The world’s largest landlocked country boasts a rich history and diverse culture. From vast deserts and steppes to majestic mountains and lush forests, it is no wonder that this country is so rich in various minerals, such as oil, gas, uranium, coal, and gold. Speaking of minerals, an odd mine was recently opened in the core of this country, and more than 20,000,000 tons of rare earth metal was discovered, and it is glowing. This discovery is bound to significantly boost the country’s economy.
The odd mine that was discovered in this Asian country
This Asian country discovered its biggest deposit of rare earth metals ever. Kazakhstan could receive a vital boost to its economy, as the discovery contains nearly one million tonnes of rare earth metals. The discovery was made in a mine in Karagady, the core of Kazakhstan. Rare earths involve 17 raw materials that are crucial for the renewable energy transition and are in general highly sought after by China, Russia, the United States and Europe.
According to Kazakhstan’s industry ministry forecast, the mine called “New Kazakhstan” could see its potential amount of resources increase to more than 20 million tonnes at a depth of 300 meters, with an average rare earth total of 700 grams per tonne. Note that these numbers are subject to verification and additional research.
These countries are contending for influence over the rare earth metal discovery
The former Soviet republic country unfortunately does not have the required technology to leverage rare earth deposits and is pursuing foreign investment. Top contenders for influence in the resource-rich region include:
- The EU
- Russia
- China
- Turkey
The EU is interested in the region’s rare metals and natural resources in particular, as it aims to achieve carbon neutrality by 2050. At the summit, the EU declared its goal to improve cooperation with Kazakhstan, endorsing a new Roadmap for 2025–2026, which envisages “enhanced cooperation on geological exploration, research and innovation.”
The mine, New Kazakhstan, reportedly has a deposit of nearly one million tonnes of cerium, lanthanum, neodymium, and yttrium, elements used as components in devices such as smartphones, digital cameras, and computer hard disks.
“The announcement was well timed because it increased the importance of Kazakhstan in the whole discussion about the critical raw materials.” – Aleška Simkić, the EU’s ambassador to Kazakhstan.
The next steps in the future of the mine involve investment
Per the company that made the initial discovery, the mine’s development may take up to six years and may need around $10 million (€9.03m) from foreign investors. The MINEX Forum executive chairman, Arthur Poliakov, thinks that a period of 10 to 12 years will be needed for any ore to be extracted. He also indicated that China is most likely to invest in the process because they are the largest consumer of rare earth metals and the largest manufacturer of products made using rare earth metals, including batteries and solar panels.
“The second player will probably be the European Union. Why? Because the green agenda, green technology, everything related to sustainable development of sustainable energy resources is a priority there. The main problem is logistics. The EU and Kazakhstan are far apart, which is why they need to develop the Middle Corridor.” – Poliakov.
Kazakhstan will still have to overcome a few hurdles to ensure the future of the rare earth metal mine but with the global push to transition to renewable energy, we believe that the country will have secured its foreign investments in no time.