Tau-Ken Samruk

What Tau-Ken Samruk does

Tau-Ken Samruk (JSC National Mining Company) is Kazakhstan's state-owned vertically integrated mining enterprise, established in 2009 under Government Resolution No. 10 and wholly owned by the Samruk-Kazyna sovereign wealth fund. Headquartered in Astana with 1,001-5,000 employees, the company operates a diversified mineral portfolio spanning gold, copper, lead-zinc, polymetallic ores, tungsten-molybdenum, rare earth elements, and silicon production. Core producing and development assets include the Zhosabay gold deposit (8.2 tonnes recoverable gold discovered in 2025), the Besshoky copper-porphyry deposit (2.6 million tonnes of copper), the Shalkiya lead-zinc deposit, the Alaygyr polymetallic operation, the Verkhniye Kayrakty tungsten-molybdenum deposit, a silicon plant in Karaganda, and the Astana-based Tau-Ken Altyn gold refinery. Its exploration subsidiary Kazgeology JSC drives geological work, including the Akbulak rare earth project (380,000 tonnes REO) and a newly announced 20+ million ton rare earth deposit in Karaganda that could rank Kazakhstan among the top three REE resource countries globally.

The company's business model combines direct commodity production across wholly-owned subsidiaries with strategic joint ventures and government-to-government partnerships. Its flagship initiative is the $1.1 billion Severniy Katpar LLP joint venture with US-based Cove Kaz Capital, under which Cove Kaz holds 70% and Tau-Ken Samruk retains 30% to develop the world's largest known undeveloped tungsten resource (1.4 million tonnes tungsten trioxide, projected 12,000 tpa output, ~15% of global supply). The project includes two enrichment plants and one metallurgical plant with an explicit ban on raw tungsten exports, designed to capture downstream value and supply US-aligned defense, aerospace, and electronics customers. US government financing is anchored by Letters of Interest from the US Export-Import Bank ($900M) and the US International Development Finance Corporation ($700M), totaling up to $1.6 billion. Distribution is via direct sales to industrial buyers plus JV economics, with the strategic end-customer segment identified as US and Western defense/technology buyers seeking to reduce Chinese-dominated supply chain exposure.

Tau-Ken Samruk is currently undergoing a significant corporate repositioning: Cove Kaz Capital's pending merger with Skyline Builders Group is expected to close in Q4 2026 or early 2027, after which the combined entity will list on Nasdaq as Kaz Resources Inc. (KAZR) with Tau-Ken Samruk retaining a 30% interest in the tungsten assets. The company is also extending internationally through a 2026 rare earth cooperation agreement with Rwanda's Ngali Holdings and exploratory engagement with Indonesia's MIND ID. Revenue figures are not publicly disclosed; pricing is not published; and revenue is generated from one-time license-linked mineral extraction combined with licensing/royalty-style JV economics from minority equity stakes.

Name

Tau-Ken Samruk

Legal name

Акционерное общество «Национальная горнорудная компания «Тау-Кен Самрук»

Website

https://tks.kz

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Tau-Ken Samruk is Kazakhstan's state-owned national mining company under the Samruk-Kazyna sovereign wealth fund, focused on extraction and processing of gold, copper, lead-zinc, tungsten, and rare earth elements. It operates wholly-owned subsidiaries and joint ventures targeting Western defense and technology supply chains.

Ownership category

akta.pro rank

Product category

Critical Minerals Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG), Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Critical minerals mining
• Tungsten extraction
• Rare earth elements
• Gold mining operations
• Copper lead zinc

Headquarters

HQ city

Astana

HQ country

Kazakhstan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Mineral extraction and processing: Revenue generated from extraction and processing of tungsten, rare earth elements, gold, copper, lead-zinc, and other mineral resources through state-owned and joint venture operations
2. Joint venture partnerships: Tau-Ken Samruk holds 30% stake in Severniy Katpar LLP joint venture with Cove Kaz Capital, generating returns from tungsten production and processing operations

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Tau-Ken Samruk is Kazakhstan's state-owned vertically integrated national mining company that explores, develops, and processes gold, copper, lead-zinc, tungsten-molybdenum, and rare earth element deposits. It operates a diversified mineral portfolio through wholly owned subsidiaries and joint ventures, with flagship initiatives including the $1.1 billion Severniy Katpar tungsten project and the Akbulak rare earth project, supplying raw and processed mineral products to industrial buyers and government strategic partners.

Product overview

Tau-Ken Samruk (National Mining Company) is Kazakhstan's state-owned mining enterprise operating as a vertically integrated mining company under the Samruk-Kazyna sovereign wealth fund. The company manages a diversified mineral extraction portfolio centered on four core commodity groups: (1) gold mining and processing including the Zhosabay deposit and an Astana-based refinery, (2) copper mining including the Besshoky porphyry deposit, (3) lead-zinc mining through the Shalkiya deposit and Alaygyr polymetallic operations, and (4) critical minerals including tungsten-molybdenum at Verkhniye Kayrakty and rare earth elements at Akbulak. The portfolio also includes industrial production through a silicon manufacturing plant. The flagship strategic initiative is the $1.1 billion Severniy Katpar joint venture with US-based Cove Capital for tungsten extraction, representing Kazakhstan's largest known undeveloped tungsten resource. The company is expanding internationally through rare earth partnerships in Rwanda and Afghanistan.

Differentiator

Problem solved

Functional benefit

Products and services

• Gold Mining and Exploration

Quantifiable outcome

• 12,000 tonnes per annum tungsten production representing ~15% of global output
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core, minor and flagship.

• Skyline Builders Group Holding LimitedcoreStrategic or Co-development Partner · 30 April 2026Skyline Builders Group merging with Cove Kaz Capital to form Kaz Resources Inc. (Nasdaq: KAZR), with Tau-Ken Samruk maintaining 30% stake in Severniy Katpar assets. Transaction expected to close Q4 2026 or early 2027. Skyline has reported Trump family investments raising ethics concerns.
• Ngali Holdings (Rwanda)minorStrategic or Co-development Partner · 11 March 2026Agreement signed between Tau-Ken Samruk and Rwandan company Ngali Holdings to jointly develop a rare earth elements deposit in Rwanda. Represents cross-border cooperation in critical minerals development between Central Asia and East Africa.
• Cove Kaz Capital Group LLCflagshipStrategic or Co-development Partner · 16 February 2026Joint venture to develop the world's largest known undeveloped tungsten resource in Kazakhstan. Cove Kaz holds 70% ownership, Tau-Ken Samruk retains 30% in Severniy Katpar LLP. Project includes Northern Katpar and Upper Kairakty tungsten deposits with ~$1.1 billion development costs and projected 12,000 tonnes per annum production representing ~15% of global tungsten output.
• JSC Qazgeology (Kazgeology)minorStrategic or Co-development Partner · 1 December 2025Subsidiary Kazgeology JSC partnered with American investor Cove Capital for joint rare earth exploration at Akbulak deposit in Kostanay region, starting Q3 2025. Akbulak project hosts historical resource of 380,000 tonnes rare earth oxides including neodymium, praseodymium, and yttrium.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Erdenet Mining Corporation: Mongolian state-partnered copper and molybdenum mining giant. Comparable as a Central Asian state-affiliated base and critical metals miner with large-scale open-pit operations serving Asian industrial demand.

Direct peers

• Almonty Industries: Canadian-listed tungsten mining company developing the Sangdong mine in South Korea (one of the largest tungsten deposits globally) and other projects. Direct comparable in tungsten extraction, Western-aligned tungsten supply diversification, and partnership-financed project development.
• MP Materials: US-listed rare earth mining and processing company operating Mountain Pass, the only scaled REE producer in the Western Hemisphere. Comparable in the rare earth vertical integration thesis (mine-to-magnet) and as a beneficiary of US government efforts to reduce Chinese REE dependence.
• Kazatomprom: Kazakhstan's national uranium mining company, also state-owned under Samruk-Kazyna. Directly comparable as a sovereign-affiliated mining enterprise extracting strategic minerals from Kazakhstan, serving Western-aligned supply chains. Both companies share parent ownership, regulatory positioning, and the critical minerals mandate.
• Polymetal International: Precious and base metals miner with major gold and silver operations across Kazakhstan and Russia. Directly comparable on gold and polymetallic mining in Kazakhstan, including processing facilities and exploration of similar deposit types.
• Lynas Rare Earths: Australia-based rare earth miner and the largest non-Chinese REE processor globally. Comparable in vertical integration strategy (mining through separated rare earth oxides) and direct exposure to the Western REE supply diversification theme.

Broad incumbents

• Glencore: Global diversified mining and commodities trading major with significant copper, zinc, lead, and cobalt operations. Comparable as a broad incumbent in base and critical metals mining with vertically integrated trading and processing capabilities.
• Navoi Mining and Metallurgical Combinat: Uzbekistan's state-owned mining company, one of the largest gold producers globally and a significant uranium miner. Comparable as a vertically integrated, state-controlled Central Asian mining enterprise focused on precious metals and critical minerals with international offtake relationships.

Emerging players

• Energy Fuels: US-based critical minerals and uranium producer pursuing rare earth processing at White Mesa Mill. Comparable in the strategy of leveraging existing processing infrastructure to capture REE value-add and serve Western supply chain reshoring.
• USA Rare Earth: US-based critical minerals company developing the Round Top heavy rare earth deposit in Texas. Comparable as a Western-aligned critical minerals developer pursuing mine-to-magnet vertical integration and US government-backed financing pathways.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/taukensamruk.kz/?igshid=MmIzYWVlNDQ5Yg==
• Facebookfacebook.com/TauKenSamruk.kz
• LinkedInlinkedin.com/company/taukensamruk

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tau-Ken Samruk