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25/06/2024
Mining News

Kazakhstan unveils ambitious growth strategy for rare metals sector

“The Comprehensive Plan for the Development of the Rare and Rare Earth Metals Industry for 2024–2028 has been approved, with a projected 40% increase in investment and production volume,” stated Kazakh Minister of Industry and Construction Kanat Sharlapayev.

According to him, Kazakhstan has forged agreements with foreign partners to bolster its position in the global market. Deals include a $500 million joint venture with German company HMS Bergbau AG for lithium deposits development, a collaboration with British firm Maritime House Ltd for secondary raw material processing, and a partnership with U.S.-based Cove Capital Investments LLC for rare earth and critical metals processing.

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“Our aim is to enhance our mineral resources, attract modern technologies, and expand current production capabilities, thus solidifying Kazakhstan’s role in the global value chain,” Sharlapayev emphasized.

The metallurgical sector witnessed a 4.3% production uptick in January-March, with plans to boost steel mill output to 4 million tons by year-end. Additionally, a new copper smelter project in the Abai Region aims to double copper production to 1 million tons by 2029, processing the entire exported copper concentrate volume.

“Steel production is set to increase to 10 million tons through the expansion of the Qarmet Karagandy metallurgical plant and the introduction of new projects such as Kazakhsteel, targeting 1.2 million tons of special-purpose steel,” Sharlapayev elaborated.

The Eurasian Resources Group (ERG) and China’s Baowu Steel are set to inaugurate advanced iron ore processing in Rudny, ensuring a full raw material base for steel production with the manufacturing of hot briquetted iron.

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