Over the next few years, the company plans to invest $1.48 billion in its iron ore and coal departments. Of this amount, $500 million will be allocated to the development of the iron ore division, and $978 million to the coal division. This was announced following President Kassym-Jomart Tokayev‘s visit to the metallurgical plant.
The official website of the President of the Republic reported that the plant’s management had already implemented several production upgrades and shared future plans. Since the plant was transferred to a new investor, a series of major projects worth over $3.5 billion have been initiated.
The 2024 plant renovation program includes more than a hundred facilities and the replacement of 50,000 square meters of roofing. Additionally, sanitary and household facilities will be repaired.
Kassym-Jomart Tokayev was shown the operation of Converter Shop No. 2 and the Continuous Casting Machines. Qarmet intends to further modernize the control systems and hydraulics in this section.
The company has launched a “5-9-5” program: 5 million tons of steel, 9 million tons of coal, and 5 million tons of iron ore concentrate annually. As a result, by 2025, the metallurgical plant’s capacity will increase by 66% compared to last year.
In 2023, coal mining was carried out at only three mines; now, Qarmet operates eight mines in Kazakhstan. Next year, all facilities will be equipped with positioning systems.
President Tokayev summarized that the authorities made the “right decision” by inviting a Kazakh investor to manage the company. He instructed to “restore the former glory” of the metallurgical plant.
