QazMoly Limited Secures $240m funding interest from Export-Import Bank of the United States
LONDON, Feb. 25, 2026 /PRNewswire/ -- QazMoly, part of the AltynGroup, the Kazakh metals, mining and energy group owned and controlled by the Assaubayev family, is pleased to announce that the Export-Import Bank of the United States ("EXIM") has shown interest in providing up to $240m in financing for the development of its Drozhilov asset in Kazakhstan. The Drozhilov field contains significant reserves of critical minerals, including Tungsten, Beryllium, and Molybdenum, commodities vital for a wide range of industrial applications.
The potential attractiveness of the asset and related funding underscores Kazakhstan's vital global role in creating safe and sustainable supply chains with its vast critical minerals reserves and represents an important milestone in relations between the USA and Kazakhstan, with EXIM potentially prepared to extend funding to a wholly owned Kazakh company prepared to ensure security of supply to manufacturers across North America.
With strong government support, an attractive low-cost operating profile, and alignment with global commodity demand trends, the Drozhilov project is well-positioned to deliver significant economic and social benefits for all domestic and international stakeholders. The potential EXIM commitment package would cover a significant portion of the project's capital requirements.
Tungsten is core to a wide range of industrial applications and is vital for a range of sectors including manufacturing, engineering, aerospace and military. Global demand for the commodity is expected to grow at a 8% CAGR, making it a $10 billion industry by the mid-2030s.
EXIM's potential commitment to the project, expressed in a letter of interest to Fosbury Capital acting as the exclusive off-taker and financing partner, is conditional on 100% of the project's sale of Tungsten off-take to the US. The US government considers Tungsten a strategically critical mineral. Financing will be subject to QazMoly completing the appropriate feasibility studies and EXIM undertaking detailed legal and commercial due diligence on the project.
Commenting on the potential funding, Aidar Assaubayev, Chairman of QazMoly, said:
"We are delighted to secure this indicative support from EXIM to advance the Drozhilov Project, which will create high-value jobs and strengthen global critical mineral supply chains. In line with Altyn Group's track record and focus on developing its assets for the optimum benefit of its stakeholders, QazMoly looks forward to working closely with EXIM to build on this exciting announcement."
SOURCE QazMoly Limited
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