Roman Sklyar: Kazakhstan invites Chinese companies to develop rare earth metal deposits

Astana is looking forward to the participation of Chinese companies in the development of rare earth metal (REM) deposits in Kazakhstan, Kazakhstan’s First Deputy Prime Minister Roman Sklyar said during the opening of the second China–Central Asia Industrial and Investment Forum on Monday, according to Report's Kazakhstan bureau.

He said Kazakhstan’s subsoil contains about 5,000 unexplored deposits of various mineral resources.

"Kazakhstan is focusing on two key areas: the production of heat-resistant nickel alloys and battery materials. Rare earth metals are essentially the new oil. In this sector, Kazakhstan follows a pragmatic formula of 'investment and technology in exchange for raw materials.' We are counting on experience sharing and the implementation of concrete projects in this field with Chinese companies,” said Sklyar.

He promised Chinese investors access to resources, infrastructure, and export support.

He also noted that during the forum, the Kazakh government and China would sign an updated agreement "On the Promotion and Mutual Protection of Investments."

"This document will create even more favorable conditions for Chinese investors working in our country. Incentives and preferences include tax and customs duty exemptions, the provision of grants, and resolution of infrastructure issues," the official emphasized.