DFC Weighs Loan for 2-Site Kazakhstan Tungsten Project Backed by Cove Kaz
Updated
Updated · The New York Times · Jun 28
DFC Weighs Loan for 2-Site Kazakhstan Tungsten Project Backed by Cove Kaz
1 articles · Updated · The New York Times · Jun 28
Summary
A July 29 letter shows the U.S. International Development Finance Corporation is willing to consider a formal loan application for Cove Kaz Capital Group’s Kazakhstan tungsten project, but made clear it is not a financing commitment.
The proposal covers construction and operations at Northern Katpar and development of a processing facility at Upper Kairakty, with DFC conditioning any support on financial, legal, environmental, social and know-your-customer reviews.
DFC said its willingness to review the application expires 1 year from the letter date unless the process advances, leaving the project subject to multiple internal approvals.
An April 14 letter from U.S. Commerce Secretary Howard Lutnick to President Kassym-Jomart Tokayev had already urged Kazakhstan to back Cove Kaz, framing the project as part of a broader U.S.-Kazakhstan push to secure critical-minerals supply chains.