A debate over the allocation of state export financing has flared up in Kazakhstan’s parliament, after MP Erlan Sairov sharply criticized the national holding Baiterek and Swiss commodities giant Glencore, which owns around 70% of KazZinc.
Speaking at a Mazhilis session on business support measures, Sairov said that about 35% of nearly 1 trillion tenge allocated under the exporter financing program went to KazZinc. He questioned why a company exporting semi-finished metal products and operating largely on a prepayment basis required state-backed loans. According to the MP, export support should primarily help domestic high-tech products enter international markets, not finance a multinational corporation.
Sairov argued that during Glencore’s two decades of presence in Kazakhstan, the company had failed to create high-value, high-tech domestic production, raising concerns about the use of public funds to support foreign-controlled enterprises. His remarks were directed at Baiterek chief executive Rustam Karagoishin.
In response, Karagoishin stressed that KazZinc is legally registered in Kazakhstan and therefore qualifies as a domestic client for Baiterek. He said the holding is obliged to assess and approve financing applications that meet its criteria, noting that exports remain a key source of foreign currency inflows and budget revenues. While acknowledging the priority given to high-tech sectors, Karagoishin said traditional exporters still play a crucial role, particularly as Kazakhstan’s metallurgical sector faces growing challenges on global markets.
The discussion comes amid renewed uncertainty around KazZinc’s ownership. Bloomberg reported in mid-2024 that Glencore was considering selling its stake in the company, including the Vasilkovskoye gold asset, before later shelving the plan. Talks reportedly resumed in 2025, with Bloomberg sources naming businessman Shakhmurat Mutalip as a potential buyer. Mutalip is also said by the Financial Times to be pursuing a major stake in Eurasian Resources Group, despite not appearing on Kazakhstan’s Forbes rich list.
