The Government of Kazakhstan and АО “Алюминий Казахстана” have agreed on an investment plan of 259 billion tenge ($580 million USD) over the next eight years. As part of the agreement, the company will invest at least half of the total sum, or 130 billion tenge, in the next three years, until 2026, and receive a stable tax regime during the investment period. The purpose of the agreement is to increase the internal processing of several non-ferrous metals, including aluminium, lead, and copper, to five, four, and thirteen times, respectively, by 2029. АО “Алюминий Казахстана” is a subsidiary of Eurasian Resources Group (ERG) and is mainly engaged in the extraction and processing of bauxite to produce alumina. The company produces 1.5 million tons of alumina per year and operates several mines and a large thermal power plant that supplies 40% of the population of Pavlodar with heat.
573