Tau-Ken Samruk, Kazakhstan’s national mining company and a subsidiary of sovereign wealth fund Samruk-Kazyna, has agreed to sell a 70% stake in the North Katpar tungsten deposit to U.S.-based Cove Kaz Capital Group LLC.
The company said it approved the transaction on April 16. The share purchase agreement for a 70% stake in Severny Katpar LLP — the project operator — was reportedly signed on Feb. 13, 2026.
Project scope and resource base
Severny Katpar LLP is engaged in the exploration and production of tungsten-molybdenum ores at the North Katpar and Upper Kairakty deposits in Kazakhstan’s Karaganda region. The North Katpar deposit is estimated to contain about 90,000 tons of tungsten and 13,000 tons of molybdenum.
Read also: Tungsten titan: China’s Boguty project made Kazakhstan a top producer.
According to Kazakhstan’s eGov registry, Severny Katpar LLP remains wholly owned by Tau-Ken Samruk, suggesting the ownership transfer has not yet been reflected in official records.
Background and prior agreements
Cove Kaz Capital Group LLC is part of the international investment group Cove Capital LLC, which has been investing in mining projects from exploration through construction since 2015. The firm has offices in the U.S. and Australia.
Cove Capital has committed to invest at least $1.1 billion in the project. The Export-Import Bank of the United States (EXIM) has indicated it could provide up to $900 million in financing.
The project is expected to create about 2,000 jobs in Kazakhstan, with priority given to local workers.
