Azernews.Az

By Aynur Jafarova

Brazil's largest mining enterprise, Magnesita will open its office in Kazakhstan as the company seeks to invest in the country, Kazakhstan's Kaznex Invest national export and investment agency said.

Magnesita and Kaznex Invest agency have signed a memorandum on investment cooperation during the 7th Astana Economic Forum, the agency said.

The Brazilian company is interested in creating refractory materials producing enterprise in Kazakhstan.

Kaznex Invest will render information and analytical support and assistance in organizing negotiations with government bodies, national companies, development institutions and potential partners.

Magnesita management has held meetings with Kazakhstan's Deputy Prime Minister, Minister of Industry and New Technologies, Aset Isekeshev, management of Kazgeologiya national geological exploration company, Tau-Ken Samruk, Karaganda Invest, Ust-Kamenogorsk titanium magnesium plant and others.

Magnesita owns some of the largest and highest quality magnesite deposits in the world with total estimated reserves of about 200 years. The company is the third largest selling supplier of refractory products in the world. The company operates in 28 industrial and mining facilities in Brazil, China, Germany, U.S., France, Belgium, Taiwan and Argentina.