Cove KAZ Capital to extend North Katpar tungsten license in Kazakhstan

September 18, 2026 at 05:22 PM2 min

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Cove KAZ Capital Group is extending the North Katpar tungsten deposit license in Karaganda Region, with the current license expiring November 2, 2027. The company is completing environmental approvals and plans to submit the extension application to the ministry this year. The project could draw up to $2 billion in investment, with a minimum of $1.1 billion.

Key Facts

The North Katpar license expires November 2, 2027, and Cove KAZ Capital Group is in the process of extending it.
Cove KAZ Capital Group holds 70% of North Katpar, while national company Tau-Ken Samruk retains 30%.
Tau-Ken Samruk initiated the license extension procedure in August 2025, when it fully owned North Katpar.
Cove KAZ Capital Group CEO Dominic Heaton said the investor could put up to $2 billion into the deposit, with a minimum of $1.1 billion.
Initial investments in 2025 were estimated at $1.1 billion, including $900 million expected from the U.S. Export-Import Bank.

License Extension Process

Cove KAZ Capital Group country director Alibek Kazbekuly confirmed the company is extending the North Katpar subsoil use license. The license expires November 2, 2027, and the company is completing environmental approvals before submitting the application to the ministry this year. Tau-Ken Samruk started the extension procedure in August 2025, when it owned 100% of North Katpar. Kazbekuly said the extension must be resolved as quickly as possible because it is an important factor for the foreign investor.

Ownership and Investment

Cove KAZ Capital Group, part of U.S.-based Cove Capital, holds a 70% stake in North Katpar, while Tau-Ken Samruk holds 30%. Cove KAZ Capital Group CEO Dominic Heaton said the investor could invest up to $2 billion in developing the deposit, with a minimum of $1.1 billion. Under the agreement, the American partner provides the funding, while Tau-Ken Samruk entered the project mainly with the license and has no obligation to invest cash. Initial investments in 2025 were estimated at $1.1 billion, including $900 million expected from the U.S. Export-Import Bank, later revised to $1.6 billion with $700 million from the U.S. International Development Finance Corporation.

Project Timeline

On August 28, a ceremony at the North Katpar tungsten deposit in Shet District, Karaganda Region, marked the start of the practical phase of the future mining project. North Katpar is currently conducting additional exploration and will present a final feasibility study in 2027, when project details will be known. Cove KAZ Capital Group hopes the local akimat will help finance construction of a road to the deposit, which is currently a dirt road that becomes impassable in spring or after heavy rains.