Kazakhstani Critical Minerals: What a Pity! The World's Largest Undeveloped Tungsten Mine Is Located in the United States, Previously Negotiated with Chinese Enterprises
Local Kazakh Media: The Development Rights of the North Katpar Tungsten Mine Belong to an American Company, Previously "Only a Handshake and No Deal" with Chinese Enterprises
Kazakhstan International News Agency - The Kazakhstan National Mining Company "Tau-Ken Samruk" responded to the media regarding the issue that "the North Katpar Tungsten Mine had negotiations with Chinese enterprises", stating formally to Kazakh Press: the mine has never signed any legally binding agreement with Xiamen Tungsten Co., Ltd. (Xiamen Tungsten Co., Ltd.), nor has it transferred any shares or development rights to it.
Previously, during President Kassym-Jomart Tokayev's visit to the United States and participation in the C5+1 Summit, "Tau-Ken Samruk" signed a cooperation agreement with the American Cove Capital company to jointly develop the North Katpar (Sol'tüstik Katpar) and Upper Kayrakty (Jog'ari Kayrakty) tungsten mines located in Karaganda region. The U.S. Export-Import Bank expressed willingness to provide up to 900 million USD financing for this project.
According to Reuters, the equity structure of the joint venture is: Cove Capital holds 70%, and the Kazakhstan National Mining Company holds 30%.
Regarding the fact that Xiamen Tungsten Co. had shown interest in the mine in 2018, "Tau-Ken Samruk" responded:
At that time, both sides only signed a Memorandum of Understanding and a Term Sheet, which are non-binding intention documents. Subsequently, due to the failure of the main shareholders of Xiamen Tungsten Co. to approve, the company voluntarily withdrew from the project. No shares or development rights of the North Katpar and Upper Kayrakty mines have ever been transferred.
The company emphasized that the latest agreement reached with the American Cove Capital does not constitute a breach or modification of any so-called "previous agreement," because there was no legally binding Chinese agreement in existence.
"Tau-Ken Samruk" specifically pointed out that all actions of the company fully comply with Kazakhstani laws and international treaty obligations.
Thus, the development rights of the North Katpar Tungsten Mine have officially fallen into American capital, and this project is considered the latest landmark achievement of Kazakhstan attracting Western mining investment.
Original article: www.toutiao.com/article/1849984888877320/
Statement: This article represents the views of the author.