MINEX Forum

Website: Eurasia.com

  • 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.

  • 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.

  • Trump Hails “Incredible $100 Billion Deal” Between the U.S. and Uzbekistan

    Trump Hails “Incredible $100 Billion Deal” Between the U.S. and Uzbekistan

    The United States and Uzbekistan have signed a series of major agreements covering critical minerals, agriculture, infrastructure, aviation, and technology, marking what U.S. President Donald Trump called an “incredible trade and economic deal worth $100 billion.”

    The signing ceremony took place on November 6 in Washington, D.C., following a business roundtable attended by Uzbek President Shavkat Mirziyoyev and U.S. Secretary of Commerce Howard Lutnick. The deals involve both government bodies and major American corporations, signaling a new phase of strategic economic cooperation between the two nations.

    Key Agreements Signed

    • Rare Earth Elements Cooperation:
      Agreement between the Uzbek Ministry of Geology and Denali Exploration Group on the exploration and production of rare earth elements.

    • Critical Minerals Projects:
      The Uzbek Reconstruction and Development Fund signed an accord with Re Element Technologies to develop rare earth and critical metals projects.

    • Pumping Station Modernization:
      Partnership between the Ministry of Investment, Industry, and Trade and Flowserve Corporation to modernize Uzbekistan’s water infrastructure.

    • Water-Saving Technologies:
      Agreement between the Ministry of Agriculture and Valmont Industries Inc. on implementing advanced irrigation and water-efficient technologies.

    • Artificial Intelligence Cooperation:
      Memorandum between the Ministry of Digital Technologies and Palo Alto Networks to expand collaboration in artificial intelligence and cybersecurity.

    • Aviation Contract:
      Uzbekistan Airways signed a major expansion deal with Boeing, increasing its firm order for 787-9 Dreamliner aircraft from 14 to 22 jets.

    • Agricultural Trade:

      • Contract between Datacrop (Uzbekistan) and Louis Dreyfus Company (U.S.) for the supply of soybeans and soybean meal.

      • Agreement between Uzsanatexport and Cargill for the supply of cotton.

    Trump’s Statement

    On his Truth Social page, President Donald Trump announced the deal, calling it “one of the most significant trade achievements” between the two countries:

    “I am pleased to announce an incredible trade and economic agreement between the United States and Uzbekistan. Over the next three years, Uzbekistan will purchase and invest nearly $35 billion, and over the following decade more than $100 billion, in key U.S. industries including critical minerals, aviation, automotive components, infrastructure, agriculture, energy, chemicals, and information technology,” Trump wrote.

    He also thanked President Shavkat Mirziyoyev for his leadership and partnership:

    “I want to thank the highly respected President of Uzbekistan, Shavkat Mirziyoyev. We look forward to a long and fruitful relationship between our nations.”

    Strategic Context

    The landmark agreements underline Uzbekistan’s expanding cooperation with U.S. industries as it pursues rapid modernization across its energy, mining, and technology sectors.

    For Washington, the deal strengthens access to critical raw materials such as rare earths and lithium, aligning with broader U.S. efforts to diversify supply chains away from China.

  • Savannah Resources Raises £9.2 Million in Oversubscribed Fundraise to Advance Barroso Lithium Project

    Savannah Resources Raises £9.2 Million in Oversubscribed Fundraise to Advance Barroso Lithium Project

    Savannah Resources Plc (AIM: SAV, FWB: SAV, SWB: SAV) announced it has successfully completed an oversubscribed £9.2 million (US$12 million) capital raise through a Placing and Subscription, with strong demand from existing and new institutional investors.

    The fundraising, managed through an accelerated bookbuild by SP Angel Corporate Finance LLP (Global Coordinator and Joint Bookrunner), alongside Canaccord Genuity Limited, Caixa-Banco de Investimento S.A., and Alantra Equities S.V. S.A., was significantly oversubscribed and scaled back as a result.

    The Company raised £5.9 million (US$7.6 million) via the Placing of 158.7 million shares and a further minimum £3.4 million (US$4.4 million) through a Subscription of at least 90.8 million shares, both at an issue price of 3.7 pence per share.

    Savannah’s Retail Offer remains open until 12:00 p.m. on 11 November 2025, after which final subscription totals will be confirmed.

    Use of Proceeds

    Net proceeds from the fundraise will strengthen Savannah’s financial position and accelerate development of the Barroso Lithium Project in northern Portugal — the largest battery-grade spodumene lithium resource in Europe and a European Commission “Strategic Project” under the Critical Raw Materials Act.

    Funds will be used to:

    • Acquire the Aldeia Mining Lease, which contains the highest-grade deposit within the Barroso Project area.

    • Advance Front-End Engineering Design (FEED) and long-lead item procurement.

    • Progress grid connection work and land control for infrastructure.

    • Cover project financing costs and provide additional working capital.

    CEO Statement

    Emanuel Proença, Chief Executive Officer, commented:

    “The strong demand from investors, which exceeded our US$12 million target, reflects growing confidence in the Barroso Lithium Project and renewed optimism in the lithium sector.

    With total cash reserves of approximately £20 million (US$26 million), Savannah is well positioned to move beyond the DFS and into pre-construction with confidence.

    The additional capital allows us to acquire the Aldeia Mining Lease and further progress critical workstreams ahead of construction.”

    Proença added that Savannah continues to expand its institutional investor base across Portugal, the UK, and Europe, with participation from both sector specialists and generalist investors. Retail investors are now able to participate through the open offer.

    Related Party Participation

    Key management and major shareholders took part in the subscription:

    Participant Subscription Shares Value (£) Resulting Shareholding
    Rick Anthon (Chairman) 550,676 £20,375 1,264,962 shares
    Emanuel Proença (CEO) 387,676 £14,352 3,124,556 shares
    Henrique Freire (CFO) 220,050 £8,135 2,520,050 shares

    Major shareholders also increased their stakes:

    • AMG Lithium B.V. subscribed for 39.1 million shares, bringing its total to 400.8 million shares.

    • Grupo Lusiaves SGPS, S.A. subscribed for 24.95 million shares (total 255.9 million).

    • Pluris Investments S.A. subscribed for 24.95 million shares (total 255.9 million).

    Their participation constitutes a related party transaction under AIM Rule 13. Independent directors Diogo da Silveira and Bruce Griffin reviewed the terms and deemed them fair and reasonable for shareholders.

    Admission and Next Steps

    Application has been made for the new shares to be admitted to trading on AIM. Dealings in the Placing and Subscription Shares are expected to commence at 8:00 a.m. on 12 November 2025.

    A separate announcement will follow for the Retail Offer results and Admission of additional shares.

    About Savannah Resources

    Savannah Resources Plc is a European lithium development company focused on the Barroso Lithium Project in northern Portugal. Once operational, the project is expected to produce around 190,000 tonnes per year of spodumene concentrate, enough lithium for approximately 500,000 electric vehicle battery packs annually.

    Through responsible development, Savannah aims to support Europe’s energy transition and contribute to the EU’s target of 10% domestic lithium supply by 2030.

  • 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.

  • Sarytogan Graphite Secures $1.4 Million Top-Up from EBRD to Advance Definitive Feasibility Study

    Sarytogan Graphite Secures $1.4 Million Top-Up from EBRD to Advance Definitive Feasibility Study

    Sarytogan Graphite Limited (ASX: SGA), a key player in the mining industry specializing in natural graphite extraction, has announced a $1.4 million top-up placement from the European Bank for Reconstruction and Development (EBRD). This follows a previous $5 million investment, bringing EBRD’s total investment in the company to $6.4 million. The funding is part of a broader package aimed at supporting Sarytogan’s Definitive Feasibility Study, which is on track for completion by mid-2026.

    The additional investment will increase EBRD’s shareholding in Sarytogan Graphite Limited from 17.3% to 19.99%. This increased stake reflects the EBRD’s confidence in the company’s operations and its strategic positioning in the critical raw materials market.

    Sarytogan’s primary project, the Sarytogan Graphite Deposit located in the Karaganda region of Central Kazakhstan, is recognized as a Strategic Project under the European Union’s Critical Raw Materials Act. This designation underscores the project’s importance in supplying sustainable critical raw materials, particularly for battery production and other strategic uses.

    The company’s focus on sustainable mining practices and its strategic location make it a vital player in the global supply chain for critical raw materials. The completion of the Definitive Feasibility Study will be a significant milestone, providing a clearer picture of the project’s potential and its role in meeting the growing demand for graphite in various industries.

  • Kazakhstan and the US Ink Critical Minerals Agreement

    Kazakhstan and the US Ink Critical Minerals Agreement

    A memorandum of understanding (MOU) on critical minerals was signed by Kazakhstan, the world’s leading uranium producer, and the United States government. The agreement was formalised by Yersayin Nagaspayev, Kazakhstan’s Minister of Industry and Construction, and U.S. Secretary of Commerce Howard Lutnick during a Washington meeting, as announced by the Press Office of the President of Kazakhstan on Thursday.

    The signing followed a meeting between Tokayev and U.S. administration officials, including Secretary of State Marco Rubio and Special Envoy for South and Central Asian Affairs Sergio Gor. In a separate statement, Tokayev highlighted the “excellent opportunities” for enhancing the strategic partnership between Kazakhstan and the U.S. through economic cooperation.

    Strategic Rare Earth Ventures

    The MOU signing marks another strategic move by the U.S. to secure future supplies of rare earth elements, aiming to reduce China’s dominance in this sector. Kazakhstan, largely unexplored, presents a promising opportunity. Earlier this year, the deputy chairman of Kazakhstan’s industry and construction ministry noted the nation’s “promising reserves” of rare earth minerals, suggesting it could become one of the world’s top 10 producers if forecasts are confirmed. This is supported by the discovery of the substantial Kuyrektykol deposit, which, if verified, would place Kazakhstan behind only China and Brazil in reserve size.

    According to official geologic data, Kazakhstan has over 980 solid mineral deposits. Since 2018, it has issued 2,906 exploration licenses and 111 production licenses, with only a dozen sites currently under exploration. Over the past five years, Kazakhstan has attracted about $1 billion in private investment into the mining sector.

    U.S. Investment and Tungsten Reserves

    U.S. investors are taking notice. In March, New York-based private equity firm Cove Capital formed a joint venture with JSC Qazgeology, Kazakhstan’s national geological exploration company, to advance the Akbulak Rare Earth Project in the Kostanay region. This project involves geological surveys, feasibility studies, and exploration work, with Akbulak hosting a historical resource of 380,000 tonnes of rare earth oxides, including neodymium and praseodymium.

    The Trump administration has been strengthening ties with Kazakhstan for some time. In September, the Commerce Department assisted Pittsburgh-based manufacturer Wabtec in securing a $4.2 billion locomotive order.

    Although Kazakhstan is not ranked by the U.S. Geological Survey among the top countries for recoverable tungsten deposits, it is estimated to have over 2 million tonnes of the mineral in reserve. China currently accounts for about 80% of global tungsten concentrate production, according to U.S. Geological Survey data.