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Investors from the UAE and Russia jointly to process rare earth elements in Kazakhstan

Chairman of the Board of NC KAZAKH INVEST JSC Meirzhan Yusupov held a meeting with the leadership of the Emirates company SSD Group and the Russian Group of Companies DINATRON.

During the negotiations, foreign investors announced their intention to implement a joint project to modernize the Irtysh chemical and metallurgical plant of East Kazakhstan region and the production of rare earth metals.

As part of the enterprise updating, the construction of a new forging, sheet-rolling and pipe-rolling production is under consideration. Thus, by 2024 the amount of investments in the metallurgical plant will exceed $100 million. In addition to the main project, foreign entrepreneurs are planning to invest in energy projects for this enterprise.

“Kazakhstan strives to become a part of the global supply chain of rare and rare earth metals and products from them, which is actively used in high-tech industries. ICMP can become a driver for the development of the rare earth metals production in Kazakhstan. In this regard, KAZAKH INVEST, jointly with government agencies and organizations, is ready to provide comprehensive support for the further development of the project” - added the Chairman of the Board of " NC KAZAKH INVEST JSC Meirzhan Yusupov.

Following the meeting, Director General of SSD Group Ragheb Kanan and the leadership of the DINATRON Group of Companies agreed on further joint development of the project.

For reference: The SSD Group was founded in 1977 includes over 40 enterprises that are owned, operated or under the auspices of Sheikh Sultan bin Suroor Al Dhahiri. Presently, the SSD Group has a solid base and a diverse international investment portfolio covering more than a dozen countries (UK, Canada, Egypt, Lebanon, Kuwait, Bahrain and Morocco, etc.), and includes a diverse set of enterprises and activities (oil and gas services, agribusiness, mining and metallurgical complex, real estate, trade, healthcare, etc.).

DINATRON Group of Companies was founded in 1996 by a group of technologists, experts from the nuclear industry of the Russian Federation to carry out scientific and technical work at the enterprises of ROSATOM. Today, the company's team includes more than 20 Candidates and Doctors of Engineering with unique competencies in the development and industrial implementation of technologies to produce rare and rare earth metals. DINATRON includes 9 Russian and Kazakhstani companies.