MINEX Forum

Tag: Kazakhstan

  • 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.

  • Kazakhmys Approves Strategy to Sustain Production and Expand Resource Base

    Kazakhmys Approves Strategy to Sustain Production and Expand Resource Base

    Kazakhmys Group has approved a new strategic plan aimed at maintaining current production levels while significantly expanding its mineral resource base, the company announced.

    The group’s total ore reserves currently stand at 551.8 million tonnes, providing an estimated 16 years of operational stability across its assets. Over the next three years, Kazakhmys plans to increase ore reserves by a further 365 million tonnes, with copper reserves expected to grow by 2328 thousand tonnes.

    Exploration activities are ongoing across the Zhezkazgan, Karaganda and Balkhash regions, as well as in prospective areas located within 100–200 km of existing mining operations. This approach is designed to maximise the use of existing infrastructure while reducing capital expenditure and project risks.

    For the current year, the company plans to mine 31.7 million tonnes of ore, process 33.1 million tonnes, and produce 254.6 thousand tonnes of copper concentrate. Alongside production targets, Kazakhmys continues to invest in the modernisation and expansion of its mining operations.

    In the Zhezkazgan region, the company is expanding the Zhylandy and Zhomart mines, while maintaining stable output at the Zhezkazgan deposit through infrastructure adjustments and additional exploration work.

    Kazakhmys is also assessing the potential restart of operations at the Kusmurun mine, which could secure feedstock for the Karagaily processing plant for the next decade. At the same time, development continues at the Nurkazgan mine, and deeper horizons are being opened within the Shatyrkul-Zhaysan cluster.

    In the Balkhash region, plans are underway to resume operations at the Konyrat mine. Meanwhile, geological exploration at the Sayak deposit over the past four years has confirmed reserves of 10 million tonnes of ore, extending the mine’s projected life by 11 years through to 2042.

    The strategy reflects Kazakhmys’ focus on long-term resource sustainability and operational efficiency amid evolving market conditions.

  • Kazakhstan Considers Mandatory Disclosure Rules for Subsoil Users

    Kazakhstan Considers Mandatory Disclosure Rules for Subsoil Users

    Kazakhstan may introduce new transparency requirements for subsoil users, as lawmakers call for stricter disclosure of financial and production data across the mining and oil and gas sectors.

    Mazhilis deputy Yerlan Barlybayev has proposed legislative changes requiring all major subsoil users to publicly report their revenues and extraction volumes. Citing the constitutional principle that subsoil resources belong to the people, he argued that the state must ensure full transparency in how these resources are utilised and how related revenues are managed.

    Currently, disclosure requirements vary depending on corporate structure. While joint-stock companies are legally required to publish financial statements, many of Kazakhstan’s largest subsoil users, including Tengizchevroil, Kazakhmys Corporation and Kazzinc, operate as limited liability partnerships. As a result, they report only to their founders rather than the public. In addition, some major operators are registered in foreign jurisdictions or within the Astana International Financial Centre, further limiting public access to information.

    Barlybayev noted that this lack of uniform transparency prevents society from objectively assessing how national resources are being exploited. He proposed introducing mandatory public reporting standards for all large subsoil users, aligned with disclosure requirements applied to publicly listed companies under securities market legislation.

    As a longer-term measure, the deputy suggested that new legal entities seeking rights to develop strategic deposits should be required to register exclusively as joint-stock companies. According to him, this approach would not affect existing investors but would gradually improve transparency across the sector.

    At the same time, Barlybayev emphasised that the core issue lies not in corporate structure itself, but in the absence of unified transparency standards for major resource operators.

    The proposal follows the signing of Kazakhstan’s new Constitution on 18 March, which reinforces state ownership of subsoil resources and has prompted renewed debate over governance and accountability in the extractive industries.

  • Kazakhstan Rises to Third Place in Global Tungsten Production Amid Price Surge

    Kazakhstan Rises to Third Place in Global Tungsten Production Amid Price Surge

    Kazakhstan has emerged as the world’s third-largest tungsten producer following the launch of the Bogutinskoye deposit, marking a significant shift in global supply dynamics. The development comes amid a sharp increase in tungsten prices, which surged by 557% by early March 2026 after China imposed export restrictions on the metal in February 2025.

    According to recent analysis by Kursiv Research, tungsten concentrates entered Kazakhstan’s export portfolio for the first time in 2025. The country exported 3.7 thousand tonnes of tungsten ore and concentrates, generating $71 million in revenue, with all shipments directed to China. Despite its relatively modest ranking at 71st place in Kazakhstan’s export structure, tungsten has quickly become a strategically important commodity.

    The Bogutinskoye project, operated by Zhetysu Tungsten and backed by Hong Kong-based Jiaxin International Resources Investment, has played a central role in this development. The processing plant produces a 65% concentrate, with total investment commitments reaching $450 million. Plans are also underway to develop downstream processing capacity, including a $100 million project to produce ammonium paratungstate, a higher-value tungsten product.

    Data from the US Geological Survey confirms Kazakhstan’s rapid ascent in the sector. In 2025, the country produced approximately 2.4 thousand tonnes of tungsten (in metal equivalent), placing it behind China and Vietnam. The expansion of production capacity and ongoing investment projects are expected to further strengthen Kazakhstan’s position in the global market.

    Tungsten’s strategic importance has grown significantly in recent years, particularly in the context of geopolitical tensions. The metal remains on the US list of critical minerals, essential for defence, construction, and high-tech manufacturing. China continues to dominate global supply, accounting for nearly 79% of production in 2025, while also tightening export controls in response to trade measures from the United States.

    In response, the US has intensified efforts to diversify supply chains through international partnerships. A key development is the joint venture between Kazakhstan’s Tau-Ken Samruk and US-based Cove Capital to develop the Upper Kairakty and Northern Katpar deposits. The project, with an estimated investment of $1.1 billion, is expected to significantly boost Kazakhstan’s production of ammonium paratungstate and could position the country as the world’s second-largest producer of this material.

    The agreement reflects broader geopolitical competition over critical minerals, with both Western and Chinese companies seeking access to Kazakhstan’s resource base. Analysts note that rising prices and supply restrictions have accelerated investment activity and heightened strategic interest in the region.

    In parallel, Kazakhstan is strengthening state control over critical mineral resources, with legislative changes expected in 2026 to grant priority extraction rights to the national mining company. Private sector players are also advancing new projects, including the development of the Drozhilovskoye deposit with financing from the US Export-Import Bank.

    As global demand for critical minerals continues to rise, Kazakhstan is positioning itself as a key supplier in an increasingly competitive and politically sensitive market.

  • Kazakhstan Highlights Exploration Drive and $500m Investment Plan at PDAC 2026

    Kazakhstan Highlights Exploration Drive and $500m Investment Plan at PDAC 2026

    A Kazakh delegation led by Vice Minister of Industry and Construction Iran Sharkhan took part in PDAC 2026, the world’s leading mining and exploration conference hosted by the Prospectors & Developers Association of Canada in Toronto.

    During the event, the Ministry of Industry and Construction, in partnership with the Kazakhstan Chamber of Mines and Aurora Minerals Group Limited, and with support from the Embassy of Kazakhstan in Canada, organised the international forum “Kazakhstan Day.” The session focused on the country’s geological potential and exploration opportunities.

    The forum drew representatives from major international and Canadian mining companies, including Zijin Mining Group, B2Gold, First Quantum Minerals, Hatch, Arras Minerals and Xcalibur Smart Mapping.

    In his address, Iran Sharkhan stressed that the government places strategic importance on improving the geological knowledge base of Kazakhstan’s territory. Over the next three years, approximately $500 million is expected to be allocated to geological exploration, exceeding the total state investment in exploration over the previous three decades.

    According to the Vice Minister, systematic expansion of exploration activities and the opening of new territories for prospecting will create improved conditions for foreign investment and deeper international cooperation in the mining and metallurgical sector.

    Participants were also presented with an overview of key geological discoveries made in 2024–2025, along with successful examples of joint projects implemented with foreign partners.

    On the sidelines of PDAC, the head of the delegation held a series of bilateral meetings with Canadian and international mining executives interested in launching new projects in Kazakhstan. Discussions focused on cooperation in critical minerals, the application of advanced exploration and mining technologies, and potential joint ventures in downstream processing of Kazakh raw materials.

    Officials said Kazakhstan’s participation at PDAC 2026 underscored sustained international interest in the country’s resource base and demonstrated its readiness to expand partnerships with Canadian and global investors across the mining value chain.

  • US EXIM Signals Up to $240m Financing for QazMoly’s Drozhi­lovskoye Tungsten-Molybdenum Project in Kazakhstan

    US EXIM Signals Up to $240m Financing for QazMoly’s Drozhi­lovskoye Tungsten-Molybdenum Project in Kazakhstan

    QazMoly Limited, part of Kazakhstan-based mining and energy group AltynGroup controlled by the Asaubayev family, said it has received indicative interest from the Export-Import Bank of the United States (US EXIM) for financing of up to $240 million to advance the Drozhi­lovskoye tungsten-molybdenum deposit in the Denisov district of Kostanay region.

    According to the company, the Drozhi­lovskoye deposit contains significant resources of critical minerals including tungsten, beryllium and molybdenum, metals widely used in high-technology manufacturing and applications across engineering, aerospace and defence industries. The announcement positions the project within broader US and European efforts to diversify critical mineral supply chains away from China, which remains a dominant supplier of many strategic raw materials.

    Under the proposed structure, the financing would be conditional on 100% of Kazakhstan’s tungsten concentrate output from the project being supplied to the US market, reflecting Washington’s classification of tungsten as a strategic material. QazMoly said Fosbury Capital is expected to act as the exclusive buyer and financial partner for the project.

    The potential EXIM support remains subject to completion of QazMoly’s feasibility studies and the lender’s full legal, commercial and technical due diligence. QazMoly said the project benefits from competitive production costs, government support, and macro tailwinds from expected growth in global tungsten demand, which market estimates suggest could rise by an average of around 8% per year and push the sector toward a value of $10 billion by the mid-2030s.

    Aidar Asaubayev, chairman of QazMoly’s board, said the indicative backing could help move the Drozhi­lovskoye development forward, supporting job creation and strengthening critical mineral supply chains. The company expects the financing, if finalised, to cover a significant share of capital expenditure and could become one of the largest examples of US export credit participation in Kazakhstan’s mining industry.

    Earlier plans disclosed in the early 2020s by Qaz Mining Company envisaged development of the 5.86 km² Drozhi­lovskoye licence area over 2022–2034, with a reported resource base of 125.2 million tonnes of ore and a targeted mining and processing capacity of 11 million tonnes per year. However, public sources have not confirmed the start of full-scale operations.

    QazMoly’s 2024 financial reporting cited estimated tungsten trioxide mineral resources at Drozhi­lovskoye of 126,400 tonnes at a grade of 0.116%, with the licence valid until 2034. The company previously indicated plans to build a concentrator designed to process molybdenum-tungsten ores at a capacity of 200,000 tonnes per year by 2025.

    The company also disclosed it holds an exploration contract for the Smirnovskoye molybdenum project in Kostanay region. QazMoly reported a loss of £213,000 for the 2024 reporting period.

  • Kazakhstan Investment Day in Frankfurt

    Kazakhstan Investment Day in Frankfurt

    Analysis of the Germany-Kazakhstan Strategic Partnership

    The Kazakhstan Investment Day, held on 24 February 2026, at the KfW Bankengruppe headquarters in Frankfurt, highlighted a pivotal shift in Eurasian trade dynamics. The event centered on the deepening energy and mining alliance between Germany and Kazakhstan, a relationship that has gained strategic urgency as Kazakhstan effectively replaces Russian oil volumes and leverages deep-rooted cultural ties to strengthen bilateral cooperation.

    Financial and Strategic Framework

    The scale of this partnership is substantial, with bilateral trade recently seeing a 10% increase to reach €4 billion. Kazakhstan is currently positioned to supply 21 of the 34 critical raw materials (CRMs) identified on the EU’s strategic list.

    To facilitate this, several financial and logistical mechanisms have been established:

    • The Development Bank of Kazakhstan (DBK): A $1 billion financing program (2025–2030) has been launched, specifically dedicated to the extraction and processing of rare and critical materials.

    • Foreign Direct Investment (FDI): Kazakhstan aims to attract $400 billion in FDI by 2029, supported by Germany’s raw materials fund and backing from institutions like KfW IPEX and DEG.

    • The Middle Corridor: The Trans-Caspian International Transport Route is being developed as a highly efficient logistical artery connecting Central Asia to Europe, bypassing sanctioned territories.

    Operational Success vs. Bureaucratic Hurdles

    There is a notable contrast between engineering achievements and administrative delays. Industry leaders from Thyssen Schachtbau and Qazaq Kalium have demonstrated successful deep-shaft mining projects, proving that German technology is effectively unlocking Kazakh resources. Furthermore, the German development agency GIZ is pivoting its strategy by forming a dedicated in-country team focused exclusively on CRM partnerships.

    However, several impediments remain:

    • The “Bearocracy”: Despite the strategic need, Kazakh businesses face extreme delays and bureaucratic hurdles regarding German visa regimes, a point acknowledged by German officials.

    • Sanction Compliance: German leadership maintains a hard line, stating there will be zero support for any trade or logistics involving Russia or sanctioned companies.

    • Implementation Lag: While the financial architecture is in place, the actual development of new mining projects remains slowed by EU-wide bureaucratic processes.

    A Shifting Global Context

    The global competition for resources is accelerating. Coinciding with these discussions in Frankfurt, China introduced a supply ban of critical minerals to 40 major Japanese industrial firms over “remilitarisation” concerns. This geopolitical shift forces Japan to seek immediate alternative suppliers, placing Kazakhstan and the broader Central Asian region directly in their sights. The consensus is clear: while the foundations for a Euro-Kazakh partnership are solid, the slow pace of European administration may cause the EU to lose ground in an increasingly aggressive global race for resources.

  • Kazakhstan Centralises 1% R&D Contributions from Subsoil Users Under New 2026 Rules

    Kazakhstan Centralises 1% R&D Contributions from Subsoil Users Under New 2026 Rules

    Kazakhstan has introduced a revised mechanism governing mandatory research and development (R&D) contributions from subsoil users, shifting control over funding allocation to the state and triggering concerns within the mining industry over rising fiscal pressure.

    Although the requirement for subsoil users to allocate 1 percent of revenues toward research and development has long been established under the Code on Subsoil and Subsoil Use, significant changes to its implementation came into force in 2026. Under the updated model, companies are no longer permitted to fulfil R&D obligations independently and must now transfer funds directly to the republican budget in accordance with the Budget Code.

    The Ministry of Industry and Construction stated that the reform aims to improve transparency and centralise funding management. Contribution levels will be calculated based on companies’ actual operational results from the previous year, meaning 2026 payments will reflect 2025 performance indicators. R&D obligations arise from the second year of a mining licence for solid mineral extraction.

    While subsoil users retain the right to propose research programmes, project implementation and financing decisions are now determined by government procedures. The Ministry’s Scientific and Technical Council plays a central role by defining priority research areas, reviewing proposed technical assignments and approving projects before they proceed to competitive selection overseen by the authorised science body.

    Council decisions are adopted through open electronic voting within the National Innovation System’s “Single Window” platform operated via Astana Hub, requiring quorum participation and a two-thirds majority.

    As a result, mining companies no longer directly determine which projects receive funding, with final allocation dependent on state-led approval and budgetary procedures.

    Industry representatives have raised concerns over the practical impact of the reform. Geological and geophysical expert Abzal Kenessary of Qazaq Expert Club noted that while the new rules close a longstanding regulatory gap by establishing clearer financing procedures, the model risks creating structural imbalances.

    According to the expert, subsoil users primarily require applied research in geology, mining, metallurgy and environmental technologies, whereas Astana Hub has traditionally focused on IT startups, digitalisation and fintech initiatives. Businesses are therefore awaiting clarification on project eligibility criteria to ensure R&D funding is not disproportionately directed toward digital projects at the expense of industrial innovation.

    Kenessary added that from a business perspective, the mandatory transfer of 1 percent of annual contract revenue effectively functions as a quasi-tax, representing an additional compulsory payment linked to company income. Companies are likely to factor the obligation into project economics and investment attractiveness assessments.

    Experts suggest the new R&D framework could deliver long-term benefits if several conditions are met, including sector-specific project selection criteria, independent monitoring of technological outcomes rather than financial transfers alone, and structured feedback mechanisms allowing subsoil users to influence priority research areas.

    Without these safeguards, analysts warn the reform risks becoming a redistribution mechanism rather than a driver of technological development in Kazakhstan’s mining sector.

  • Geologist Calls for Market-Based Approach to Processing Kazakhstan’s Technogenic Mineral Waste

    Geologist Calls for Market-Based Approach to Processing Kazakhstan’s Technogenic Mineral Waste

    Kazakhstan has accumulated vast volumes of technogenic mineral formations (TMF) over decades of mining and metallurgical operations, raising renewed debate over how to effectively utilise these surface stockpiles containing valuable metals.

    In an interview, experienced geologist Bolat Kabaziev described TMF as industrial waste generated by mines, processing plants and metallurgical facilities that still contain recoverable metals. Despite increasing public discussion in recent years, he noted that relatively few large-scale projects have been implemented, as metal recovery from waste requires complex and often innovative technologies.

    Currently, both conventional methods such as gravity separation and flotation, as well as hydrometallurgical techniques including leaching, are used to extract metals from TMF. Kabaziev emphasised that while processing such waste can mitigate environmental risks posed by tailings and dumps, proper reclamation and monitoring remain essential.

    He expressed concern over the earlier transfer of Soviet-era TMF into private ownership, arguing that the move was premature and did not accelerate environmental remediation or reprocessing. In his view, placing TMF into an open and competitive market would have encouraged smaller private companies to begin processing operations more actively.

    Access to TMF located on operating mining sites has also become a challenge, particularly after the adoption of the 2018 Subsoil Code. According to Kabaziev, conflicts over ownership and balance separation have slowed reuse efforts.

    Beyond surface waste, he highlighted the potential of recovering metals from previously mined deposits where unextracted reserves remain underground. Advances in technology could make such resources economically viable, particularly amid rising gold and copper prices.

    While tax reductions on TMF have been introduced, Kabaziev believes more systematic action is needed. He proposes establishing a scientific and industrial centre to conduct nationwide monitoring of TMF and reassess regulatory approaches. Determining metal content, he noted, is technically feasible through standard exploration methodologies.

    Kabaziev concluded that reintroducing TMF into active economic circulation could attract new investors without undermining geological exploration efforts. Given declining mineral reserves and slow replenishment, he considers TMF a strategically important resource capable of sustaining metal production for decades if managed responsibly.

  • RG Gold to Launch Development of Sharyk and Novodneprovskoye Gold Deposits

    RG Gold to Launch Development of Sharyk and Novodneprovskoye Gold Deposits

    Kazakhstan-based gold producer RG Gold is set to begin development of two additional deposits — Sharyk and Novodneprovskoye — located in the Burabay district of Akmola region, according to a newly published project disclosure.

    The company plans to implement a mining plan for gold-bearing ores at both sites and construct a mining and hydrometallurgical complex with an annual processing capacity of 600,000 tonnes of ore.

    RG Gold already operates within the Novodneprovskoye contract area, which includes the Novodneprovskoye, North Raigorodok and South Raigorodok deposits. Active production is currently underway at the Raigorodok sites using a gold processing plant with a capacity of 5 million tonnes of ore per year. In 2025, gold output at the facility reached 6.5 tonnes. Until 2021, oxidised ores at Raigorodok were also processed via heap leaching.

    The new deposits — Sharyk and Novodneprovskoye — are expected to be developed through open-pit mining of oxidised ores. Annual production from the two pits is planned to supply at least 600,000 tonnes of ore for heap leaching processing.

    According to project documentation, the planned operational life of Novodneprovskoye is five years, from 2027 to 2031, while Sharyk is expected to operate for one year in 2030. The relatively short timelines reflect the size of reserves. As of the end of 2024, Novodneprovskoye contained 1,246 kg of gold at an average grade of 0.99%, while Sharyk held 142 kg at a grade of 0.43%.

    RG Gold has previously conducted exploration activities at Novodneprovskoye, Sharyk and Central Raigorodok. In 2017, approximately 1 billion tenge was allocated for geological exploration within the Novodneprovskoye contract area.

    In 2025, RG Gold was acquired by China’s Zijin Gold International for approximately $1 billion from businessman Bulat Utemuratov.