ByREUTERS
Updated:

US-based Cove Capital will develop a large tungsten deposit in Kazakhstan with the state mining firm JSC Tau-Ken Samruk under a deal being announced by the Trump administration as soon as Thursday.

Cove Capital will control 70% of the joint venture, while Tau-Ken Samruk will control product marketing, according to a document seen by Reuters.

Costs to develop the project were estimated at $1.1 billion, while the US Export-Import Bank issued letter of interest to fund $900 million.

U.S. President Donald Trump attends a dinner with the leaders of the C5+1Central Asian countries of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, in the East Room of the White House in Washington, D.C., U.S., November 6, 2025.
U.S. President Donald Trump attends a dinner with the leaders of the C5+1Central Asian countries of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, in the East Room of the White House in Washington, D.C., U.S., November 6, 2025. (credit: REUTERS/Nathan Howard)

The deal was announced after US Special Envoy Steve Witkoff announced the country joined the Abraham Accords.

Uzbekistan signs trade deal with US worth possible $100 billion

The United States and Uzbekistan have reached a trade and economic deal, President Donald Trump said on Thursday, stating that Uzbekistan plans to purchase and invest $35 billion in the next three years and more than $100 billion in the next 10 years in some US sectors.