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ASTANA – Kazakhstan intends to increase investments in the production of rare and rare earth metals, said Kazakh Minister of Industry and Construction Kanat Sharlapayev at an April 29 meeting in the Mazhilis, the lower house of the Kazakh Parliament, reported Mazhilis’ press service.“The Comprehensive Plan for the Development of the Rare and Rare Earth Metals Industry for 2024–2028 was approved, suggesting an increase in investment and production volume by 40%. The key role is played by the foreign economic relations of the state. The ministry has consolidated cooperation with the European Union (EU), the United States and the United Kingdom (UK),” said Sharlapayev.
According to him, Kazakhstan concluded agreements with the German company HMS Bergbau AG on the joint development of lithium deposits worth $500 million, the British company Maritime House Ltd on the processing of secondary raw materials and the U.S. Cove Capital Investments LLC on the processing of rare earth and critical metals.
“We set a goal to increase the mineral base, attract modern technologies, and expand existing production. The most important thing is to strengthen the role of Kazakhstan in the middle link of the global value chain,” said Sharlapayev.
According to Sharlapayev, the metallurgical sector saw a 4.3% increase in production in January-March. By the end of the year, it is planned to ensure growth by increasing production volumes by steel mills to 4 million tons.
“In the medium term, until 2029, it is planned to double the volume of copper production from 450,000 to 1 million tons through the implementation of a new copper smelter project in the Abai Region,” he said, underlining that the facility is supposed to process the entire volume of exported copper concentrate.
Sharlapayev noted that steel production will increase to 10 million tons due to the expansion of the Qarmet Karagandy metallurgical plant and the implementation of new projects for the production of special-purpose steel — Kazakhsteel — with a capacity of 1.2 million tons.
The Eurasian Resources Group (ERG), one of the world’s leading and most diversified companies in mining and processing natural resources, and China’s Baowu Steel plan to launch advanced processing of iron ore raw materials in Rudny. The manufacturing of hot briquetted iron will provide 100% of the raw material base for steel production.
“Source: Astana Times”
