BAKU, Azerbaijan, October 8. A $150 million
investment project to modernize an existing facility and build a
new rare-earth metals processing and separation facility is being
implemented in Stepnogorsk, Akmola region of Kazakhstan, the Akmola
region administration said.


The investor is Silkway Metals LLP, part of Australia's Lindian
Resources Ltd. group.


Akim of the Akmola region, Marat Akhmetzhanov, met with Silkway
Metals CEO Dinmukhammed Madzhanov to discuss the progress of the
project and issues related to regional support for its
implementation.


The project is scheduled for 2026-2028 and provides for the
reconstruction of existing production facilities and the launch of
new production of rare-earth metal carbonate. Preparatory work has
already begun.


About $50 million will be allocated to modernize the existing
facility, while another $100 million will be used to build a new
production facility. It is planned to produce mixed rare-earth
metal carbonate there for the production of permanent magnets used
in the semiconductor industry, including in the manufacture of
electric vehicle batteries and computer chips.


The new production facility will have a designed capacity of
12,500 tons per year, with planned annual output of 8,000 tons.







The project will preserve 228 jobs and create additional jobs
once the new facilities reach their designed capacity.


"The project is in line with the President's instruction to
efficiently use Kazakhstan's resource potential and develop the
critical minerals sector. Rare-earth metals are currently one of
the promising areas of global industry. Stepnogorsk has the
necessary conditions to implement such a project, including
sufficient electricity and heat supply capacity, as well as
developed industrial infrastructure. An industrial zone was
recently opened in the city, creating additional opportunities for
the location and development of production facilities,"
Akhmetzhanov said.


The regional head also stressed the importance of resolving
issues related to the project implementation in a timely
manner.


The meeting also addressed the public hearings, as well as
production and social aspects of the project.