The program aims to support medium and large enterprises implementing investment projects in sectors deemed strategically important to Kazakhstan’s economy.

    Among its main features are a minimum loan threshold of 5 billion tenge (in any currency — dollars, euros, yuan, etc.), loan terms of up to 20 years, the abolition of financing arrangement and modification fees, and the inclusion of grace periods for borrowers.

    DBK emphasized that the program’s relevance stems from the strategic role of rare and critical materials in diversifying Kazakhstan’s industrial base and integrating the nation into global value and trade chains. It also contributes to the objectives of the Comprehensive Development Plan for the Rare and Rare Earth Metals Industry (2024–2028).

    “The launch of this program reflects the Bank’s strategic focus on supporting new growth drivers in the economy,” said Marat Yelibayev, Chairman of the Management Board of the Development Bank of Kazakhstan. “We are creating conditions for Kazakhstan to become a producer of high value-added products. This will help build new technological chains, enhance the competitiveness of domestic industry, and strengthen the country’s position in the global critical materials market.”

    Financing will target projects within the metallurgical industry, including mining and metallurgical complexes with processing capacity. Borrowers must confirm mineral reserves under the JORC international code. Eligible materials include rare earth elements (lanthanides, scandium, yttrium) and critical materials such as lithium, cobalt, tungsten, germanium, gallium, and graphite, all essential for high-tech industries, green energy, and electronics.

    The program is expected to stimulate technological and industrial development, expand DBK’s portfolio of long-term projects in high-tech sectors, and enhance the sustainability of financial flows. For Kazakhstan’s economy, it promises to create new jobs, increase exports of value-added products, promote domestic raw material processing, and consolidate the country’s role as a reliable global supplier of rare and critical materials.