Development Bank of Kazakhstan launches $1 bln program to finance rare earth mining projects

ASTANA. Oct 31 (Interfax) - JSC Development Bank of Kazakhstan (DBK) is launching a program for financing projects for the mining and processing of rare, rare earth, and critical materials for 2025-2030 amounting to $1 billion, the bank's press service said.

"The new program is designed to be a tool for implementing projects in the mining and metallurgical industry in the field of processing rare earth metals and critical materials, as part of the strategic course of the head of state outlined in this year's address regarding the development and launch of high-tech production," DBK said in a statement distributed on Friday.

The goal of the program is to support medium and large businesses implementing investment projects in a strategically important sector for Kazakhstan's economy.

Financing will be provided to projects in the metallurgical industry, including the mining and metallurgical complex with processing facilities. A mandatory requirement for borrowers is the confirmation of reserves according to the international JORC code. The list includes rare earth elements (lanthanides, scandium, yttrium), as well as critical materials such as lithium, cobalt, tungsten, germanium, gallium, graphite and other materials in demand for high technologies, green energy and electronics.

The Development Bank of Kazakhstan was established in 2001. It finances medium- and long-term investment projects in the field of production infrastructure and in non-resource sectors of the economy, and facilitates the attraction of external and internal investment into the country's economy.