BAKU, Azerbaijan, June 13. Chilean Compañía Electro Metalúrgica S.A. (ME Elecmetal) is going to establish a production facility in Kazakhstan's Zhetysu region, Trend reports.
Ministry of Foreign Affairs of Kazakhstan and the mentioned Chilean company signed a Framework Agreement outlining the fundamental principles for an investment project in the production of steel grinding balls. The project's estimated cost exceeds $60 million. It will be supported by Kazakhstan's Kazakh Invest JSC National Company.
CEO Eugenio Arteaga said that they aim to enhance the processing of raw materials through high-tech production in Kazakhstan. The idea is to consider Kazakhstan as a Central Asian hub, from where the company would distribute its products not only within the country but also to the CIS and Central Asian countries.
The implementation of this project will make a significant contribution to the metallurgical industry and will be an important step in expanding bilateral relations between the two countries.
ME Elecmetal is a global leader in the production and sale of special steel parts, grinding media, and other products and services for the mining industry. The company's net annual revenue exceeds $600 million, and it operates in 40 countries worldwide. It has a production capacity of 134,000 tons for foundries and 600,000 tons for grinding media plants.