REalloys, AltynGroup Kazakhstan to cooperate in rare earth metals

ASTANA. Feb 5 (Interfax) - REalloys Inc of the United States has signed a series of 10-year agreements with AltynGroup Kazakhstan on a strategic partnership in rare earth elements, Mining Technology reports.

The agreements provide for the supply of rare earth elements from Kazakh deposits to REalloys facilities in North America.

The parties intend to cooperate in the exploration and development of rare earth metal deposits in Kazakhstan. The key object specified in the agreements is AltynGroup's Kokbulak project in the Karaganda and Kostanay regions. The project's iron ore reserves exceed 350 million tonnes, with concentrates containing rare earth elements being obtained from processing waste.

Supplies of rare earth elements are scheduled to begin next year.

"Kazakhstan possesses some of the world's largest deposits of rare earth elements, and strategic cooperation in this area is a priority," REalloys CEO Leonard Sternheim is quoted as saying in the report.

REalloys Inc. is specializes in rare earth elements and materials for the production of high-performance magnets.

AltynGroup Kazakhstan is a private Kazakh mining group engaged in the exploration and development of mineral deposits, including strategic and rare earth metals.