Kazakhstan and the United States have signed a memorandum of understanding on cooperation in critical minerals, the Kazakh presidential press service Akorda announced on Thursday.
The agreement was signed by Kazakhstan’s Minister of Industry and Construction Yersain Nagaspayev and U.S. Secretary of Commerce Howard Lutnik, in the presence of President Kassym-Jomart Tokayev, who arrived in Washington on Wednesday.
The signing followed a meeting between Tokayev and senior U.S. officials, including Secretary of State Marco Rubio and Special Envoy for South and Central Asian Affairs Sergio Gor.
The agreement is part of a suite of deals announced between Washington and Astana to tighten economic partnerships between the countries.
Both sides reaffirmed their commitment to securing access to critical minerals and enhancing energy security, while strengthening U.S. supply chains and creating new commercial opportunities for both nations.
According to a statement from Akorda, Tokayev highlighted the “excellent opportunities” to strengthen the strategic partnership between Kazakhstan and the U.S. through expanded economic cooperation.
“Our country maintains active political ties with the United States at various levels and is ready to engage in constructive dialogue to deepen multifaceted cooperation,” the statement said.
The U.S. State Department confirmed that Tokayev and Rubio discussed expanding trade and investment, as well as boosting cooperation in energy, technology, and infrastructure.
Cove Capital
Mining investment firm Cove Capital will develop a large tungsten deposit in Kazakhstan with the state mining firm JSC Tau-Ken Samruk under the deal.
Cove Capital will control 70% of a joint venture and sales of the metal, with Tau-Ken Samruk controlling the remaining 30%, according to a document seen by Reuters. Costs to develop the Northern Katpar and Upper Kairakty projects - in the country's east - are estimated at $1.1 billion, while the U.S. Export-Import Bank has issued a letter of interest to fund $900 million.
Tungsten, used to harden steel for a range of industries, is considered a critical mineral by the U.S. government.
The U.S. has not mined the metal since 2015 and China is by far the world's largest producer.
Supplies of the metal from the Kazakhstan projects will be used "to prioritise U.S. government and American commercial needs," according to the document.
"This is a generational win for the U.S. and its critical minerals needs," Cove CEO Pini Althaus told Reuters.
Mine construction should start within two years and production should commence within 3-1/2 years, with refining also occurring inside Kazakhstan, Althaus added.
C5+1 Summit
The two leaders met ahead of the C5+1 Summit. This year’s Summit marks the 10th anniversary of the platform, includes the U.S., Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, and focuses on regional economic and security cooperation.
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