QazMoly’s $240M EXIM funding bid: tungsten project risks and upside for mine planners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
QazMoly is in talks to secure up to $240 million in US Export-Import Bank financing for its Drozhilov tungsten project in Kazakhstan, with funding conditional on 100% of tungsten off-take being sold to US buyers via UK-based Fosbury Capital as exclusive off-taker. The Drozhilov deposit also contains beryllium and molybdenum, and QazMoly must complete feasibility studies while EXIM conducts full legal and commercial due diligence before any funds are released. With tungsten prices up fivefold in a year and global demand projected to grow 8% annually to a $10-billion market by the mid-2030s, the project targets a tightening supply environment for tungsten carbide tooling and defence applications.
Technical Brief
- Indicative EXIM package of up to US$240 million would fund a “significant portion” of Drozhilov capex.
- EXIM’s interest is formalised via a letter to U.K.-based Fosbury Capital, the exclusive off-taker.
- Financing is explicitly tied to U.S. strategic-critical mineral policy, with tungsten designated as such by Washington.
- Drozhilov is part of AltynGroup, linking project execution capacity to an existing Kazakh mining and energy portfolio.
- Group experience includes operating the Sekisovskoye gold–silver mine via AltynGold (LSE: ALTN) in northeast Kazakhstan.
- Deposit hosts additional critical minerals beryllium and molybdenum, offering potential by-product revenue streams and processing complexity.
- EXIM conditions require detailed legal and commercial due diligence, adding front-end schedule risk before construction mobilisation.
- BMO Capital Markets forecasts another tungsten market deficit this year, reinforcing price assumptions underpinning Drozhilov’s economics.
Our Take
With tungsten prices up fivefold and demand projected to grow around 8% annually, a Kazakhstan asset like Drozhilov positions QazMoly as a potential mid-tier supplier into a market where most new capacity in our database is still at scoping or early feasibility stage.
The involvement of U.S. Export-Import Bank in a Kazakhstan tungsten offtake signals that U.S. agencies are now willing to underwrite critical minerals supply chains beyond traditional allies, which could open similar financing channels for other Central Asian projects in our coverage.
Altyn Group’s link to both Drozhilov and the Sekisovskoye gold and silver mine suggests a diversification from precious metals into critical minerals, a pattern our database shows among several gold-focused operators seeking to hedge against gold price cyclicality.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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