RG Gold, controlled by Cantech S.a.r.l. on behalf of beneficiaries from Bulat Utemuratov’s family, announced a net profit of 80.5 billion tenge in 2024, up sharply from 46 billion tenge in 2023, according to the company’s published financial statements. Revenue rose to 221.8 billion tenge, compared to 167.7 billion tenge a year earlier. Despite higher profits, undistributed earnings fell to 103 billion tenge at the end of 2024, from 120 billion the prior year.
The company’s performance was driven by strong operations at the North and South Raygorodok deposits in Akmola region, which form the backbone of RG Gold’s resource base. In 2024, almost all sales came from gold doré bars—with gold and silver content of at least 70%—delivered primarily to Kazakh refining companies like KazZinc (68% of sales) and Tau Ken (32%).
In 2024, RG Gold declared 97.5 billion tenge in dividends, distributing 82.5 billion tenge net of 14.6 billion in taxes. Remuneration to key management personnel reached 739.7 million tenge, up from 660.7 million a year before.
According to international reporting, the Raygorodok project generated USD 473 million in revenue and USD 202 million in net profit in 2024, underlining its profitability following recent technological upgrades and production expansions.
RG Gold’s ownership structure links back to Swiss-based Timebrlay S.A. as trust manager and US-based Resource Capital Funds, alongside Utemuratov’s business interests. Bulat Utemuratov currently ranks sixth among Kazakhstan’s wealthiest, with a Forbes-estimated fortune of $3.7 billion.
The company also continues to invest in exploration, particularly at Kovalevsky deposit, securing future resource growth. Robust market conditions and rising gold prices have underpinned this sharp improvement in financial results
