Jiaxin International Resources Investment Limited (Jiaxin International) has announced plans to collaborate with Kazakh Invest on a deep processing tungsten project in the Almaty Region. The news was reported by Kazakh Invest following a meeting on August 24.
Liu LiQiang, Chairman of Jiaxin International, detailed the project’s two-stage plan. Initially, the company will process tungsten ore into a concentrate containing 65% tungsten. The subsequent phase will involve the production of ammonium paratungstate and further processing into tungsten carbide powder.
Valued at $450 million, the investment is expected to generate over 1,000 jobs and yield an annual plant capacity of 3.3 million tons of ore.
Jiaxin International is a global leader in the extraction of tungsten mineral resources. The company specializes in the complete tungsten industry chain, encompassing everything from exploration and mining to the processing and smelting of tungsten mineral products.
The meeting, which focused on bolstering investment activity in Kazakhstan’s mining sector, also included representatives from the China Overseas Development Association (CODA).
He Zhenwei, President of CODA, highlighted the strategic importance of the partnership between CODA and Kazakh Invest.
Meirzhan Yussupov, the head of Kazakh Invest, emphasized the crucial role that Chinese companies play as key partners in Kazakhstan’s large investment projects, contributing actively to the country’s industrialization.
CODA is a public organization that supports Chinese enterprises in entering foreign markets. It aids in their international activities and cooperation, particularly under initiatives such as the Belt and Road.