Altynalmas received a license to produce and sell explosives

15/02/2024

Image source: pixelied.com / pixabay.com

The gold mining company Altynalmas announced that it had received a license for the development, production, acquisition, sale and storage of explosives and pyrotechnic substances and products using them.

An indefinite first category permit for this work was issued by the Industrial Safety Committee of the Ministry of Emergency Situations on February 8. In addition, Altynalmas received a permit on February 9 to carry out work and provide services in the field of environmental protection. An indefinite permit of the first category was issued by the Committee for Environmental Regulation and Control of the Ministry of Ecology and Natural Resources.

The Altynalmas press service, in a conversation with Kursiv, clarified that we are talking about updating the license issued in 2011 due to a change in the company’s legal address.

According to the Kazakhstan Stock Exchange, as of January 1, 2024, the major shareholders of Altynalmas are: Gouden Reserves BV – 60% of shares, Vladimir Jumanbaev – 20%, Diyar Kanashev – 10.5%, Igor Vetiul – 6.5%. The market capitalization of Altynalmas is $623.66 million.

The ultimate parent and controlling party of the company is Trustee Pte Ltd, acting on behalf of the Family Trust. Jumanbayev, with a net worth of $440 million, was ranked 17th on the Forbes list of the richest Kazakhstanis in 2023.

According to the audited financial statements for January – September 2023, the group of companies is engaged in geological exploration, mining and processing of gold ore, sales of precious metals, design and construction of industrial facilities. At the end of September last year, Altynalmas had licenses and contracts for the exploration and production of gold deposits: Akbakay (until 2024), Aksakal-Beskempir (2029), Aksu (2029), Baktai (2024), Bestobe (2029), Dolinnoye ( 2031), Zholymbet (2029), Itkuduk (2025), Limestone (2028), Karaul-Tobe (2023), Quarry (2023), Quartzite Hills (2029), Quarry (2026), Kenzhem (2033), Mizek (2026) , Olimpiyskoye (2025), Ortasay (2025), Pustynnoye (2026), Pustynno-Baktaiskoye (2025), Sayak-4 (2029), Svetinskoye (2022. In 2020, Altynalmas decided to terminate the subsoil use contract due to low economic profitability. In 2023, permission was received to begin the procedure for terminating the contract, technogenic mineral formations (TMO) of the Aksu deposit (2024), TMO of the Bestobe deposit (2024), TMO of the Zholymbet deposit (2022). In 2023, a decision was made to begin the procedure for terminating the contract for exploration and extraction of gold from the TMO mine, Ushtogan-Caracas ore cluster (2024).

Altynalmas has shares in a number of companies: AAEngineering Group (design and construction services, sales of goods, share – 100%), Akbakai Mining and Metallurgical Plant (96.61%), Akbakai Gold Resources (geological exploration, production and ore processing, sale of precious metals, 100%), Aksu Technology (operation of gold extraction factories, production and sale of precious metals, 100%), Aktogay Mys (geological exploration, mining and processing of ore, sale of precious metals, 100%), Altynalmas Reagents ( sales of reagents, 83%), “Altynalmas Technology” (operation of gold extraction factories, production and sale of precious metals, 100%), “Asyl Resources” (geological exploration, mining and sale of ore, 100%), “Hotel Stepnogorsk” (100%), “Kazakhaltyn Service” (repair and maintenance of machinery and equipment, 100%), “Kazakhaltyn Technology” (processing of man-made mineral formations, 100%), “Kazakhaltyn” (geological exploration, mining and sale of goods containing precious metals, 100%), “Trading House Altynalmas” (purchase and sale of goods containing precious metals, 100%).

In turn, Kazakhaltyn has shares in the following companies: City A invest (investment in real estate, 99%, and 1% belongs to Altynalmas itself), Visart (sales of gold-containing products, 99%, and 1% belongs to ” Altynalmas”), “Kazakhaltyn Logistic” (transport and forwarding services, 99%, and 1% belongs to Altynalmas).

AAEngineering Group owns: AA Mining (freight transportation, construction and installation works, 100%), AA Property Management (rental and operation of real estate, 100%), AAE ProService (construction and installation works, construction of residential buildings, 90%) , AAE Service” (repair and maintenance of machinery and equipment, 100%), ProMS (sale of goods and equipment, 100%), “Kazakh Santekhproekt” (design of buildings and structures, 50.09%).

Based on the results of January – September 2023, Altynalmas’ revenue amounted to 341.6 billion tenge compared to 356.1 billion tenge for the three quarters of 2022. In 2023, a fine of 6.7 billion tenge was imposed on the Kazakhaltyn subsidiary based on the results of an audit by the environmental department. The company challenged the inspection and fine in the Supreme Court. At the end of September last year, Altynalmas had 226.6 billion tenge of loans, including 220.5 billion tenge for a loan until 2026 at 6.4% in euros to VTB Banks.

Source and Credit: agmpnews.kz

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