Rare earths comprise 17 raw materials that are essential for the green energy transition and highly sought by the likes of China, Russia, the United States and Europe.
"As of today, this is the largest rare earths deposit" in Kazakhstan, a spokesperson for the industry ministry told AFP.
The deposit -- in central Kazakhstan's Karaganda region -- contains cerium, lanthanum, neodymium, and yttrium, they said.
The announcement of the find comes on the eve of the first EU-Central Asia summit, kicking off in Uzbekistan.
The EU, Russia, China and Turkey are among those vying for influence in the resource-rich region.
The summit will bring together the leaders of the five Central Asian countries -- Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan -- with the President of the European Commission Ursula von der Leyen, and the President of the European Council Antonio Costa.
The prospective amount of resources at the new site -- dubbed "New Kazakhstan" -- could rise to more than 20 million tonnes, Kazakhstan's industry ministry forecast, subject to verification and additional research.
"This could put Kazakhstan among the world's top countries with rare earth deposits in the future," the ministry added.
The EU, which aims to achieve carbon neutrality by 2050, is interested in rare metals and natural resources in the region.
Kazakhstan, a former Soviet republic, does not have the technology required to exploit its rare earth deposits and is also courting foreign investment.
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