Cove Kaz Scraps Merger, Plans Direct US Listing with $32M Investment for Tungsten Projects

Published: Nov 05, 2026 11:29 (GMT+8)

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[SMM Tungsten Express] US company Cove Kaz has dropped its planned merger with Skyline Builders and now plans to list directly on a US stock exchange in the first half of 2027, alongside a $32 million investment commitment from American Ventures to buy four million shares at $8 each, implying a valuation of $1.97 billion. The company intends to become a Delaware corporation named Kaz Resources Inc. Its Northern Katpar and Upper Kairakty tungsten projects are held 70% by Cove Kaz and 30% by Kazakhstan's national mining company Tau-Ken Samruk. The definitive feasibility study is expected to finish before the end of 2027, with the two deposits' potential combined annual production of about 12,000 metric tons, equivalent to roughly 15% of global tungsten mine output at the time. The US Export-

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