Kazakhstan’s mining and metallurgy sector is undergoing significant changes, driven by a wave of anti-corruption measures and a restructuring of ownership among key assets. On 11 November 2026, the National Security Committee’s anti-corruption service detained several high-ranking officials, including Nurlan Jakupov, the chairman of the state holding company Samruk-Kazyna, and Yelzhas Otynshiev, the head of Kazakhstan Temir Zholy (KTZ), amid ongoing investigations into corruption. President Kassym-Jomart Tokayev has publicly criticised KTZ’s performance and emphasised the need for improved profitability and efficiency, while assuring that operations at Samruk-Kazyna and KTZ would continue as normal despite the investigations.
These events coincide with a profound shift in ownership within the mining and metallurgy complex, with significant assets transitioning to national entrepreneurs, many of whom have backgrounds in construction, automotive and infrastructure. While there is no direct evidence linking the detentions to ownership changes, investors are closely monitoring both narratives as they reflect on the quality of management in state structures and the evolving regulatory landscape in which they plan to invest.
The first precedent was ArcelorMittal Temirtau, sold for $286m in equity alongside assumed debt obligations; the industry minister subsequently named Andrey Lavrentyev as the new owner (Orda.kz). In December 2025, control of Kazakhmys passed to Nurlan Artykbayev, beneficiary of the construction group Qazaq Stroy, who acquired it from Vladimir Kim and Eduard Ogay (BES.media). Company filings show 99.9 per cent of the corporation was sold to an Artykbayev-linked vehicle for 595.3bn tenge (Forbes.kz). His holdings already extend beyond copper: he owns 9.19 per cent of Kazakhtelecom and has secured a potash licence (Orda.kz).
In May 2026, Shakhmurat Mutalip’s Nature Energy Solutions acquired 39.3 per cent of Eurasian Resources Group (ERG) from Patokh Chodiev (18.6 per cent) and the heirs of Alexander Machkevitch (20.7 per cent) (ERG). Mutalip is a former chief executive of the construction group Integra Construction KZ (Kapital.kz). The state’s 40 per cent stake in ERG was later transferred to Samruk-Kazyna (Orda.kz).
The government is also incentivising processing activities, with new tax exemptions for companies engaged in the processing of solid minerals, effective from 1 January 2026. However, foreign investors are expressing concerns about transparency and access to financing, particularly in light of the recent detentions and the restructuring of Samruk-Kazyna.
Investors are asking critical questions regarding the transparency of financing structures, the future of Samruk-Kazyna and its debt holders, the competencies of new owners, and the perception of Kazakhstan’s jurisdiction in light of ongoing disputes in the oil and gas sector. The government’s efforts to develop mechanisms for investor protection, including a registry of systemic investor issues, are also under scrutiny.
As Kazakhstan navigates this dual challenge of anti-corruption and ownership restructuring, the outcome will significantly impact investor confidence and the future of the mining sector. The government is expected to present proposals for reforming the quasi-state sector by 24 November, which will be pivotal in shaping the regulatory environment moving forward. Discussions on these topics are set to take place at the upcoming MINEX Eurasia event in London on 30 November and MINEX Kazakhstan in Astana on 14-15 April 2027.
