It is reported that Cassona, German investment company, has agreed to sign a memorandum of understanding (MOU) with Kazakhstan’s national mining company Tau-Ken Samruk for developing new iron ore mining and steelmaking projects in the central Asian country.

Meanwhile, German’s Cassona will based on supporting as financing partner; Tau-Ken Samruk will base on supporting as operating partner, and other international firms will base on supporting as technology and co-operation partners respectively.

The new project is expected to be completed gradually between 2014 and 2020 with the first phase investment of around US$500 million.