At the PDAC 2025 Convention in Toronto, Kazakhstan took centre stage with its session “Rare and Critical Metals – Global Perspectives and Local Opportunities,” showcasing its ambition to become a pivotal player in the global critical minerals supply chain. The session ” brought together high-level representatives from Kazakhstan, Canada, the European Union, and private industry to discuss the strategic importance of rare earth elements and critical minerals in today’s technology-driven economy.
The New Oil: Kazakhstan’s Mineral Wealth
“Kazakhstan has one of the world’s largest reserves of rare and critical metals,” explained Mr. Renat Bekturov, Governor of the Astana International Financial Centre, during his opening remarks. “According to the World Bank, the country possesses over 5,000 unexplored deposits of rare metals with an estimated total value exceeding $46 trillion US.”
This staggering figure underscores why President Kassym-Jomart Tokayev has characterized rare metals as “the new oil” and a key driver of Kazakhstan’s technological future. With the global market for these resources expected to grow 8% annually through 2035, Kazakhstan sees an opportunity to position itself as a trusted alternative supplier, reducing global reliance on concentrated markets.
Kazakhstan’s Strategic Approach
Vice Minister of Industry and Construction, Mr. Iran Sharhan, outlined Kazakhstan’s vision for rare and critical metals. “We are planning to establish a closed circuit or closed chain starting from exploration, surveying, extraction, and processing of rare metals and critical materials,” he explained through an interpreter.
The government has identified 20 critical minerals requiring additional geological survey and is actively seeking international partnerships to bring advanced technologies and expertise to the country. “We require extensive financing and investments to ensure deep processing of these critical materials and rare metals,” Iran noted.
Kazakhstan’s comprehensive plan for 2024-2028 focuses on four key pillars:
- Expanding the resource base through large-scale geological exploration and mapping
- Advanced processing and value-added manufacturing by modernizing facilities to reduce raw material exports
- Strengthening international collaboration through partnerships with leading technology providers
- Building a transparent and competitive market with clear regulatory frameworks to attract international investors
International Collaboration: Key to Success
The panel highlighted how international collaboration is crucial for developing critical mineral resources. Rinaldo Jeanty, Associate Assistant Deputy Minister at Natural Resources Canada, shared that Canada’s Critical Mineral Strategy, launched in 2022 with $4 billion in backing, prioritizes international partnerships.
“We have a common understanding when it comes to strong ESG standards, so I think there’s opportunities for us to work together,” Jeanty said, referencing potential collaboration with Kazakhstan. He noted that Canada’s Geological Survey, with its 176-year history, offers expertise that could benefit Kazakhstan’s exploration efforts.
The European perspective, presented by Madalina Ivanica, Deputy Head of Unit at DG GROW, European Commission, emphasised the EU’s need to diversify its critical mineral supplies. “We are strongly dependent on single suppliers in Europe, so we wanted to look further and see where supplies can come from,” she explained.
The EU’s partnership with Kazakhstan, established in 2022, focuses on five pillars:
- Identifying joint projects
- Cooperating in research and innovation
- Supporting infrastructure development
- Developing skills and capacity building
- Improving ESG standards
Technology Development Challenges
Conrad Blake, Managing Director of Minerals at HATCH, addressed the challenges of technology development in the mining sector. “Mining projects are really complex, high-capital projects,” he explained. “Mining houses or project owners are often reluctant to add additional risk by being early adopters of new technologies.”
However, Blake argued that the current momentum around diversifying supply chains presents an opportunity. “It gives us the unique opportunity to not just slightly improve existing technology but to stand back and say ‘clean slate,’” he suggested.
Mr. Blake emphasised that successful technology development requires trusted partnerships and doesn’t necessarily have to take decades. “We developed a unicorn for a tier-one player fairly recently,” he shared. “We did it from desktop study to commissioning in 18 months. It doesn’t have to be a multi-decade approach.”
First-Hand Success in Kazakhstan
Providing real-world perspective, Pini Althaus, Founding Partner at Cove Capital, shared his company’s successful experience as the first US company to develop critical minerals assets in Kazakhstan.
“We’ve been very pleasantly surprised by the welcoming we’ve received,” Althaus said. His firm entered Kazakhstan in early 2023, coinciding with a US-Kazakhstan framework agreement to collaborate on critical minerals development.
“We were able to secure our first licenses during the 2023 drilling season,” he explained. “We successfully drilled 7,000 meters during the course of last year and also did some drill site preparation for the 2025 season.”
Althaus highlighted President Tokayev’s mining reforms as instrumental in enabling their success and encouraged other Western companies to enter the market. “There are so many undeveloped resources in Kazakhstan,” he noted, adding that his company is committed to helping Kazakhstan develop a vertically integrated supply chain rather than simply exporting concentrates.
Moving Beyond Mining: Midstream and Downstream Potential
Vasileios Tsianos, VP Corporate Development at Neo Performance Materials, emphasized Kazakhstan’s potential to move beyond mining into midstream and downstream processing. “Kazakhstan comes in because it is endowed with great geological deposits, but more than that, it has a long history of metallurgical skills,” he explained.
Mr. Tsianos highlighted Kazakhstan’s unique capability to handle materials that often occur alongside rare earths, such as thorium and uranium. “Outside of China and Russia, there aren’t many jurisdictions that can both mine that but know how to process it and store it responsibly and do it competitively,” he noted. “Kazakhstan can do all three.”
The Path Forward
The session painted a clear picture of Kazakhstan’s strategic positioning in the critical minerals space. With its vast geological resources, improving regulatory environment, and openness to international partnerships, the country is poised to become a significant player in global supply chains.
As technological demands for these materials continue to accelerate—driven by clean energy transitions, digitalization, and electric mobility—Kazakhstan’s development of its rare earth and critical mineral resources represents not just an economic opportunity for the country but a strategic advantage for global industries seeking supply chain diversification and security.
The collaborative tone set by all panelists suggests that Kazakhstan’s ambitions in this sector will be realized not in isolation but through meaningful partnerships that combine geological wealth with technological expertise and market access—a winning formula in the increasingly critical world of rare and strategic metals.
Join the Conversation at MINEX Kazakhstan 2025
To continue these important discussions and explore investment opportunities in Kazakhstan’s mining sector, you’re invited to attend the 15th MINEX Kazakhstan Mining and Exploration Forum in Astana on 9-10 April 2025.
This premier industry event will bring together government officials, mining companies, investors, and technology providers to discuss the latest developments in Kazakhstan’s mineral resources sector, with special focus on rare and critical minerals opportunities.
For more information and registration details, visit www.minexkazakhstan.com.
