Cove Kaz Capital Group LLC (“Cove Kaz” or “the Company”), today announced the appointment of Dominic Heaton as Chief Executive Officer. Mr Heaton will lead Cove Kaz’s (70% ownership) development program for the Severniy Katpar tungsten project in partnership with Kazakhstan’s national mining company JSC Tau-Ken Samruk (30%), taking the venture through final feasibility, permitting, first production and ramp-up.
The appointment comes at a critical inflection point as the Cove Kaz/Tau-Ken Samruk joint venture progresses into the Bankable Feasibility phase on Severniy Katpar LLP’s Northern Katpar and Upper Kairakty projects, the largest known undeveloped tungsten resource in the world.
Mr. Heaton led the team that built the Nui Phao integrated tungsten mine and refinery in Vietnam – the largest tungsten operation currently in production outside China.
Executive Chairman’s comment
“On behalf of the board, I am delighted to welcome Dominic Heaton as CEO of Cove Kaz,” said Pini Althaus, Executive Chairman of Cove Kaz Capital Group. “Dominic brings the deep operational experience, commercial discipline, and leadership capability we need as we move forward. His appointment reinforces our commitment not only to delivering value for our shareholders and partners, but also to contributing meaningfully to the U.S. Government’s critical minerals strategy, through bringing experience into Kazakhstan to help build the industry. This project is strategically important to both the U.S. and Kazakhstan, and having Dominic at the helm gives us confidence in building a world-class business that supports a secure and sustainable supply of tungsten for the United States. The magnitude of Dominic’s experience matches the scale and significance of this tungsten resource.”
Dominic Heaton, incoming CEO
“I am honored to be appointed CEO of Cove Kaz at such a pivotal moment,” said Dominic Heaton. “More than just a project, Severniy Katpar represents a platform to build a high-performance company and world-class team — one that can responsibly unlock these critical minerals in partnership with Tau-Ken Samruk. In the coming months, I will prioritize assembling a cross-functional team, accelerating the Bankable Feasibility Studies, and laying the foundation for disciplined, long-term growth. Together, we will deliver on both commercial and sustainability goals, scaling the organization to meet the challenges and opportunities ahead.”
ABOUT THE ROLES & PRIORITIES
As CEO, Dominic will oversee all operational, technical, commercial, and stakeholder engagement workstreams for Severniy Katpar, including the final feasibility study, permitting, early works planning, and establishing local processing capacity. He will lead a multi-disciplinary team spanning finance, geology, engineering, environmental, social, and community engagement experts, and will serve as the executive interface with Tau-Ken Samruk, Kazakh authorities, potential customers, and key stakeholders.
On November 6, 2025, Cove Kaz and JSC Tau-Ken Samruk, announced an agreement to develop the largest known undeveloped tungsten resource in the world.
The announcement was made during the C5+1 Leaders’ Summit in Washington, D.C. by U.S. President Donald J. Trump and Kazakhstan President Kassym-Jomart Tokayev.
Total project development costs at Northern Katpar and Upper Kairakty are estimated at USD $1.1 billion. The Export-Import Bank of the United States has issued a Letter of Interest for USD $900 million in financing, and the U.S. International Development Finance Corporation has also issued a Letter of Interest.
SEVERNIY KATPAR, LLP
Severniy Katpar LLP holds licenses to two key projects – Northern Katpar and Upper Kairakty (the “Projects”) – located less than 20 miles apart by road in the established Karaganda mining district in Central Kazakhstan, less than 100 miles south of the City of Karaganda.
The most recent feasibility studies completed in April 2023 reported total JORC-compliant mineral resources containing 1.4 million tonnes of tungsten trioxide (WO3), representing approximately 70% of Kazakhstan’s estimated 2 million tonnes of tungsten resources. For perspective, the U.S. Geological Survey estimates China’s reserves at 2.4 million tonnes.
The current feasibility studies support production of approximately 500,000 metric ton units per annum (mtupa) at Northern Katpar, and 700,000 mtupa from Upper Kairakty, for a total of 1,200,000 mtupa, representing approximately 15% of current global production.
The Projects are supported by strong infrastructure, both are near-surface, bulk tonnage, primarily scheelite mineralization. Both have extensive feasibility studies on a standalone basis that do not incorporate synergies of staged co-development.
About Cove Capital LLC
Cove Capital, founded in 2015, is a mining-focused firm with its head offices in New York and Melbourne, Australia. Since 2018, the company has concentrated on critical minerals—identifying, investing in, and developing projects that support U.S. and allied supply chains. Under the leadership of Pini Althaus, Cove Capital brings deep sector knowledge and hands-on development experience across exploration, mining, processing, and offtakes.
About Tau-Ken Samruk
Tau-Ken Samruk is the national mining company of Kazakhstan, overseeing the efficient development of the country’s mineral resources. Committed to innovation and sustainability, Tau-Ken Samruk collaborates with domestic and international partners to enhance the competitiveness of Kazakhstan’s mining sector and support economic growth.
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This project is strategically important to both the U.S. and Kazakhstan, and having Dominic at the helm gives us confidence in building a world-class business that supports a secure and sustainable supply of tungsten for the United States.
Contacts
For further information:
Brandon McGrath
Samantha O'Neil
info@covecapital.com.au