BAKU, Azerbaijan, September 30. The Development
Bank of Kazakhstan, Qazaq Kalium Ltd. and a consortium comprising
German Thyssen Schachtbau GmbH and Schachtbau Kazakhstan LLP signed
a 418-million-euro agreement to finance the design, equipment
supply and construction of a mining complex at the Satimola deposit
in West Kazakhstan, the bank said.
The agreement was signed during President Kassym-Jomart
Tokayev’s official visit to Germany, which began on September
28.
“The document provides for the commencement of financing for the
contract covering the design, equipment supply and construction of
the mining complex. The project at the Satimola deposit will enable
the production of up to 1.5 million tons of potash fertilizers
annually,” the bank said.
The Development Bank of Kazakhstan will provide financing
through a bond instrument, including financing for the engineering,
procurement and construction (EPC) contract.
The agreement provides for the involvement of German companies’
technologies and specialized engineering expertise, as well as the
development of industrial cooperation between Kazakhstan and
Germany in the mining and chemical industries.
The Satimola deposit, located in the Akzhaik district of West
Kazakhstan Region, has been known since the 1960s. It is considered
a promising source of potassium salts used in fertilizer
production. Qazaq Kalium Ltd. began developing the Satimola deposit
in 2023.
Meanwhile, President Kassym-Jomart Tokayev said during expanded
talks with German Chancellor Friedrich Merz on September 29 that
Germany's total investment inflow into Kazakhstan reached $8
billion over the past 21 years. In 2025, mutual trade reached $4.5
billion, increasing by 13.4%.
