Kazakhstan plans to boost investments in the production of rare and rare earth metals. Kanat Sharlapayev, Kazakh Minister of Industry and Construction, announced this during a meeting in the Mazhilis, the lower house of the Kazakh Parliament.
The Comprehensive Plan for the Development of the Rare and Rare Earth Metals Industry for 2024–2028 was approved, to increase investment and production volume by 40%. Foreign economic relations are set to play a pivotal role in this endeavour, with the ministry strengthening cooperation with the European Union (EU), the United States, and the United Kingdom (UK).
Kazakhstan signed agreements with several entities, including a $500 mn deal with German company HMS Bergbau AG for the joint development of lithium deposits, a partnership with British company Maritime House for the processing of secondary raw materials, and an agreement with U.S. Cove Capital Investments for the processing of rare earth and critical metals.
Sharlapayev emphasized the importance of increasing the mineral base, attracting modern technologies, and expanding existing production facilities. Kazakhstan aims to strengthen its position in the middle link of the global value chain through these initiatives.
The metallurgical sector has already witnessed a 4.3% increase in production in 1Q24. Plans are in place to further boost production volumes by steel mills to 4 mn tons by the end of the year. Additionally, there are plans to double the volume of copper production from 450,000 to 1 mn tons by 2029 through the implementation of a new copper smelter project in the Abai Region.
Steel production is expected to reach 10 mn tons, thanks to the expansion of the Qarmet Karagandy metallurgical plant and the launch of new projects for the production of special-purpose steel — Kazakhsteel — with a capacity of 1.2 mn tons.
The Eurasian Resources Group (ERG) and China’s Baowu Steel are set to collaborate on advanced processing of iron ore raw materials in Rudny. This move will enable the manufacturing of hot briquetted iron, providing 100% of the raw material base for steel production.
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