MINEX Forum

Tag: investment

  • Qarmet Advances Major Construction Projects to Enhance Production Capacity

    Qarmet Advances Major Construction Projects to Enhance Production Capacity

    Qarmet is making significant strides in the construction of strategically important facilities that are set to underpin the company’s future production growth, product line expansion, and extensive technological upgrades. The new production capacities are taking shape, with massive concrete foundations and installed metal structures and technological equipment already visible on-site.

    A key project in this initiative is the construction of a new section rolling mill, with engineering, equipment supply, installation supervision, and construction work being managed by CERI. To date, over 1,500 tonnes of rebar and more than 1,500 tonnes of metal structures have been delivered to the site. The complex will feature 11 overhead cranes, with construction activities progressing across the entire site: specialists are pouring concrete for the foundations of buildings and technological equipment, erecting reinforced concrete frames, and installing metal structures and crane equipment.

    The project is currently in an active implementation phase. Once the new section rolling mill is operational, Qarmet will be able to produce an additional 540,000 tonnes of metal products annually. The facility will also commence the production of high-strength rebar grades A600 and A1000, alongside new product types that are in demand in both domestic and international markets, including angles and channels.

    Simultaneously, large-scale construction is underway at the new coke battery No. 8-9 site. Currently, the coal tower structure is being erected at a height of +5.3 meters, and the upper foundation slab for coke battery No. 9 is being reinforced. Specialists are also working on soil development and reinforcing the flue gas ducts of the transverse bore, constructing the walls of the longitudinal bore of KB-9, and laying the foundation for the future chimney.

    At coke battery No. 8, the installation of metal structures continues, with 300 out of the planned 500 tonnes already installed. The groundwork for the end platforms of coke batteries No. 8 and No. 9 has been fully completed. Once the complex is operational, its production capacity will reach 1.5 million tonnes of dry coke per year. The implementation of this project will strengthen Qarmet’s raw material base and enhance the resilience of its complete metallurgical cycle.

    “The new section rolling mill and coke batteries No. 8-9 are crucial elements of Qarmet’s extensive investment programme and a clear testament to the company’s ongoing technological renewal. Today, the construction sites are not only forming the bodies of future productions but are also laying the foundation for the new industrial strength of the enterprise. The implementation of these projects will increase output volumes, expand the range of in-demand metal products, strengthen the raw material base, and enhance the resilience of the entire production cycle,” noted Qarmet specialists.

    Tons of concrete and metal structures are already taking shape in the outlines of new productions. Step by step, Qarmet is renewing key links in the technological chain, implementing modern solutions, and creating capacities that will define a new level of efficiency, reliability, and competitiveness for the company for decades to come.

  • Kazakhmys Begins Construction of Kazakhstan’s Deepest Mine Shaft

    Kazakhmys Begins Construction of Kazakhstan’s Deepest Mine Shaft

    Kazakhmys Corporation has embarked on one of the largest investment projects in recent years with the construction of the ‘Air Supply Shaft-2’ at the Nurkazgan deposit in the Karaganda region. The project, which involves an investment exceeding 32.5 billion tenge, aims to enhance the development of the Eastern section of the deposit and marks a significant milestone in the evolution of the Nurkazgan mine.

    The new shaft, projected to reach a depth of 1,283.9 meters, will become the deepest mine shaft in Kazakhstan. Its construction is expected to facilitate the further exploration of ore reserves, improve industrial safety standards, and establish a modern infrastructure that will support the mine’s operations for decades to come. A ceremonial event to mark the commencement of construction was attended by key figures, including Nurmukhamet Abdibekov, Chairman of the Board of Kazakhmys, and other senior executives.

    Abdibekov highlighted the project’s significance, stating that it represents a long-term investment in safety, production development, and the strengthening of the company’s resource base. The primary objective of the project is to uncover the ore reserves in the Eastern section, ensure a fresh air supply to underground workings, and create a safe environment for workers.

    Construction will involve the excavation of over 65,000 cubic meters of rock and the establishment of nine connections with existing mine horizons. The completion of the shaft is anticipated by 2031, after which it will be equipped with advanced technological systems, including a cage lift, main ventilation unit, and a modular heating boiler to warm the air entering the mine.

    Looking ahead, Kazakhmys plans to initiate the construction of the ‘Ventilation Shaft-2′ in 2027, which will complement the newly built shaft and create a unified engineering infrastructure. This infrastructure will ensure effective ventilation and safe operations at the mine, enabling the further exploration of new ore reserves.

    The confirmed reserves at the Nurkazgan deposit, which contain copper, gold, and silver, support the sustainable operation of the mining and processing complex for over 40 years. The project’s implementation is a crucial step in Kazakhmys’ long-term investment programme aimed at enhancing production capacities, improving industrial safety, and reinforcing the company’s resource base.

  • Kazakhstan Government Discusses New Fluorspar Concentrate Plant in Zhambyl Region

    Kazakhstan Government Discusses New Fluorspar Concentrate Plant in Zhambyl Region

    The government of Kazakhstan has recently convened to discuss an investment project aimed at constructing a new plant for the production of acid-grade fluorspar concentrate in the Zhambyl region. The meeting, chaired by First Deputy Prime Minister Nurlan Naliбаев, included representatives from Western Mining Corporation Limited, a consortium of leading Chinese companies spearheading this initiative. The proposed plant is set to produce fluorspar concentrate, which is highly sought after in the chemical industry, new energy sector, and both ferrous and non-ferrous metallurgy.

    During the meeting, Nurlan Naliбаев highlighted the government’s commitment to providing comprehensive support to investors. He underscored the strategic importance of developing the mining and processing industries, attracting foreign investments, and implementing modern environmental production standards to ensure sustainable economic growth in Kazakhstan. The project is expected to create over 200 permanent jobs, contributing to local employment and economic development.

    Following the discussions, relevant government bodies and organizations have been tasked with conducting a comprehensive assessment of the project’s economic and strategic viability. This initiative reflects Kazakhstan’s ongoing efforts to enhance its mining sector and attract international collaboration, particularly in the context of increasing demand for fluorspar in various industrial applications. As the country seeks to bolster its position in the global mining landscape, projects like this one are crucial for fostering innovation and sustainability in the industry.

  • Kazakhmys Invests Over 25.2 Billion Tenge in Modernisation of Zhezkazgan Copper Smelting Plant

    Kazakhmys Invests Over 25.2 Billion Tenge in Modernisation of Zhezkazgan Copper Smelting Plant

    Kazakhmys Corporation has announced a significant investment of over 25.2 billion tenge aimed at modernising the Zhezkazgan Copper Smelting Plant, a key metallurgical facility within the group. The investment will be allocated towards capital repairs, technical re-equipment, and the enhancement of production infrastructure, with the overarching goal of ensuring the plant’s sustainable operation, improving industrial safety, and enhancing both technological efficiency and environmental performance.

    The comprehensive modernisation programme encompasses major production workshops, energy management systems, infrastructure facilities, and social amenities. A substantial portion of the investment, amounting to 15.9 billion tenge, is dedicated to the capital repair of critical metallurgical equipment. This includes extensive renovations to the second ore-thermal furnace, anode furnaces, and converter blocks, which are expected to bolster the reliability of the technological processes and extend the lifespan of the equipment.

    Additionally, 3.6 billion tenge will be invested in upgrading technological equipment. This includes the installation of 234 polymer concrete baths in the copper electrolysis shop, replacement of the power transformer, and the installation of a new bridge crane. The smelting shop will see the replacement of the carousel casting machine, while the heat supply shop will upgrade its turbocharger.

    The development of production infrastructure is also a priority, with 4.4 billion tenge earmarked for this purpose. Projects include the capital repair of cooling tower No. 1, roof replacement in the copper electrolysis shop, and restoration of the converter department’s roofing. Concurrently, the renovation of shower facilities in the administrative and domestic complex of the smelting shop is being completed to improve the working conditions for employees.

    By the end of the year, Kazakhmys plans to allocate an additional 1.4 billion tenge for the capital repair of equipment in the charge preparation shop and the establishment of a specialised area for the safe maintenance of crane equipment. This comprehensive modernisation effort is part of Kazakhmys’s long-term investment programme aimed at enhancing its metallurgical enterprises, ensuring more reliable production processes, improving equipment efficiency, and creating a safer and more comfortable working environment for its workforce.

  • UK-Kazakhstan Strategic Partnership: A New Era of Economic Cooperation

    UK-Kazakhstan Strategic Partnership: A New Era of Economic Cooperation

    The recent entry into force of the Strategic Partnership and Cooperation Agreement (SPCA) between the United Kingdom and Kazakhstan marks a significant evolution in their bilateral relationship. This agreement, which was formalised in July 2026, is not merely a diplomatic formality but rather a strategic framework designed to enhance collaboration across various sectors, including critical minerals, energy, education, and technology. British Ambassador to Kazakhstan, Sally Axworthy, emphasised that the SPCA is a ‘signal of intent’ that positions the UK as a proactive partner ready to engage in meaningful investments and initiatives in Kazakhstan.

    Kazakhstan’s rich mineral resources and its growing role in Eurasian connectivity make it a focal point in the global race for critical minerals. The SPCA aims to transition the dialogue from mere resource extraction to value creation, highlighting the importance of processing and technological advancement. Recent projects, such as a $107 million agreement for rhenium recycling, illustrate this shift towards industrial cooperation, where both countries can leverage their strengths to create higher-value products rather than simply exporting raw materials.

    Moreover, the partnership extends beyond economic dimensions, with education playing a crucial role in fostering long-term ties. The Bolashak Scholarship programme has facilitated the education of thousands of Kazakh students in the UK, and British universities are increasingly establishing campuses in Kazakhstan. This educational exchange not only builds human capital but also aligns with the broader economic strategy of enhancing skills and technology transfer. As both nations look to solidify their partnership, the SPCA could serve as a pivotal foundation for a more mature and resilient economic relationship, contingent on the successful implementation of collaborative projects and initiatives.

  • Kazakhstan’s Samruk-Kazyna Fund Acquires 40% Stake in Eurasian Resources Group

    Kazakhstan’s Samruk-Kazyna Fund Acquires 40% Stake in Eurasian Resources Group

    In a significant development for Kazakhstan’s mining sector, the National Wealth Fund ‘Samruk-Kazyna’ has acquired a controlling 40% stake in Eurasian Resources Group S.à r.l. (ERG), a major player in the mining industry. This transaction, which took effect on August 4, 2026, marks a strategic shift in the ownership structure of ERG, previously held by the State Property and Privatisation Committee of the Ministry of Finance of Kazakhstan.

    The acquisition was confirmed by ERG, which stated that the fund is now the sole owner of the 40% stake, while the heirs of Alidjan Ibragimov, one of the founding shareholders, hold 20.7%, and Shakhmurat Mutalip retains 39.3%. This change in shareholding is part of a broader strategy by the Kazakh government to manage state assets effectively through Samruk-Kazyna, which is tasked with ensuring the sustainable operation of businesses in the country.

    On the same day, Samruk-Kazyna released an official statement regarding the acquisition, highlighting its commitment to managing state assets in the interests of Kazakhstan. The fund’s involvement is expected to enhance the operational stability of ERG, which has assured stakeholders that its enterprises will continue to operate normally and adhere to its development strategy.

    The transaction follows earlier discussions regarding the potential restructuring of ERG, with reports suggesting negotiations between shareholders Mutalip and the Ibragimov heirs about possibly dividing the group into separate Kazakhstan and international entities. However, the Ministry of Finance has stated that it has not received any formal requests regarding such a division.

    Additionally, the acquisition comes amid ongoing negotiations between ERG and Portuguese company Mota-Engil concerning the sale of Bahia Mineração (BAMIN), which holds iron ore assets in Brazil. These talks have reportedly slowed due to the recent changes in ERG’s ownership structure, with a deal initially expected to be finalised by mid-2026 now facing delays.

    As the Ibragimov family ranks among Kazakhstan’s wealthiest, with a net worth of $1.677 billion as of May 2026, the implications of this ownership shift are significant for the future of ERG and its operations both domestically and internationally. The mining sector in Kazakhstan continues to evolve, with state involvement poised to play a crucial role in shaping its trajectory.

  • Hongda Group Plans Major Lead and Zinc Project in Kazakhstan

    Hongda Group Plans Major Lead and Zinc Project in Kazakhstan

    Hongda Group is set to embark on a significant investment project in Kazakhstan, which could potentially surpass Kazcink and emerge as the largest producer of lead and zinc in Central Asia. Following a working visit by the First Deputy Prime Minister of Kazakhstan, Nurlan Naliyev, to the Kyzylorda region, attention has been drawn to this ambitious yet relatively low-profile project in the country’s mining and metallurgy sector. The project, valued at $1.3 billion, aims to establish two underground mines and two processing plants with a combined capacity of 8 million tonnes of ore per year, alongside a full-cycle metallurgical plant, creating over 3,000 jobs in the process.

    The project will focus on the Talap and Burabay-Zhalgyzagash deposits, located just 20 kilometres apart. The Burabay-Zhalgyzagash site will be developed through underground mining to a depth of 500 metres. Both deposits are part of the Akuyuk-Maidantal lead-zinc ore district in the Karatau region, which also houses the largest deposit in the area, Shalkiya. Initial exploration activities took place between 1980 and 1985, with detailed surveys conducted from 2010 to 2012. The reserves are classified under category C2, with forecasted resources rated as P1, showing an average content of 2.01% zinc and 1.62% lead, with geologists noting the potential for resource growth at greater depths.

    Investors have indicated that the metallurgical plant will have the capacity to produce 420,000 tonnes of zinc and 220,000 tonnes of lead annually, totalling 640,000 tonnes of metals. In comparison, Kazcink is projected to produce 251,800 tonnes of zinc and 76,700 tonnes of lead by 2025. Upon reaching its designed capacity, the new complex could produce 66.8% more zinc and 2.87 times more lead than Kazcink. If the project proceeds as planned, it stands to become the largest lead and zinc producer in Central Asia. Notably, the Chinese investors have already invested approximately 9 billion tenge in geological exploration, operating 15 drilling rigs simultaneously. While official reserves have yet to be disclosed, the scale of drilling and the proposed processing capacity suggest a substantial resource base. An official groundbreaking ceremony is expected later this year, reflecting a commendable approach where significant funds are first allocated for geological exploration to confirm resource viability before committing to the construction of a large-scale mining and metallurgical complex.

  • Tin One Mining to Construct Major Tin Processing Plant in Kazakhstan

    Tin One Mining to Construct Major Tin Processing Plant in Kazakhstan

    At the Qyzyljar Investment Forum 2026, a significant agreement was reached that paves the way for the industrial development of the largest untapped tin deposit in Central Asia. Tin One Mining, a subsidiary of Solidcore Resources, has signed a memorandum with the relevant administration of the North Kazakhstan region, solidifying plans to build a mining and processing plant at the Sarymbet site.

    According to the memorandum, the investor is committed to investing at least 150 billion tenge (approximately 315.5 million dollars) into the development of the resource, the construction of the facility, and the creation of supporting infrastructure, pending approval from the parent company’s board of directors. Regional authorities will assist the investor in project execution, taking on administrative support and facilitating agreements with government bodies.

    Tin One Mining aims to establish the extraction and processing of raw materials using modern technologies. The company promises to implement advanced global solutions in environmental protection and industrial safety within its operations. Once fully operational, the plant is expected to employ around 800 people, with a preference for hiring qualified specialists from the local community.

    The project’s significance is underscored by the scale of its resource base. The Sarymbet deposit, discovered in 1985, holds over 70% of Kazakhstan’s tin reserves. According to JORC standards, the deposit contains 492.4 thousand tonnes of tin with an average grade of 0.40%, along with by-product copper amounting to 91.4 thousand tonnes at a grade of 0.07%. In total, this equates to approximately 5.9 million ounces of gold equivalent.

  • Solidcore Resources Secures $600 Million Financing for Gold Processing Plant in Kazakhstan

    Solidcore Resources Secures $600 Million Financing for Gold Processing Plant in Kazakhstan

    Solidcore Resources, a gold producer, has secured $600 million in financing from the European Bank for Reconstruction and Development (EBRD) and a syndicate of commercial banks, including ING, Société Générale, and Abu Dhabi Commercial Bank (ADCB). The EBRD will provide $300 million over a ten-year period, while the commercial banks will contribute an additional $300 million, with each bank committing $100 million. The initial term of the credit line is set for five years, with an option to extend it to seven years. The agreement also allows for an increase in funding by up to $300 million. The Ertis Hydrometallurgical Plant (ЕГМК) will act as a co-borrower alongside Solidcore.

    The financing package includes a three-year grace period, with the repayment of the principal amount commencing after the completion of the plant in 2029. Hussein Ozhan, EBRD’s Managing Director for Central Asia and Mongolia, highlighted that the development of local processing capacities and high-value product manufacturing will enable Kazakhstan to retain a greater share of added value within the country. He emphasized the bank’s commitment to promoting advanced metallurgical technologies, creating new jobs in the Pavlodar region, diversifying Kazakhstan’s mining sector, and enhancing its international competitiveness.

    In addition to the EBRD financing, Solidcore has signed a preliminary agreement with KfW IPEX-Bank for a $100 million credit line over seven years, with documentation currently being prepared.

    The ЕГМК will focus on extracting gold from previously difficult-to-process ores, located within the special economic zone of Pavlodar. Once operational, the plant is expected to process up to 300,000 tonnes of gold-bearing concentrate annually, producing up to 500,000 ounces of doré gold from the Kyzyl deposit and additional feedstock.

    The capital expenditure for the ЕГМК is estimated at approximately $1 billion, with Solidcore planning to finance part of this through loans and the remainder from its own funds. The company anticipates that the project will create around 500 permanent jobs upon completion.

    CEO Vitaly Nesis stated that the establishment of the hydrometallurgical plant in Pavlodar aims to mitigate production, market, and geopolitical risks. Construction has already commenced, with an autoclave installed for processing gold-bearing raw materials. The project has received a positive conclusion from the state expertise for the construction of the ЕГМК and its associated infrastructure, with over a thousand workers currently on-site.

    Solidcore is actively developing several mining projects, including the Bakyrchik deposit in the Abai region and the Varvarinskoye and Komarovskoye deposits in the Kostanay region. The company has reported a remarkable 222% increase in sales volume in the first quarter of 2026, reaching 123,000 ounces in gold equivalent, with revenues soaring 5.5 times to $595 million.

  • Tin One Mining Signs Memorandum for Tin Processing Plant in Kazakhstan

    Tin One Mining Signs Memorandum for Tin Processing Plant in Kazakhstan

    Tin One Mining has entered into a memorandum with the administration of the North Kazakhstan region to implement an investment project for the construction of a mining and processing plant at the Sarymbet tin deposit. The company plans to invest at least 150 billion tenge (approximately $315.5 million) into the development of the deposit, the construction of the processing plant, and associated infrastructure. This investment is subject to approval by the board of directors of Solidcore Resources, which controls the project.

    The Sarymbet deposit is noted as the largest undeveloped tin deposit in Central Asia, with resources estimated at 492.4 thousand tonnes of tin at a grade of 0.40% and 91.4 thousand tonnes of copper at a grade of 0.07%, according to JORC standards. The deposit accounts for over 70% of the total tin reserves in Kazakhstan. Discovered in 1985, the site has significant potential for contributing to the region’s industrial growth.

    Approximately 800 jobs are expected to be created as part of this project, with a focus on hiring local residents who possess the necessary education, qualifications, and professional competencies. Tin One Mining views this initiative as a long-term investment aimed at enhancing the industrial potential of the North Kazakhstan region and the country as a whole.

    The administration has committed to supporting the project’s implementation by facilitating interactions with government bodies and overseeing the investment project throughout its various stages. In November 2024, Solidcore Resources acquired a controlling stake of 55% in the project for $82.5 million from Berkut Mining, which remains involved in the project while Solidcore takes operational control.

    As of August 9, 2026, Tin One Mining is owned by Tin One Holding, which is in turn owned by Solidcore Eurasia LTD and Berkut Mining, both of which are part of the larger Solidcore Resources PLC structure. This investment marks a significant step in the development of Kazakhstan’s mining sector, particularly in the tin industry, which is poised for growth given the increasing global demand for tin and its applications in various industries.