Kazakhstan, US to develop one of biggest tungsten deposits in world

Kazakhstan's Tau-Ken Samruk and the US company Cove Capital announced the creation of a joint venture to develop some of the world's largest undeveloped tungsten (wolfram) deposits, reads a statement by Samruk-Kazyna, Report informs referring to Kazakh media.

The companies signed an agreement to jointly develop the North Katpar and Upper Kairakty tungsten deposits, located in the Karaganda region. The investment volume is approximately $1.1 billion.

"Preparatory work has begun on the final feasibility study for the North Katpar project, including primary refining capacity in Kazakhstan for the production of ammonium paratungstate," reads the statement.

The deposits are among the largest in the world, with total tungsten reserves under JORC standards amounting to 410,000 tons. The project's implementation will contribute to the development of the domestic mining industry, Samruk-Kazyna emphasized.