Kazakhstan Plans to Increase Investment in Rare Earth Metals Production
Kazakhstan to Increase Investments in Rare Earth Metals Production
Kazakhstan is set to boost investments in the production of rare and rare earth metals, as announced by Kazakh Minister of Industry and Construction Kanat Sharlapayev during a meeting in the Mazhilis, the lower house of the Kazakh Parliament, on April 29.
The Comprehensive Plan for the Development of the Rare and Rare Earth Metals Industry for 2024–2028 has been approved, with plans to increase investment and production volume by 40%. Sharlapayev highlighted the crucial role of foreign economic relations in this initiative, noting that the ministry has strengthened cooperation with the European Union, the United States, and the United Kingdom.
Agreements have been reached with various international companies for joint projects in the industry. For instance, Kazakhstan has partnered with the German company HMS Bergbau AG for the development of lithium deposits, the British company Maritime House Ltd for the processing of secondary raw materials, and the U.S. Cove Capital Investments LLC for the processing of rare earth and critical metals.
The goal is to expand the mineral base, attract modern technologies, and enhance existing production capabilities. Sharlapayev emphasized the importance of positioning Kazakhstan in the global value chain.
In the metallurgical sector, there has been a 4.3% increase in production in the first quarter of the year. The target is to further boost production volumes by steel mills to 4 million tons by the end of the year.
Looking ahead, the plan includes doubling copper production by 2029, with the construction of a new copper smelter in the Abai Region. Additionally, steel production is projected to reach 10 million tons, with expansions at the Qarmet Karagandy metallurgical plant and the launch of new projects for special-purpose steel production.
Partnerships with companies like Eurasian Resources Group and China’s Baowu Steel will lead to advanced processing of iron ore raw materials in Rudny, ensuring a stable supply for steel production.
Overall, Kazakhstan’s efforts aim to strengthen its position in the global market for rare and rare earth metals, paving the way for economic growth and development in the country’s industrial sector.
