White & Case advises Cove Kaz Capital Group on signing of definitive agreements for landmark tungsten project

Global law firm White & Case LLP advised Cove Kaz Capital Group, a portfolio company of Cove Capital LLC, on the signing of definitive transaction documents with Tau-Ken Samruk National Mining Company, including a share purchase agreement (SPA) and shareholders' agreement (SHA), to advance the Northern Katpar and Upper Kairakty tungsten projects in Kazakhstan.

Under the joint venture structure, Cove Kaz will hold a 70 percent ownership interest and Tau-Ken Samruk will retain 30 percent ownership interest in Severniy Katpar LLP. The projects represent the world's largest undeveloped tungsten resource globally, with a combined annual production target of 12,000 metric tons, about 15 percent of current global output.

With the SPA and SHA executed, Cove Kaz is moving forward with a definitive feasibility study and plans for downstream refining. The project is expected to create approximately 2,000 jobs and strengthen Kazakhstan’s role in the global critical minerals supply chain. The development has received strong support from both the US and Kazakh governments, including letters of interest for up to US$1.6 billion in financing from the Export-Import Bank of the United States and the US International Development Finance Corporation.

The White & Case team is led by partners Carolyn Lamm (Washington, DC) and Maxim Telemtayev (Astana), and includes partners Martin Menski (Washington, DC), John Vetterli and Keith Hallam (both in New York), and Morgan Hollins (Houston).

Press contact
For more information please speak to your local media contact.