Asian Metal: Hi Mr. Kaliyev, Thank you for taking part in this interview. Could you please give us a background on your company and its current state of production?

Mr. Kaliyev : "Esil-Mining" is a young and dynamically developing company in Kazakhstan. Having full rights to the deposit of tungsten-molybdenum ores Aksoran in northern Kazakhstan, "Esil-Mining" plans to occupy a significant share in the tungsten market both in Kazakhstan and in the whole world.

To the date, the Company has completed an extensive set of geological exploration, technological studies with the assessment of mineral resources under the JORC code and the calculation of reserves by Kazakhstan standards and now at the stage of transition to the design stage of the mining and processing complex. To fulfill these plans, "Esil-Mining" entered the tungsten market in search of potential partners for beneficial cooperation.

Asian Metal: What about tungsten concentrate market in Russia and Kazakhstan? How about the total output and demand for tungsten concentrate from these areas?

Mr. Kaliyev : Based on current information, the Russian market is experiencing a shortage of tungsten raw materials and plants are not operating at full capacity. Russian companies have plans to expand the resource base by involving new fields in development. In Kazakhstan at the moment there is no active tungsten-mining production. Our company plans to be one of the first to enter the tungsten market from Kazakhstan.

Asian Metal: How is your tungsten business going on in 2017? Any good news about your project recently?

Mr. Kaliyev : After completing the research work, our company obtained a large deposit of tungsten-molybdenum ores Aksoran in northern Kazakhstan, where an extensive geological survey was carried out and resources were evaluated according to the JORC code, reserves were calculated according to Kazakhstan standards with a statement on the state balance. Forecast resources: to say that the Aksoran deposit will become unique in the future;

- An experienced team of professionals in their field has been prepared, with resources for solving issues;

- At 30 AGM ITIA in Moscow on September 25-28, 2017, the Aksoran project was first introduced to specialists of the tungsten industry, an invaluable experience was gained for future work and promising meetings were held with several companies.

Asian Metal: What is the advantage and disadvantage of your company to expand tungsten business?

Mr. Kaliyev : The undoubted advantages of our company are:
- Reserves of the deposit and the prospect of their growth;
- The content of the useful component is above average;
- High extraction of metals from ore;
- Forecast low production costs;
- Kazakhstan is very rich in minerals - all the elements of Mendeleyev's table are underground. The country has a stable investment climate and the absence of any restrictions on the part of the state in the tungsten industry;
- An experienced team of professionals in their business has the resources to solve various issues and opportunities to bring the project to production and sales of raw materials.

Our weak point was understanding of the specific tungsten market, but after participating in 30 AGM ITIA, having become acquainted with the industry leaders in the field of sales and production, we began to understand more deeply the many points and received new useful information.

Asian Metal: Do you think the global tungsten market will pick up soon in Q4? Do you think current international prices are below your average production cost?

Mr. Kaliyev : Since we are new to this business, we can only rely on the arguments of professionals. The tungsten market shows steady growth and many argue that it will continue to grow at least until the end of the year. Based on high prices for tungsten products, we can assume that many companies now earn well.

Asian Metal: What are your plans in the near term and next year? For example, would you like to expand your business with China or investors from other special areas?

Mr. Kaliyev : Our company plans to attract specialists and investors to move to the design and construction phase as soon as possible. We, undoubtedly, look forward to beneficial cooperation with the Asian sector, in particular with China, since it is the No.1 in the tungsten industry, China has great experience in manufacturing and processing. In general, the country and the company are open to work and investments with any investor.

Asian Metal: How about your idea about the relationship between global tungsten market and Chinese tungsten market? Do you think it will be influenced greatly by Chinese tungsten prices?

Mr. Kaliyev :We believe that the tungsten market in China directly affects the price policy in the whole world. The launch and expansion of new industries outside of China will allow to impose competition on the dominant market and, perhaps, China's state policy in terms of quotas will be mitigated. Let us repeat, for example, in Kazakhstan there are no restrictions on the part of the state.

Asian Metal: What do you think about the supply of tungsten ore from Northeast Asian areas? Will the output of tungsten materials from these areas increase greatly in the future?

Mr. Kaliyev :If we talk about companies outside of China, then there are a number of industries with large plans to expand production volumes. Many companies and countries want to reduce dependence on the Chinese market, although now it is very difficult.

Asian Metal: Thanks again for taking our interview, and wish a more prosperous future for your company.