Aluminum   $ 2.1505 kg        |         Cobalt   $ 33.420 kg        |         Copper   $ 8.2940 kg        |         Gallium   $ 222.80 kg        |         Gold   $ 61736.51 kg        |         Indium   $ 284.50 kg        |         Iridium   $ 144678.36 kg        |         Iron Ore   $ 0.1083 kg        |         Lead   $ 2.1718 kg        |         Lithium   $ 29.821 kg        |         Molybdenum   $ 58.750 kg        |         Neodymium   $ 82.608 kg        |         Nickel   $ 20.616 kg        |         Palladium   $ 40303.53 kg        |         Platinum   $ 30972.89 kg        |         Rhodium   $ 131818.06 kg        |         Ruthenium   $ 14950.10 kg        |         Silver   $ 778.87 kg        |         Steel Rebar   $ 0.5063 kg        |         Tellurium   $ 73.354 kg        |         Tin   $ 25.497 kg        |         Uranium   $ 128.42 kg        |         Zinc   $ 2.3825 kg        |         

Source: Kazakh Invest

  • Indicator Results
  • Investment amount, thousand US dollars 322 000
  • NPV of the Project thousand, US dollars 260 000
  • IRR, % 50,3%
  • IBITDA yield, %
  • Payback period, years 3,3
  • Discounted payback period, years - -


According to the State Reserves Committee of the Republic of Kazakhstan, gold reserves are 48 tons in the indicated category (С1-С2), the average gold grade is 5.8 g/t. Preparing a report on reserves in accordance with the JORC Code is being finalized. The project involves the extraction of gold-bearing ores by an open method (oxidized ores) with further extraction of gold by heap leaching and underground mining (sulphide ores), with further extraction of gold by flotation.


KAML Kazakhstan Holding LLP is the founder of Tokhtar Mining Company LLP, which has the right to subsoil use the Tokhtarovskoye fields, as well as Integrated Geological and Ecological Expedition LLP, which has the right to subsoil use the South-Tokhtarovsko-Barambaev gold ore area (“STB”), including the South-Tokhtarovskoye field”.


Kazakhstan’s gold market is estimated at $5.5 billion in 2020. Gold is very profitable because it is in demand today, when the economy is very unstable, and the threat of a pandemic hangs over countries. Gold consumption in Kazakhstan is mainly generated by processing gold at three refineries: Kazzinc, Kazakhmys and Tau-Ken Altyn. Currently, all refined gold produced is used to replenish the country’s gold and foreign exchange reserves. According to experts, by the end of 2020, processing volumes in Kazakhstan will reach 80-90 tons.

What is the attraction of the project?

Demand is fully guaranteed, cathode gold will be sold directly to refineries, which provides the investor with an off-take (the purchase price corresponds to the price level of the London Bullion Market Association). The ultimate buyer of refined gold is the National Bank of the Republic of Kazakhstan. Revenue is paid in US dollars and the majority of operating expenses are in Kazakhstani tenge.

Investment proposal

It is proposed to sell the enterprises that own the Tokhtar, South Tokhtar and STB fields for $190 million.