Kazakhstan’s largest gold producer Kazzinc, in which Swiss commodities group Glencore holds a 70.2 percent stake, has reportedly lost a key raw material import contract from Tajikistan following stricter customs controls imposed by Kazakhstan’s State Revenue Committee.
According to Kazakhstan’s Ministry of Industry and Construction report for 2025, the contract was affected by the application of the “red corridor” customs inspection regime on imported raw materials. Kazzinc relies on imported feedstock for roughly 40 percent of its production needs, and the lost contract involved approximately 40,000 tonnes of raw materials — representing about 20 percent of the company’s imports.
The material had been supplied from Tajikistan by a company linked to Chinese mining group Zijin Mining. The loss of the contract highlights supply chain challenges facing Kazakhstan’s mining and metallurgical sector.
Industry data in the report indicate that production of metallic ores, excluding iron ore, declined by 0.7 percent in 2025. The drop was partly attributed to operational changes at the Vasilkovskoye deposit in Akmola region, the country’s largest gold mine operated by Kazzinc, which is transitioning from open-pit to underground mining.
Resource depletion at several zinc and lead deposits in East Kazakhstan — including the Maleevsky, Tishinsky and Dolinny mines — has also contributed to declining output. As a result, forecasts for 2026 suggest growth in most major metals such as steel, pig iron, rolled products and copper, while production of refined gold and metallic zinc is expected to fall.
Gold output is projected to decline from 29.45 tonnes to 21.27 tonnes due to depletion at the Vasilkovskoye mine. Zinc production is also expected to drop from 259,600 tonnes to 239,000 tonnes because of declining ore grades and uncertainty surrounding planned zinc concentrate supplies from Russia.
Overall, production in 2025 declined across several refined metals. Output of metallic zinc fell by 6.6 percent, refined silver by 10.4 percent, refined gold by 1.1 percent and refined lead by 29.6 percent.
These developments come as Glencore reportedly considers selling its majority stake in Kazzinc as part of a broader portfolio restructuring. Market analysts estimate the value of the asset at around $5 billion.
Media reports have suggested that Kazakh businessman Shakhmurat Mutalip is in discussions to acquire the stake for approximately $4–4.5 billion. In early 2026, Mutalip registered two new mining companies at the Astana International Financial Centre — KazZinc Group Ltd. and Central Asia Resources Holding Ltd. — both focused on copper, lead and zinc mining and processing.
