Cove Capital and Tau-Ken Samruk Forge Deal to Tap Kazakhstan's Rich Tungsten Deposit

Cove Capital, in partnership with Kazakhstan's state mining firm JSC Tau-Ken Samruk, plans to develop a massive tungsten reserve. The enterprise, highlighted by the Trump administration, involves significant U.S. investment, including a potential $900 million from the U.S. Export-Import Bank for the $1.1 billion project.

In a significant move for the mining sector, Cove Capital is set to embark on a joint venture with Kazakhstan's state mining entity, JSC Tau-Ken Samruk, to develop a substantial tungsten deposit.

The endeavor, unveiled by the Trump administration, will see Cove Capital holding a majority 70% stake in the partnership, with Tau-Ken Samruk responsible for the marketing of the mined material.

Financial backing looks promising, as the U.S. Export-Import Bank has expressed interest in funding $900 million of the estimated $1.1 billion needed for the project's development.

(With inputs from agencies.)