<div class="css-17ih8de interactive-body"><style> .g-doc-page_paper:not(.g-doc-page_html) { padding-top: 146.42409033877038%; } .g-related-link { width: calc(100% - 40px); max-width: 600px; margin: 20px auto 16px; border-top: 1px solid #ccc; padding-top: 20px; } .g-related-link_header { font-family: nyt-franklin, arial, helvetica, sans-serif; font-size: 0.75rem; font-weight: 700; text-transform: uppercase; letter-spacing: 0.05em; color: #999; margin-bottom: 10px; } .g-related-link a { text-decoration: none; color: #333; } .g-related-link a:hover { color: #666; text-decoration: underline; } .g-related-link_text { font-family: nyt-cheltenham, georgia, 'times new roman', times, serif; font-size: 1.125rem; line-height: 1.375rem; font-weight: 700; color: #333; margin: 0; } @media (min-width: 740px) { .g-related-link_text { font-size: 1.1875rem; line-height: 1.4375rem; } } </style> <div class="g-graphic"> <div class="g-doc-wrapper g-ocr-ready"> <div class="g-item g-document"> <div class="g-doc-page_wrapper"> <div class="g-doc-page_container"> <div class="g-doc-page g-doc-page_image" data-hasannotations="false" id="page-1"> <div class="g-doc-page_inner clearfix"> <div class="g-doc-page_paper doc-shell"> <img alt="Page 1 of 3" aria-describedby="page-1-text" class="g-doc-image lazyload" data-src="https://static01.nyt.com/newsgraphics/documenttools/7ae44e48fc3a6ac9/1/output-1.png" height="2334" src="https://static01.nyt.com/packages/flash/multimedia/ICONS/transparent.png" width="1594"/> <noscript> <img alt="Page 1 of 3" aria-describedby="page-1-text" class="g-doc-image" height="2334" src="https://static01.nyt.com/newsgraphics/documenttools/7ae44e48fc3a6ac9/1/output-1.png" width="1594"/> </noscript> <p class="g-doc-text" id="page-1-text">April 14, 2025 UNITED STATES DEPARTMENT OF CO Howard W. Lutnick Secretary of Commerce Washington, D.C. 20230 His Excellency Kassym-Jomart Tokayev President of the Republic of Kazakhstan Astana Dear Mr. President: My warm greetings to you and the people of Kazakhstan as you celebrated the spring equinox during Nauryz and prepare for the upcoming festivities on the Day of the Unity of the People. I understand that this important occasion symbolizes friendship, solidarity, mutual respect, and trust, reflecting your nation's rich cultural diversity. May this season bring joy, continued success, and national cohesion to Kazakhstan. On behalf of the U.S. Department of Commerce and Trump Administration, I want to reaffirm the United States Government's commitment to expanding our commercial and economic relationship with Kazakhstan, particularly in the critical minerals sector. As global supply chains face mounting challenges, deepening cooperation with reliable partners such as Kazakhstan is essential to ensuring long-term security and economic resilience. U.S. companies stand ready to support this effort, and I want to highlight the pivotal role of Cove Kaz Capital Group, LLC ("Cove Kaz") in advancing Kazakhstan's position as a global supplier of critical minerals. With President Donald J. Trump's directive to reinforce cooperation with nations rich in mineral resources in mind, we noted with interest that the Government of Kazakhstan has shortlisted Cove Kaz's proposal for the privatization of the Northem Katpar and Upper Kairakty tungsten mining operations. Cove Kaz reports that it and its related companies have established themselves as key participants in the country's mineral development sector, including as the first U.S.-based investment company to receive critical minerals and rare earth concessions in Kazakhstan. I have been informed that the company now holds thirteen concessions spanning lithium, tantalum, beryllium, niobium, cesium, tin, and other rare earth elements. By selecting Cove Kaz's proposal, Kazakhstan can position itself as a leading global supplier of tungsten, further building on its reputation as a reliable source for the industrial sector and enhancing supply chain resilience and security. The U.S. Government fully supports Cove Kaz's proposed investment in Kazakhstan's mining sector and considers this tungsten mining project vital to strengthening our strategic relationship. I urge your government to facilitate the timely approval of its proposal, as Cove Kaz is dedicated to responsible resource development through its investments in advanced</p> </div> </div> </div> <div class="g-doc-page g-doc-page_image" data-hasannotations="false" id="page-2"> <div class="g-doc-page_inner clearfix"> <div class="g-doc-page_paper doc-shell"> <img alt="Page 2 of 3" aria-describedby="page-2-text" class="g-doc-image lazyload" data-src="https://static01.nyt.com/newsgraphics/documenttools/7ae44e48fc3a6ac9/2/output-2.png" height="2003" src="https://static01.nyt.com/packages/flash/multimedia/ICONS/transparent.png" width="1589"/> <noscript> <img alt="Page 2 of 3" aria-describedby="page-2-text" class="g-doc-image" height="2003" src="https://static01.nyt.com/newsgraphics/documenttools/7ae44e48fc3a6ac9/2/output-2.png" width="1589"/> </noscript> <p class="g-doc-text" id="page-2-text">His Excellency Kassym-Jomart Tokayev Page 2 mining technologies. Additionally, Cove Kaz has told us that its joint venture with Tau-Ken Samruk to explore the Akbulak Rare Earth Project highlights the company's long-term commitment to Kazakhstan's mineral strategy and its people. Your leadership is advancing economic development and fostering a dynamic business environment in Kazakhstan. If the U.S. Mission to Kazakhstan may provide any additional support for this initiative, please do not hesitate to reach out to Chargé d'Affaires Robinson. I look forward to working with you throughout my tenure as Secretary of Commerce and would be pleased to meet with you during your next trip to the United States. Sincerely Howard W. Lutnick cc: H.E. Olzhas Bektenov, Prime Minister of the Republic of Kazakhstan H.E. Roman Sklyar, First Deputy Prime Minister H.E. Yersaiyn Nagaspayev, Minister of Industry and Construction H.E. Erzhan Kazykhan, Assistant to the President for External Affairs H.E. Kanat Sharlapaev, Assistant to the President for Economic Affairs H.E. Yerzhan Ashikbayev, Ambassador of Kazakhstan to the United States The Hon. Deborah Robinson, Chargé d'Affaires a.i. of the U.S. Mission to Kazakhstan</p> </div> </div> </div> <div class="g-doc-page g-doc-page_image" data-hasannotations="false" id="page-3"> <div class="g-doc-page_inner clearfix"> <div class="g-doc-page_paper doc-shell"> <img alt="Page 3 of 3" aria-describedby="page-3-text" class="g-doc-image lazyload" data-src="https://static01.nyt.com/newsgraphics/documenttools/7ae44e48fc3a6ac9/3/output-3.png" height="2224" src="https://static01.nyt.com/packages/flash/multimedia/ICONS/transparent.png" width="1589"/> <noscript> <img alt="Page 3 of 3" aria-describedby="page-3-text" class="g-doc-image" height="2224" src="https://static01.nyt.com/newsgraphics/documenttools/7ae44e48fc3a6ac9/3/output-3.png" width="1589"/> </noscript> <p class="g-doc-text" id="page-3-text">DFC US. International July 29, 2025 Pini Althaus Development Finance Corporation Managing Partner Cove Capital LLC 1330 Avenue of the Americas New York, NY 10019 Subject: Request for DFC Support Dear Mr. Althaus: As you know, the United States International Development Finance Corporation ("DFC") is a U.S. government agency charged with promoting private investment in less developed countries. We have preliminarily reviewed your proposal for the optimization of the tungsten mining project, including initial capital costs for construction and operations at the Northern Katpar site and the development of an additional processing facility at Upper Kairakty in Kazakhstan (the "Project") by Cove Kaz Capital Group, LLC (the "Company"). This letter is to indicate DFC's willingness to consider a formal application for a loan for the Project, subject to DFC's comprehensive review and approval process. DFC's comprehensive review process includes, without limitation, confirmation of the Project's eligibility for DFC programs, economic/financial viability, compliance with DFC and local requirements regarding developmental, environmental and social impact, compliance with legal and regulatory requirements, know your customer due diligence on the Company and other parties involved in the Project, and any other due diligence requirements that may be identified during DFC's review process. The results of our due diligence would need to be submitted to relevant levels of DFC management for review and approval. As you may expect, DFC cannot, without satisfactory completion of this process, enter into any commitments for this Project. This letter is not and cannot be deemed to be an agreement or commitment by DFC to provide support for the Project, and DFC's willingness to consider a formal application for a loan for the Project (as proposed by the Company) will expire on the first anniversary of the date of this letter. DFC looks forward to continuing to work with you on your request for DFC support for the Project. Very truly yours. Nadia Khanak Nadia Khawar Managing Director Office of Energy &amp; Infrastructure United States International Development Finance Corporation 1100 New York Avenue Northwest Washington, DC 20527 Office +1 202.336.8400 dfc.gov</p> </div> </div> </div> </div> </div> <div class="g-doc-footer"> <p class="sr-only">A PDF version of this document with embedded text is available at the link below:</p> <a class="g-download-link" href="https://static01.nyt.com/newsgraphics/documenttools/9bd58a79ce823582/b6f9a07f-full.pdf" target="_blank"> <h2>Download the original document (pdf)</h2> </a> </div> </div> <div class="g-img-overlay_container" id="g-img-overlay"> <div class="g-img-overlay"> <div class="g-img-overlay_inner"> <img alt="Image of the selected page" class="g-img-image" src="https://static01.nyt.com/packages/flash/multimedia/ICONS/transparent.png"/> <div id="g-img-close"> <span class="g-img-icon-text">Close</span> <span class="g-img-icon g-close">×</span> </div> </div> </div> </div> </div> </div> </div>