Kaznickel's Expansion in Eastern Kazakhstan and our commitment towards a Greener Future.
As many of you already know, and as I've emphasized repeatedly, the mining industry's future lies in applying the techniques we've mastered over the years to the nickel, cobalt, and lithium sectors—and other industries related to the EV economy the green economy, and the economy of future technologies.
I believe that, in the years to come, the EV economy will rely heavily on extracting vast amounts of nickel and cobalt, among other minerals. Kazakhstan is also well-positioned to leverage the expertise we've developed, enabling us to impact this field significantly.
One of my most relevant investments is Kaznickel, already one of the leading companies in nickel mining. Today, I am happy to report that, last week, Kaznickel announced its plans to expand operations by starting cobalt and nickel mining at the Gornostayevskoye deposit, located in the Beskaragai district of the Abay region in Eastern Kazakhstan.
The Gornostayevskoye cobalt-nickel deposit is about 100 km west of Semey and 30 km southeast of Kurchatov. There, we expect to mine a significant annual output of 10,000 tons of cobalt and nickel.
Nickel and cobalt are extremely important components in the lithium-ion batteries that power electric vehicles. At Kaznickel, we have pioneered and successfully implemented cutting-edge technology globally and have earned international recognition for our environmentally friendly, efficient, and effective practices.
In Gornostayevskoye, starting in 2026, we will drill 32,900 wells in the next twenty years, ranging from 15 to 40 meters deep and with 16.8 to 24.4 cm diameters.
Global markets have seen a significant increase in nickel and nickel concentrate prices since early 2022.
The transition towards electric cars in Central Asia is unavoidable—look at the streets of Almaty, Astana, or Shymkent, and the shift is unstoppable. That's why Kaznickel and my other companies continue to modernize and adopt a more strategic and modern mindset - all while focusing on more efficient ways to mine nickel and cobalt.
We are at the doors of a new era in the natural resources industry.
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