ALMATY, Nov. 7 (Xinhua) -- Kazakhstan's national mining company Tau-Ken Samruk and U.S.-based mining investment firm Cove Capital have signed an agreement on the joint development of a major Kazakh tungsten deposit project, Kazakhstan's sovereign wealth fund Samruk-Kazyna said Friday.
Under the agreement, Cove Capital will participate in the development of the Northern Katpar and Upper Kayrakty tungsten deposit project in eastern Kazakhstan, the press service of Samruk-Kazyna said.
The document was signed on the sidelines of the C5+1 summit in Washington, D.C., with total investments of around 1.1 billion U.S. dollars, it said.
The press service added that the Northern Katpar and Upper Kayrakty deposits are among the world's largest, according to the Joint Ore Reserves Committee standards, and that the project's implementation is expected to boost the development of Kazakhstan's domestic mining industry. ■