MINEX Forum

Tag: Karaganda region

  • Rasta Resources to Begin Gold-Silver Exploration Across Six Licence Areas in Kazakhstan’s Karaganda Region

    Rasta Resources to Begin Gold-Silver Exploration Across Six Licence Areas in Kazakhstan’s Karaganda Region

    Rasta Resources has announced plans to conduct geological exploration for gold and silver across six licence areas in the Aktogay District of Karaganda Region, with work scheduled to begin in the second quarter of 2026 and conclude in the fourth quarter of 2031.

    The company received its exploration licence on 4 October 2025. The total licensed area covers 12 square kilometres, with the nearest inhabited settlement — the village of Koshkar — located more than 14 kilometres to the southeast. The exploration programme includes 21.4 linear kilometres of geological survey routes, topographic work across 1.69 square kilometres, and geophysical electrical survey work over two square kilometres. Mining works will involve the excavation of 2,000 cubic metres of trenches and the drilling of 30 exploration boreholes totalling 3,000 linear metres. Some 5,000 samples will be collected for gold analysis and other laboratory work, with the programme concluding in a geological report and reserve calculation under C1 and C2 categories.

    Rasta Resources is registered in Almaty and is owned by AIFC-registered private company SD Resources Group Ltd and Almas Rakhymbayev. SD Resources Group is co-owned by Danagul Adamyshina and Suzanna Toktabayeva. Public registry data shows that Adamyshina is listed as director of at least seven companies registered at the same Almaty address, including White Peak, Metanor Resources, Noctung Resources, Quantum Minerals, Altynkol Resources and Terrasouth Resources.

    The ownership structure carries notable background. Ten years ago, Adamyshina headed the subsoil use analysis and development department at Kazakhstan’s Ministry of Investment and Development — the predecessor to the current Ministry of Industry and Construction — and was actively involved in drafting the future Subsoil Code. Her co-owner Suzanna Toktabayeva shares a surname with Timur Toktabayev, who served as director of the subsoil use department and later as deputy minister at the same ministry before being convicted in 2023 and sentenced to seven years in prison. The director of OTSD Group Ltd, another company in the network, is listed as Olzhas Toktabayev.

  • Altyndara Advances Development of Koktaszhal and Kyzylshoki Deposits in Kazakhstan

    Altyndara Advances Development of Koktaszhal and Kyzylshoki Deposits in Kazakhstan

    A new phase of development has begun at the Koktaszhal and Kyzylshoki deposits in Kazakhstan’s Karaganda region, following the transfer of the project to Altyndara. The company is preparing to expand geological exploration and gradually scale up production across both sites.

    As part of its development strategy, the investor has outlined plans to increase mining activity and construct a processing plant at the Kyzylshoki site. Total investment in the project is expected to exceed 500 million dollars, reflecting a long-term commitment to unlocking the resource base.

    The initiative is projected to create more than 800 jobs and generate broader economic benefits for the region, including growth in supporting services and infrastructure development.

    Preliminary estimates indicate that ore resources at the deposits exceed 50 million tonnes, with confirmed copper reserves surpassing 500 thousand tonnes. The project was previously held by Altai Polymetally before transitioning to its current operator.

    The expansion underscores ongoing efforts to strengthen Kazakhstan’s mining sector by advancing resource development, attracting investment, and increasing domestic production capacity.

  • 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.

  • Kazakhstan to Begin Partial Development of Sarykum Anthracite Coal Deposit Near Balkhash

    Kazakhstan to Begin Partial Development of Sarykum Anthracite Coal Deposit Near Balkhash

    Kazakhstan is preparing to partially develop the Sarykum anthracite coal deposit located near the city of Balkhash in the Karaganda region, according to a mine closure and rehabilitation plan related to operations at the site.

    The project documentation indicates that high-quality anthracite from the deposit is expected to be supplied primarily to ferrous and non-ferrous metallurgy industries. Additional industrial applications may include the production of absorbents, electrodes, electrocorundum and carbon powders. Lower-grade coal that does not meet anthracite specifications is planned to be used for municipal heating and domestic consumption in Balkhash and nearby settlements in the Aktogay district.

    Anthracite is relatively rare in Kazakhstan and is valued for its high calorific value and heat output. Although it has a high energy content, the fuel is more difficult to ignite compared with other coal types. Historically, limited anthracite production in Kazakhstan occurred at the Zhamantuz deposit in Pavlodar region, where reserves were small.

    Globally, the largest anthracite reserves are concentrated in Russia and China. Russia accounted for nearly all of China’s anthracite imports in 2025, reflecting strong demand and high margins for this coal type.

    Unlike many anthracite deposits that are mined underground due to their depth, extraction at Sarykum is planned through open-pit mining, likely due to the geological structure of the deposit.

    According to project documentation prepared for Alfa Plast LLP, average ash content in Sarykum coal exceeds 42 percent, though the material may be beneficiated and processed into concentrate.

    The mine development plan covering the period until 2050 предусматривает extraction of approximately 20.01 million tonnes of coal from total reserves estimated at 170.63 million tonnes as of January 1, 2025. Following this period of production, the project foresees conservation of the open pit.

    Production capacity at the mine is expected to gradually increase from about 10,000 tonnes per year in the early stage to 1 million tonnes annually by 2035. Output at this level is planned to continue until 2048, after which production will decline to around 500,000 tonnes by 2050.

    The Sarykum deposit was previously the subject of a legal dispute between Kazakhstan’s Ministry of Industry and Sarykum Group LLP over alleged violations of subsoil use obligations, with authorities at one point considering placing the asset up for auction.

  • Kazgeology Transfers Besshoky Assets to Ulmus Besshoky

    Kazgeology Transfers Besshoky Assets to Ulmus Besshoky

    АО “NGK Kazgeology,” fully owned by the state holding “Tau-Ken Samruk,” has transferred its Besshoky assets to Ulmus Besshoky, reports inbusiness.kz. The site with valuable mineral resources is located in the Karaganda region. From 2015 to 2021, approximately 1.4 billion tenge were invested in the development of the deposit.

    Kazgeology obtained a license for the exploration of Besshoky in the spring of 2015. In the summer of that year, Ulmus Besshoky joined the investment project and acquired 75% of the rights and obligations under the geological exploration license for this site. In the spring of 2022, the geological survey contract was extended for another three years.

    The largest share in Ulmus Besshoky (over 36%) is owned by Bai Tau Minerals, which belongs to the foreign company GRA Investment Ltd, managed by Serbian businessman Vladimir Delic. In 2023, the company received a loan of eight billion tenge to fund the development of the valuable subsoil site.

    By the end of 2023, the right to use ¼ of the deposit belonged to the private company Besshoky, a 100% subsidiary of Kazgeology. In December 2023, the national company and Ulmus Besshoky signed an agreement to sell the remaining quarter of the shares, transferring full control to the private organization.

    Ulmus Besshoky committed to paying 4,213,808 thousand tenge, of which an advance payment of 918,600 thousand was made at the end of 2023. The remaining amount, approximately 3,295,208 thousand tenge, is to be transferred after the enterprise re-registration.

    Kazgeology’s difficult financial situation may have led to the sale of the subsoil usage rights. In 2022 and 2023, the national company’s net losses amounted to 668,403 thousand and 446,103 thousand tenge, respectively.

  • Saryarka Tungsten Plans Development of Southern Zhaure Deposit in Karaganda Region

    Saryarka Tungsten Plans Development of Southern Zhaure Deposit in Karaganda Region

    The Saryarka Tungsten LLP intends to exploit the Southern Zhaure deposit located in the Karaganda region. The company has submitted its project documentation on the Unified Environmental Portal of Kazakhstan. The mining site falls within the Shetsk district. Tungsten ores and valuable components of the deposit were included in the state balance back in 2016. The company’s mining plans highlight that the balance reserves of ore amount to 122.19 million tons, with 199 thousand tons of tungsten trioxide (average metal content in ore – 0.163%), 13.1 thousand tons of molybdenum (average content – 0.010%), and 6.4 thousand tons of bismuth (average content – 0.005%). Additionally, there are another 36 million tons of unbalanced ore and 62.3 thousand tons of tungsten trioxide. Studies have revealed that the ores of Southern Zhaure are easily enrichable compared to those of similar deposits such as Northern Katpar and Upper Kayraktinskoye. Saryarka Tungsten LLP aims to extract up to 4 million tons of ore annually. It is estimated that the deposits will be sufficient for over 30 years of quarry operation. The company plans to construct a new ore enrichment plant on the site, with production slated to begin in 2027. The company will produce concentrates of grades KMSH-2 with a tungsten trioxide content of 60% and KMSH-3 with a tungsten trioxide content of 55%.

  • Two mineral deposits will be developed in the Karaganda region in Kazakhstan

    Two mineral deposits will be developed in the Karaganda region in Kazakhstan

    In Kazakhstan, two mineral deposits will be developed. In the Karaganda region, two projects are being implemented where 300 jobs will be created.

    The first project is the development of a coal mining quarry at the Saryozen deposit, with an estimated cost of 889 million tenge and a capacity of 83 million tons. It is expected to provide 180 jobs.

    The second project involves the extraction of manganese ores at the Oypat deposit, with a launch cost of 1.5 billion tenge. The plant’s capacity will reach 450,000 tons of ore per year, which is expected to be achieved next year. The project is expected to create 120 jobs.

  • Ministry of Industry Issues Notice to Qarmet Over Significant Contract Failures

    Ministry of Industry Issues Notice to Qarmet Over Significant Contract Failures

    The Ministry of Industry and Infrastructure of Kazakhstan has sent a notice to ArcelorMittal Temirtau (now known as Qarmet) demanding a penalty of 4.6 billion tenge for violating the terms of a contract for the extraction of coal and methane in the Karaganda region.

    The notice states that the company failed to fulfill its financial obligations for 2020-2022, including:

    • 948.9 million tenge in 2020 for financing research and development;
    • 1.017 billion tenge in 2021 for financing research and development;
    • 2.587 billion tenge in 2022, including:
      • 150 million tenge for social and economic development of the region and its infrastructure;
      • 940.6 million tenge for training, upskilling and retraining of Kazakhstani employees;
      • 1.49 billion tenge for financing research and development;
      • 8.8 million tenge for in-country value of works.

    In addition, the company failed to invest in 2022, despite a plan of 157.1 billion tenge.

    The notice also lists other violations committed by the company.

    Qarmet is also required to pay a fine of 20 monthly расчетных показателей (73,84 thousand tenge in 2024) for failing to provide a report on the implementation of license and contract terms for 2022.

    The company is required to eliminate the identified violations of contractual obligations within a month and submit all necessary documents confirming their elimination (copies of payment orders, contracts, acts of completed works); submit documents confirming payment of the penalty.

    In case of non-fulfillment of the requirements of the notice within the established time frame, the Ministry of Industry has the right to take measures in accordance with the terms of the contract and applicable legislation, including termination of the contract in a unilateral order.

    In late December 2023, it was reported that Allur owner Andrey Lavrentiev, who bought the metallurgical companies ArcelorMittal Temirtau and ArcelorMittal Aktau, invested 28.6 billion tenge of private investments in stabilizing the operations of Qarmet (Karmetkombinat). In December, the enterprise also increased production, increased stocks of ferroalloys and coal, and resumed shipment of finished products.

    ArcelorMittal, with the mediation of the Ministry of Industry and Infrastructure, transferred control of Kazakhstani assets to the state development institute Qazaqstan Investment Corporation. QIC, in turn, transferred the enterprise to Qazaqstan Steel Group of Andrey Lavrentiev, known for his projects in mechanical engineering.

    The deal with Arcelor was announced on December 8, 2023 at a press conference in Astana, where the Minister of Industry, former head of the Baiterek holding Kanat Sharlapayev announced the terms of the asset transfer.

    The purchase was financed by the placement of bonds on the Astana stock exchange AIX, specially created for this purpose by Lavrentiev’s company QSG Holding. The volume of the first issue was $355 million, the rate was set at 15% per annum. Redemption is expected in 2027. The program is expected to operate for five years. According to the site, since the placement on November 21, no transactions have been made with the company’s securities on the secondary market.

    The total amount of the deal for the sale of ArcelorMittal assets was $286 million, and another $700 million is the debt of AMT and ArcelorMittal Aktau to the former owner.

    In late November, it became known about the intention of the ENPF to invest 1.5 trillion tenge in large-scale infrastructure projects, including those related to energy. It was expected that 500 billion tenge out of the total volume will be allocated by the end of the year.

    An analytical report by Arcelor for the third quarter of 2023 states that the current carrying value of AMT is $1.8 billion, while the company generated negative EBITDA for 9 months of the year, and the average EBITDA, excluding 2021, was $0.3 billion. Arcelor emphasizes that since 1995 the company has lost $1.3 billion on the exchange rate.

    In addition, ArcelorMittal, which is leaving Kazakhstan, will allocate 16 billion tenge to the Kazakhstan Halkyna Fund for social development of the Karaganda region.

  • Tokaev instructed to terminate cooperation with “ArcelorMittal Temirtau”

    Tokaev instructed to terminate cooperation with “ArcelorMittal Temirtau”

    Kazakhstani President Kassym-Jomart Tokayev expressed his sincere condolences to the families and loved ones of the miners who lost their lives in the fire at the Kostenko Mine in the Karaganda region. The head of state instructed the Government to provide all necessary assistance to the families of the miners. A government commission has been established to investigate the circumstances of the incident.

    The government has been instructed to terminate investment cooperation with the company “ArcelorMittal Temirtau.”

    The emergency occurred during the night.

    It is worth noting that just two months ago, a tragedy occurred at the “Kazakhstanskaya” mine (also owned by “ArcelorMittal Temirtau”).

    It has recently become known that the management is entirely responsible for the tragedy that led to the deaths of miners following the fire at the “Kazakhstanskaya” mine.

    The staggering statistics of fatal accidents at AMT facilities have caused outrage and angry comments not only from internet users but also from officials, starting with the head of state. The rumors about a possible “divorce” with a foreign investor have gone beyond kitchen table discussions and have taken concrete shape in parliamentary inquiries. To understand what is happening, the correspondent of Ulysmedia.kz analyzed, remembered, and reviewed personal archives.

    On April 23, it became known that Irina Em, a lawyer at “ArcelorMittal Temirtau,” was killed. Her body, showing signs of violent death, was discovered by firefighters from the city of Shakhtinsk who responded to a call. The most significant question actively discussed on social media is whether the woman’s murder is related to her professional activities. The Ulysmedia.kz correspondent investigated why deaths at “AMT” are associated with production.

  • Tragedy at the “Kostenko” Mine: the names of the miners who will be buried on October 31 have become known

    Tragedy at the “Kostenko” Mine: the names of the miners who will be buried on October 31 have become known

    Mourning continues in the Karaganda region for the miners lost in the Kostenko Mine accident. Funerals have commenced, with 14 workers interred on October 30th both in Karaganda city and surrounding towns. Many of the deceased had previously served at other company facilities.

    Further farewells are scheduled over the next two days, with the bulk planned for this coming Tuesday. Through social networks, eight additional memorial services have been noted already set for October 31st honouring Marat Fazlov, Olzhas Kamiev, Askhat Sapargaliev, Vladimir Kataman, Damir Kalimullin, Ivan Menikov, Akynzhan Orakbayev and Yuri Polovinka.

    The local administration and ArcelorMittal Temirtau are aiding the families in funeral arrangements. It remains that an explosion inferred to have resulted from a methane blast transpired on October 28th, with 45 bodies recovered and one miner still searched for. The first names released bring some solace amidst this tragedy which the President strongly condemned. A criminal inquiry has rightly commenced as the ownership transfer process continues.