MINEX Forum

Tag: Altynalmas

  • Altynalmas Flags National Bank Gold Monopoly as Key Risk in AIX IPO Prospectus as Company Targets 750,000 Ounce Output by 2035

    Altynalmas Flags National Bank Gold Monopoly as Key Risk in AIX IPO Prospectus as Company Targets 750,000 Ounce Output by 2035

    Kazakhstan’s second-largest gold producer Altynalmas has identified the National Bank of Kazakhstan’s statutory right to purchase all refined gold produced in the country as a material risk to its business, according to the prospectus published ahead of the company’s initial public offering on the Astana International Exchange.

    Under Kazakhstan’s Law on Precious Metals and Precious Stones, the National Bank holds a legislated priority right to buy all refined gold produced domestically before it can be exported or sold to third parties. In practice, Altynalmas delivers virtually all of its output — in doré bar form — to the state refinery, with the refined gold then sold to the National Bank at prices linked to the monthly average LBMA gold price in US dollars, converted at the official dollar-tenge exchange rate. The prospectus, published in English only, warns that this arrangement concentrates credit risk in a single institutional counterparty and prevents the company from accessing international commodity markets directly.

    The regulatory structure also creates specific challenges for project financing. Many international lenders and project finance banks require that gold be processed at an internationally accredited facility and sold on international markets as security for loan repayment — conditions that the National Bank’s priority purchase right makes difficult or impossible to satisfy, the prospectus states.

    On production, the prospectus confirms that Altynalmas mined 433,000 ounces — approximately 13.5 tonnes — of gold in 2025, down from 511,000 ounces in 2024. The company holds proven and probable reserves of 4.4 million ounces under the JORC standard, alongside measured, indicated and inferred resources of 22.3 million ounces — sufficient, at last year’s production rate, to sustain at least a decade of operations from existing reserves alone.

    Near-term output is projected at 380,000 to 430,000 ounces annually through to 2029, supported primarily by existing and expanding assets. A more significant step-up is anticipated from 2030 to 2035, when production is forecast to rise to between 600,000 and 750,000 ounces per year — a level that would make Altynalmas one of the more significant mid-tier gold producers in Central Asia.

  • Central Asia Resources Holding to Acquire 100% of Altynalmas Gold Producer

    Central Asia Resources Holding to Acquire 100% of Altynalmas Gold Producer

    Central Asia Resources Holding Ltd., owned by businessman Shakhmurat Mutalip, has signed a share purchase agreement to acquire 100% of Kazakhstan’s gold mining company Altynalmas, including all of its subsidiaries, according to the company.

    The transaction, the completion date of which has not yet been disclosed, will result in Central Asia Resources Holding obtaining full control over the group. The deal предусматривает the buyout of stakes held by all nine shareholders of Altynalmas. The largest shareholder, Dutch-registered Gouden Reserves B.V., currently holds more than 66% of the company.

    In a statement, representatives of Mutalip described the acquisition as a key step in the holding’s long-term investment strategy. They noted that Altynalmas represents a well-established asset with a strong production base, experienced management team, and significant growth potential. The new owner intends to maintain operational stability, ensure continuity in management, and uphold all social commitments in the regions where the company operates.

    The seller’s side also welcomed the transaction, stating that the transfer of ownership to a strategic investor focused on long-term development would support the company’s sustainable growth and strengthen its position within the industry.

    As of 1 January 2026, Altynalmas’ major shareholders included Gouden Reserves B.V. with approximately 66.8% and Vladimir Dzhumanbayev with around 22.8%. The company reported a profit of 260 billion tenge for the first nine months of 2025, generated from revenue of 618 billion tenge.

    Shakhmurat Mutalip is also the beneficiary of construction company Integra Construction KZ and has been linked to several potential крупные сделки in Kazakhstan’s mining sector. These include possible acquisitions of stakes in Kazzinc and Eurasian Resources Group (ERG). According to media reports, financing for such transactions could involve Glencore, which is seeking to secure access to metals from Kazakhstan. The combined value of potential deals involving ERG and Kazzinc has been estimated at $4.9 billion.

    The acquisition of Altynalmas underscores growing consolidation in Kazakhstan’s mining industry and highlights increasing investor interest in strategic mineral assets.

  • Altynalmas Plans 19-Year Development of Karierny Gold Deposit in Kazakhstan

    Altynalmas Plans 19-Year Development of Karierny Gold Deposit in Kazakhstan

    Kazakhstan’s gold mining company Altynalmas plans to develop the Karierny deposit in the Karaganda region over the next 19 years, according to an updated mine closure plan submitted for public review.

    Under the revised mining plan, operations at the Karierny site are scheduled to run from 2026 to 2044. The project is designed to process an average of about 3 million tonnes of gold-bearing ore per year. The deposit covers an area of approximately 4.3 square kilometres and will be mined to a depth of around 200 metres.

    The Karierny site is located in the Aktogay district of the Karaganda region, roughly 100 kilometres east of the city of Balkhash. Infrastructure near the project includes the Balkhash–Aktogay railway line, a 110 kV power transmission line and the Tokrau–Sayak water pipeline. Nearby deposits operated by Altynalmas include the Dolinnoye and Pustynnoye gold fields.

    According to the company’s documentation, all approved reserves at the Karierny deposit will be mined during the project’s lifetime. The mine is expected to produce approximately 43.7 million tonnes of ore with an average gold grade of about 0.9 grams per tonne.

    Based on these figures, the total gold output from the project is estimated at roughly 39.3 tonnes over the life of the mine. At current market prices, this volume would be valued at around $6.4 billion.

    Altynalmas originally received the licence to develop the Karierny deposit in 2011, with the initial contract set to expire in 2026. The revised closure plan likely reflects a renewal or extension of subsoil use rights.

    The project also outlines environmental and post-mining land management measures. Since backfilling the open pit with waste rock is considered economically unfeasible, the site will be fenced to prevent accidents, reduce dust dispersion and stop animals or waste from entering the pit.

    After mine closure, the area could potentially be converted into a recreational water reservoir. Land disturbed during operations will also be rehabilitated to support pasture use, with soil preparation and seeding of perennial grasses planned to restore grazing land for livestock.

    Closure activities are scheduled to begin in 2045, in accordance with Kazakhstan’s legislation requiring reclamation work to start within eight months after the expiration of a mining licence. The company estimates the cost of these activities at approximately $1.8 million.

    Altynalmas currently operates nine gold deposits across Kazakhstan and remains one of the country’s largest gold producers.

  • Kazakh Oligarch Vladimir Zhumanbayev Expands Mining Empire

    Kazakh Oligarch Vladimir Zhumanbayev Expands Mining Empire

    Vladimir Dzhumanbayev, one of Kazakhstan’s wealthiest businessmen, has further expanded his business empire through his company Altynalmas, which has officially acquired two new assets: TOO Anisimov Klyuch and TOO Met Miner. The transaction, confirmed by documentation published on the Kazakhstan Stock Exchange (KASE) and dated 12 June, grants Altynalmas a 100% stake in both companies. The size of the deal has not been disclosed.

    The acquisitions underscore Altynalmas’s ongoing strategy of broadening its footprint within the mining sector. TOO Anisimov Klyuch operates a copper deposit of the same name in East Kazakhstan’s Glubokovsky district, with a site area of approximately 11 hectares and an annual production capacity of up to 500,000 tonnes of ore. The company, with eight years of operational experience, has contributed over 45 million tenge in taxes, more than half of which were paid in the last year alone. Anisimov Klyuch was previously part of the Kazakhmys corporation.

    The second asset, TOO Met Miner, is engaged in geological exploration across the Aksuyskaya region of Akmola and the Stepnogorsk area. Within just three years, Met Miner has initiated the search for gold, copper, and other minerals. With integration into the Altynalmas structure, an acceleration in exploration and development efforts is anticipated.

    These moves reflect a continued concentration of mining assets in the hands of Kazakhstan’s largest capital holders. Dzhumanbayev himself holds significant stakes in Altynalmas and other major mining outfits, ranking 21st on the Forbes Kazakhstan’s 2025 rich list with a net worth reported at $472 million.

    Previously, Dzhumanbayev was mentioned in connection with a criminal investigation by Kyrgyz authorities, but proceedings were ultimately dropped. His growing influence in the sector signals a further consolidation of Kazakhstan’s mining industry under the control of its most powerful business figures.

  • Altynalmas Outlines Ambitious Development Plans for Maikainzoloto During Executive Visit

    Altynalmas Outlines Ambitious Development Plans for Maikainzoloto During Executive Visit

    Balamir Makhanov, Chairman of the Board of JSC “AK Altynalmas”, has visited the Maikainzoloto site as part of a working trip, where he met with the company’s workforce to present a roadmap for future development.

    Altynalmas, one of Kazakhstan’s top three gold producers, continues to invest in modernization and expansion across five key regions. The Maikainzoloto asset, recently integrated into the company’s strategic portfolio, is now a focal point for comprehensive growth.

    “Maikainzoloto is a valuable asset within our company structure. We see significant potential here and are committed to ensuring its sustainable development through modernization, new technologies, and resource base expansion,” said Makhanov during the meeting.

    To extend operational life and boost production, five new exploration licenses have been acquired. Among the most promising sites is the Alpys deposit, where exploration is already planned. Additionally, the company aims to construct a processing plant to treat historic tailings, accumulated since the deposit was first developed.

    Altynalmas continues to emphasize corporate social responsibility, focusing on occupational safety, modern personnel and equipment tracking systems, working conditions, and professional development programs. The company also actively supports local communities, investing in social infrastructure, education, and sports initiatives.

    As part of the visit, Altynalmas officially introduced Daniyal Nabiev as the new General Director of Maikainzoloto. With extensive management experience in industrial enterprises, Nabiev’s appointment reflects Altynalmas’ commitment to robust and dynamic growth.

    The outlined development strategy and leadership transition underscore Altynalmas’ determination to strengthen its position in the mining sector while contributing to the socio-economic growth of the Pavlodar region.

  • АО «Алтыналмас» начинает новый проект по добыче золота на месторождении Бактай в Казахстане

    АО «Алтыналмас» начинает новый проект по добыче золота на месторождении Бактай в Казахстане

    Золотодобывающая компания АО «Алтыналмас» представила план горных работ на месторождении Бактай, расположенном в Актогайском районе Карагандинской области Казахстана. План был опубликован на Едином экологическом портале Казахстана. Согласно проектной документации, месторождение Бактай ранее не разрабатывалось, однако геологоразведка на этом участке велась еще с прошлого века. В период с 2018 по 2021 годы компания пробурила 52 скважины и взяла 30 тыс. проб.

    Месторождение Бактай находится в пределах 100 км от одного из основных активов компании «Алтыналмас» — ГОК «Пустынное», где будет перерабатываться золотосодержащая руда с нового месторождения. Добыча руды планируется открытым способом. Минеральные ресурсы оценены в соответствии с кодексом KAZRC и поставлены на баланс в 2021 году. Выявленные запасы составляют 1,23 млн тонн руды (содержат 2328 кг золота, среднее содержание — 1,89 г/т), предполагаемые запасы — 577 тыс. тонн (содержат 698 кг золота, среднее содержание — 1,21 г/т).

    Компания планирует отрабатывать месторождение в течение двух лет с производительностью 940 тыс. тонн руды в год. После завершения добычи компания займется дальнейшими эксплуатационно-разведочными работами на Бактайском рудном поле.

    Кстати, недавно компания получила сертификат ICMI от Международного института по обращению с цианидами на месторождение Пустынное.

     

     

  • Altynalmas Begins New Gold Mining Project at Bakhtai Deposit in Kazakhstan

    Altynalmas Begins New Gold Mining Project at Bakhtai Deposit in Kazakhstan

    The gold mining company Altynalmas JSC has unveiled its mining plan for the Bakhtai deposit, located in the Aktogay district of Kazakhstan’s Karaganda region. The plan was presented on the Unified Environmental Portal of Kazakhstan. According to the project documentation, the Bakhtai deposit has never been developed before, although geological exploration of the site has been ongoing since the last century. From 2018 to 2021, the company drilled 52 boreholes and collected 30,000 samples.

    The Bakhtai deposit is situated within 100 km of one of Altynalmas’ main assets, the Pustynnoe mining and processing complex, where the gold-bearing ore from the new deposit will be processed. The company plans to extract the ore using open-pit mining. The mineral resources were evaluated according to the KAZRC code and were registered in 2021. The identified reserves are estimated at 1.23 million tons of ore (containing 2,328 kg of gold with an average grade of 1.89 g/t), with inferred resources at 577,000 tons (containing 698 kg of gold with an average grade of 1.21 g/t).

    The company intends to develop the deposit over a two-year period, with the quarry expected to produce 940,000 tons of ore per year. Following this, Altynalmas plans to conduct further operational exploration work in the Bakhtai ore field.

    Notably, the gold mining company recently received an ICMI certificate from the International Cyanide Management Institute for its Pustynnoe deposit.

  • Altynalmas received a license to produce and sell explosives

    Altynalmas received a license to produce and sell explosives

    The gold mining company Altynalmas announced that it had received a license for the development, production, acquisition, sale and storage of explosives and pyrotechnic substances and products using them.

    An indefinite first category permit for this work was issued by the Industrial Safety Committee of the Ministry of Emergency Situations on February 8. In addition, Altynalmas received a permit on February 9 to carry out work and provide services in the field of environmental protection. An indefinite permit of the first category was issued by the Committee for Environmental Regulation and Control of the Ministry of Ecology and Natural Resources.

    The Altynalmas press service, in a conversation with Kursiv, clarified that we are talking about updating the license issued in 2011 due to a change in the company’s legal address.

    According to the Kazakhstan Stock Exchange, as of January 1, 2024, the major shareholders of Altynalmas are: Gouden Reserves BV – 60% of shares, Vladimir Jumanbaev – 20%, Diyar Kanashev – 10.5%, Igor Vetiul – 6.5%. The market capitalization of Altynalmas is $623.66 million.

    The ultimate parent and controlling party of the company is Trustee Pte Ltd, acting on behalf of the Family Trust. Jumanbayev, with a net worth of $440 million, was ranked 17th on the Forbes list of the richest Kazakhstanis in 2023.

    According to the audited financial statements for January – September 2023, the group of companies is engaged in geological exploration, mining and processing of gold ore, sales of precious metals, design and construction of industrial facilities. At the end of September last year, Altynalmas had licenses and contracts for the exploration and production of gold deposits: Akbakay (until 2024), Aksakal-Beskempir (2029), Aksu (2029), Baktai (2024), Bestobe (2029), Dolinnoye ( 2031), Zholymbet (2029), Itkuduk (2025), Limestone (2028), Karaul-Tobe (2023), Quarry (2023), Quartzite Hills (2029), Quarry (2026), Kenzhem (2033), Mizek (2026) , Olimpiyskoye (2025), Ortasay (2025), Pustynnoye (2026), Pustynno-Baktaiskoye (2025), Sayak-4 (2029), Svetinskoye (2022. In 2020, Altynalmas decided to terminate the subsoil use contract due to low economic profitability. In 2023, permission was received to begin the procedure for terminating the contract, technogenic mineral formations (TMO) of the Aksu deposit (2024), TMO of the Bestobe deposit (2024), TMO of the Zholymbet deposit (2022). In 2023, a decision was made to begin the procedure for terminating the contract for exploration and extraction of gold from the TMO mine, Ushtogan-Caracas ore cluster (2024).

     Altynalmas has shares in a number of companies: AAEngineering Group (design and construction services, sales of goods, share – 100%), Akbakai Mining and Metallurgical Plant (96.61%), Akbakai Gold Resources (geological exploration, production and ore processing, sale of precious metals, 100%), Aksu Technology (operation of gold extraction factories, production and sale of precious metals, 100%), Aktogay Mys (geological exploration, mining and processing of ore, sale of precious metals, 100%), Altynalmas Reagents ( sales of reagents, 83%), “Altynalmas Technology” (operation of gold extraction factories, production and sale of precious metals, 100%), “Asyl Resources” (geological exploration, mining and sale of ore, 100%), “Hotel Stepnogorsk” (100%), “Kazakhaltyn Service” (repair and maintenance of machinery and equipment, 100%), “Kazakhaltyn Technology” (processing of man-made mineral formations, 100%), “Kazakhaltyn” (geological exploration, mining and sale of goods containing precious metals, 100%), “Trading House Altynalmas” (purchase and sale of goods containing precious metals, 100%).

    In turn, Kazakhaltyn has shares in the following companies: City A invest (investment in real estate, 99%, and 1% belongs to Altynalmas itself), Visart (sales of gold-containing products, 99%, and 1% belongs to ” Altynalmas”), “Kazakhaltyn Logistic” (transport and forwarding services, 99%, and 1% belongs to Altynalmas).

    AAEngineering Group owns: AA Mining (freight transportation, construction and installation works, 100%), AA Property Management (rental and operation of real estate, 100%), AAE ProService (construction and installation works, construction of residential buildings, 90%) , AAE Service” (repair and maintenance of machinery and equipment, 100%), ProMS (sale of goods and equipment, 100%), “Kazakh Santekhproekt” (design of buildings and structures, 50.09%).

    Based on the results of January – September 2023, Altynalmas’ revenue amounted to 341.6 billion tenge compared to 356.1 billion tenge for the three quarters of 2022. In 2023, a fine of 6.7 billion tenge was imposed on the Kazakhaltyn subsidiary based on the results of an audit by the environmental department. The company challenged the inspection and fine in the Supreme Court. At the end of September last year, Altynalmas had 226.6 billion tenge of loans, including 220.5 billion tenge for a loan until 2026 at 6.4% in euros to VTB Banks.

  • ALTYNALMAS entered the TOP 3 of the PWC rating for ESG disclosure among mining and metallurgical companies

    ALTYNALMAS entered the TOP 3 of the PWC rating for ESG disclosure among mining and metallurgical companies

    The study was conducted by the auditing company PwC Kazakhstan among 96 organizations. Experts assessed the quality and availability of ESG information in annual reports and sustainability reports. Experts analyzed almost all non-financial reports published in Kazakhstan based on the results of 2022. The report on sustainable development of the gold mining company Altynalmas took 8th place among the best practices for disclosing information in the field of sustainable development, and among mining and metallurgical companies it took 2nd place.

    The assessment methodology included 129 criteria, each position was scored from 1 to 10 points. The criteria included such disclosure blocks as sustainable development strategy, corporate governance, society, ecology, and reporting practices. Additional points were also awarded for clarity, timeliness and quality of presentation of information.

    Emphasizing the status and importance of the principles of sustainable development, Altynalmas has identified 11 priority Sustainable Development Goals, where it can make the greatest contribution. In 2022, AK Altynalmas JSC joined the UN Global Compact and released the first report on Sustainable Development. The company also became a co-founder of the national ESG club, where proposals are being formulated to stimulate ESG activities within the Republic of Kazakhstan.
    “The basis for the Company’s long-term sustainable development is the growth of operational and financial performance in tandem with progress in the social and environmental spheres. Our priorities remain safety with the introduction of the best global practices, innovation and automation of production, support for local communities in the regions where we operate, equal career opportunities, as well as high standards of corporate governance,” noted Balamir, CEO of the Altynalmas Group of Companies, in his address in the SD report MAKHANOV.

    Let us recall that last year the Altynalmas company also took 8th place in the PWC rating for ESG information disclosure among Kazakh companies.

    The top ten ranking includes companies that have demonstrated a high level of disclosure of ESG information at the level of international standards, as noted in the PwC Kazakhstan report.

  • Altynalmas: Analyzing First Half of 2023 Financial Report

    Altynalmas: Analyzing First Half of 2023 Financial Report

    In the dynamic landscape of the mining industry, the performance of key players reflects not only the company’s strategies but also broader market trends. In this comprehensive analysis, we delve into the financial report of “Altynalmas,” a prominent gold mining company, for the first half of 2023. The report provides insights into the company’s net profit, operating profit, revenue, product sales, and production costs, shedding light on its overall performance and strategic directions.

    Net Profit and Operating Profit: A Comparative Overview

    During the initial six months of 2023, “Altynalmas” reported a net profit of 26.7 billion tenge. This figure marked a noteworthy decline of 49.5 billion tenge compared to the corresponding period in the previous year. This decrease prompts an exploration into the factors contributing to this considerable difference. It is essential to understand the strategies employed by the company during this time frame and how they may have influenced the financial outcome.

    The operating profit, a key indicator of the company’s operational efficiency, was halved to 41.7 billion tenge in the first half of 2023. This reduction raises questions about the company’s cost management strategies, production processes, and market demand for its products. Delving deeper into the operational aspects can provide valuable insights into the areas that might require optimization and improvement.

    Revenue Streams: Precious Metals Contracts and Product Sales

    A significant portion of “Altynalmas” revenue is derived from precious metal contracts. In the first half of 2023, the company’s revenue from these contracts slightly decreased to 215.7 billion tenge. Analyzing the variations in these revenue streams could offer insights into market dynamics, pricing strategies, and the company’s ability to secure and fulfill contracts.

    The sale of Doré alloys and gold-containing products contributed substantially to “Altynalmas” revenue, generating an impressive 180 billion tenge. Notably, sales of Doré alloys witnessed an increase of 7 billion tenge, while gold-containing product sales decreased by the same amount. This divergence prompts an exploration into consumer preferences, market trends, and the company’s product mix strategies.

    Silver Sales Surge: Unveiling New Avenues

    A striking highlight of the financial report is the surge in silver sales revenue. In the first half of 2023, silver sales revenue skyrocketed from 47 million tenge to an impressive 417 million tenge. This remarkable growth signifies a potential diversification strategy for “Altynalmas.” Understanding the factors driving this surge and the strategic significance of silver in the company’s portfolio could shed light on future opportunities and market positioning.

    Production Costs and Asset Dynamics

    The analysis of “Altynalmas” financial report also unveils critical information about the company’s production costs and asset dynamics. Production costs increased by 1.5 times, amounting to 158.2 billion tenge. This increase demands an examination of cost drivers, operational efficiencies, and potential areas for cost optimization without compromising product quality and safety standards.

    Additionally, “Altynalmas” experienced a reduction in assets, which now stand at 726.4 billion tenge, down by 23 billion tenge compared to the previous year. Understanding the asset dynamics and the company’s strategic decisions regarding asset management is crucial for assessing its financial health and future growth prospects.

    Strategic Outlook: Contract Termination and Future Prospects

    Looking forward, “Altynalmas” has made strategic decisions to terminate contracts for the Zholymbet and Svetinskoye assets this year. This strategic move demands an exploration of the rationale behind these decisions, potential implications on the company’s operations, and the overall alignment of these actions with the company’s long-term goals and market conditions.

    In conclusion, the first half of 2023 has brought forth notable shifts in “Altynalmas” financial performance. While challenges such as decreased net profit and operating profit have emerged, opportunities such as the surge in silver sales and strategic asset management decisions are equally noteworthy. To navigate these dynamics successfully, “Altynalmas” needs to strategically align its operations with market trends, optimize costs, and leverage diversification opportunities.

    By providing a comprehensive analysis of “Altynalmas” financial report, we have explored the intricacies of its performance during the first half of 2023. This analysis not only serves as an insightful review but also offers valuable insights that can guide the company’s strategies and decisions in the evolving mining industry landscape.