Akmaya Tungsten, which plans to build a mining and processing plant at the Akmaya tungsten deposit in Kazakhstan’s Karaganda region, expects to export its products to the U.S., Europe, Japan and South Korea, according to a draft project report outlining potential development plans.
The company said the project would help strengthen Kazakhstan’s position in the global market for strategic minerals.
«Annual mining and processing of up to 1 million tons of ore will enable Kazakhstan to secure a strong position among the world’s leading producers and exporters of tungsten products,» the report states.
The document also notes that tungsten is classified as a strategically important metal by the European Union, the U.S., Japan and South Korea. Akmaya Tungsten said the project could boost Kazakhstan’s investment appeal in the mining sector and increase exports of higher-value products through domestic processing.
Processing and production plans
The proposed facility would include a processing plant capable of handling 1 million tons of ore annually, along with a metallurgical plant designed to produce 1,000 tons of ferrotungsten (FV72 grade) per year.
According to the company, mining operations are expected to run for 10 years, from 2028 through 2037. During that period, approximately 9.55 million tons of ore would be processed.
The facility is expected to operate in two 11-hour shifts for 343 days each year.
Strategic deposit location
The Akmaya deposit is located in the Shet district of the Karaganda region, about 4 kilometers northeast of the Northern Katpar tungsten deposit and 8.6 kilometers north of the village of Upper Kairakty, near another major tungsten deposit.
Financing under review
The project is listed by the Development Bank of Kazakhstan, a subsidiary of Kazakhstan’s sovereign wealth fund, Samruk-Kazyna.
According to the bank, all required loan documentation has been submitted, but the project remains at the preliminary analysis stage. The estimated investment cost has not been publicly disclosed.
Ownership structure
Akmaya Tungsten is jointly owned by Verbier Mining and Timur Ospanov. Ospanov also serves as CEO of Verbier Mining, whose sole shareholder is Dutch-registered Sajak B.V.
Additionally, Ospanov heads several Kazakhstan-based mining and resource companies, including Lacus Mining, Sary Arka Minerals, Varsa Resource Partners, Moyinty Minerals, Arx Processing and TKM Limited.
