Project Resources
Kazakhstan is the country that initiated the Belt and Road Initiative. China and Kazakhstan have achieved fruitful results in the joint construction of the Belt and Road Initiative. More than 45 production capacity cooperation projects have been established between the two countries, and China and Kazakhstan have also signed the Cooperation Plan on the Docking of the Construction of the Silk Road Economic Belt and the New Economic Policy of the Bright Road. In the list of Sino-Kazakh cooperation projects, investment in the oil and gas sector accounts for about half, while the rest is distributed in mining and ore processing, machinery manufacturing, energy, food production and other industries. The Belt and Road Initiative between China and Kazakhstan has injected new vitality into China-Kazakhstan cooperation and promoted the coordinated development of the tungsten industry at the policy level. In addition, the Government of Kazakhstan has issued a number of regulations and programmes that are beneficial to the mining industry. For example, the "Kazakhstan 2050 Development Strategy" is a strategic plan of the Government of Kazakhstan published in 2012 to identify new markets in Kazakhstan where productive partnerships can be formed and a favourable investment climate created. As China has established a long-term partnership with Kazakhstan, these preferential policies provide a more friendly environment for Chinese enterprises to operate in Kazakhstan and promote the development of tungsten industry in China and Kazakhstan.
Our Boguty Tungsten Mine is located in the Yenbekshikazakh area of Almaty Oblast, and is accessible from Almaty, Kazakhstan and Khorgos Port, which connects Kazakhstan to China, via the national highway. In addition, the railway connecting Khorgos to Almaty is located about 20 kilometers north of the Boguty tungsten mine.which is expected to enable smooth transportation of our products after we commence commercial production.
We hold the exclusive mining rights (the rights for exploration for and extraction of tungsten ore) of the Boguty tungsten mine under the Subsoil Use Contract No. 4608-TPI (as amended and supplemented by four subsequently agreed addenda, the “SSU Contract”) with the relevant competent authority in Kazakhstan. The contract area for mining is stated at 1.16 k㎡ and allows exploitation for up to a maximum depth of 300 m below surface, with a term of 25 years from June 2, 2015 to June 2, 2040.
According to Frost & Sullivan, as of December 31, 2024, Boguty Tungsten Mine was the world’s largest open-pit tungsten mine in terms of Mineral Resources of tungsten trioxide (WO3), also the world’s fourth largest tungsten mine (including both open-pit and underground tungsten mines) in terms of Mineral Resources of WO3, having the world’s largest designed tungsten concentrate production capacity among single tungsten mines.
According to the Independent Technical Report, the estimated Mineral Resources of our Boguty tungsten mine under the JORC Code as of June 30, 2025 were approximately 107.5 Mt ore at 0.211% WO3, which correspond to 227.3 kt WO3, comprising 95.6 Mt of Indicated Resources at 0.209% WO3 and 11.9 Mt of Inferred Resources at 0.228% WO3, and our Boguty tungsten mine hosted Probable Ore Reserves in accordance with the JORC Code guidelines as of June 30, 2025, i.e., 68.4 Mt of ore with an average grade of 0.206% WO3, equivalent to 140.8 kt WO3.
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