The ministry of foreign affairs signed a framework agreement with the Chilean mineral processing company ME Elecmetal, outlining the basic principles of an investment project for producing steel grinding balls in Kazakhstan, QazMonitor reports citing the Kazakh Invest.
Eugenio Arteaga, the company's CEO, noted that under the current regional conditions, Kazakhstan is the most suitable location for implementing this project. The project is expected to cost $60 million and is planned to be carried out in the Zhetysu region.
"We want to establish raw material processing through high-tech production in Kazakhstan. The idea is that we see Kazakhstan as a Central Asian hub from where we will distribute our products not only within the country but also export them to the CIS and Central Asian countries," said Arteaga.
Almas Aidarov, the deputy minister of foreign affairs, stated that non-ferrous metallurgy is one of the priority sectors in Kazakhstan, and the entry of major players like ME Elecmetal into the local market opens up new prospects for industry development.
ME Elecmetal is a leading global manufacturer and seller of specialty steel parts, grinding media, and other products and services for the mining industry. The company generates an annual net revenue exceeding $600 million and operates in 40 countries worldwide.
