MINEX Forum

Tag: RG Gold

  • Zijin’s RG Gold Faces Regulatory Dispute With Kazakhstan Ministry Over Exploration Licence Renewal at Raygorodok Mine

    Zijin’s RG Gold Faces Regulatory Dispute With Kazakhstan Ministry Over Exploration Licence Renewal at Raygorodok Mine

    RG Gold, the Akmola Region gold producer acquired by China’s Zijin Gold International from Bulat Utemuratov in 2025, has disclosed a dispute with Kazakhstan’s Ministry of Industry and Construction over the renewal of exploration licences covering additional territories adjacent to its main Raygorodok operation, according to the company’s 2025 financial statements.

    The company applied to the Ministry of Industry in 2024 for a three-year extension of geological exploration licences. The application received approval for consideration on 30 December 2024, and documents were submitted to the ministry’s Working Group on 11 August 2025. However, a protocol dated 10 December 2025 issued objections that RG Gold says it does not agree with. The company resubmitted its documents on 25 December 2025, and a further Working Group meeting was still pending at the time the financial statements were finalised in early March 2026.

    The underlying subsoil use contract, valid until 2040, grants RG Gold rights over the Novodneprovskaya contract territory, which encompasses two ore fields — Novodneprovskoe and Raygorodskoye — the latter hosting the North and South Raygorodok deposits that form the core of the company’s production base, along with the Sharyk prospective area and several exploration zones. Reserve estimates for the main deposits were most recently revised and approved under the KAZRC code in 2025 on the basis of an updated geological model. The company also holds six exploration licences on nearby territories issued in 2020 for six years, which under Kazakhstan’s Subsoil Code can be extended for a further four years.

    The disclosure comes as Zijin presses ahead with ambitious expansion plans at the site. Gold production in doré form reached 6.5 tonnes in 2025, with 1.2 tonnes attributed to the new Chinese owner following the October acquisition. RG Gold’s profit for the reporting period doubled to 158 billion tenge on the back of record gold prices, with approximately $120 million falling to Zijin’s account. Production guidance for 2026 is set at 6.4 tonnes, with a medium-term target of approximately 11 tonnes annually once processing capacity is expanded by 10 million tonnes per year.

    The company’s charitable expenditure drew attention in the financial statements. RG Gold spent 18.16 billion tenge sponsoring the Bulat Utemuratov Foundation for social projects, 1.2 billion tenge on Kazakhstani tennis and the ATP-250 Almaty Open tournament, and just 22 million tenge on landscaping improvements in Shchuchinsk — the town closest to the mine in Burabai District.

  • 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.

  • RG Gold enters new growth phase after Zijin Mining acquisition and outlines major expansion plans

    RG Gold enters new growth phase after Zijin Mining acquisition and outlines major expansion plans

    Kazakhstan’s gold miner RG Gold has described 2025 as a turning point in its development following the acquisition of the Raygorodok deposit in Akmola region by global mining major Zijin Mining Group. The deal, valued at more than $1 billion, transferred 100% ownership of the asset to Zijin and marked one of the largest transactions in the country’s mining sector in recent years.

    According to the company, the entry of a new shareholder has provided access to international technologies, management standards and long-term strategic capital, while significantly raising the scale of future ambitions. RG Gold plans to invest around $500 million in the construction of a new processing plant, which would increase ore processing capacity by an additional 10 million tonnes per year. This would lift total annual throughput to more than 16 million tonnes.

    In 2025, RG Gold delivered record operating results, processing 6.5 million tonnes of ore and producing nearly 6.5 tonnes of gold. Metallurgical recovery at the processing plant exceeded 87%. The company emphasized that these results were achieved while maintaining high safety standards and protecting employee health.

    The Raygorodok deposit, first explored in the mid-1990s, remains one of Kazakhstan’s largest gold mining projects. Despite relatively low gold grades, the ore is considered easily recoverable, ensuring economic sustainability. Investments in exploration have significantly expanded reserves, while the launch of a CIP-based processing plant in 2022 boosted production efficiency. The mine’s operating life is currently projected to extend to at least 2040, even with higher processing volumes.

    Looking ahead, 2026 is expected to become a key investment year, with construction of the new processing facility forming the core project. RG Gold estimates that the expansion will create more than 1,000 new jobs and deliver broader socio-economic benefits for the region.

    Environmental management and workplace safety remain central to the company’s strategy. In 2025, RG Gold completed preparatory work for ISO 14001 certification, invested in environmental training, launched biodiversity research projects and carried out large-scale land restoration, including planting 100,000 pine seedlings. Safety initiatives introduced during the year contributed to a 38% reduction in workplace incidents.

    Company executives said that integration into Zijin Mining Group opens new opportunities for staff development, knowledge exchange and the adoption of global best practices. Over the next three to five years, RG Gold’s strategy will focus on efficiency improvements, production growth, resource base development and strengthened ESG performance, positioning the company as a benchmark for sustainable gold mining in Kazakhstan.

  • China’s Zijin Mining Acquires Kazakhstan’s Gold Producer RG Gold

    China’s Zijin Mining Acquires Kazakhstan’s Gold Producer RG Gold

    Kazakhstan’s gold mining company RG Gold has officially been acquired by Zijin Gold International Co., Ltd., a subsidiary of Zijin Mining Group, one of the world’s leading mining corporations, Orda.kz reported.

    RG Gold operates the Raigorodok gold deposit in the Akmola region. The company had been managed by Kazakhstan’s Verny Capital Group since 2014, during which it underwent significant modernization — including new infrastructure, updated equipment, and expanded geological exploration.

    Since 2018, Verny Capital has developed RG Gold in partnership with the U.S.-based Resource Capital Funds (RCF). Under their management, the company’s resource base tripled over the past decade to reach 7.6 million ounces, in compliance with JORC standards.

    The partners also expanded the company’s production capacity. The Carbon-in-pulp (CIP) plant reached a throughput of 6.5 million tonnes per year by mid-2025, exceeding its design capacity of 5 million tonnes. The heap leaching facility has an additional capacity of 2 million tonnes per year.

    RG Gold currently employs around 1,200 people, making it one of the major employers in the Akmola region.

    The acquisition by Zijin Mining underscores the Chinese company’s growing footprint in Central Asia’s mining sector, following a series of strategic investments aimed at strengthening its global gold production portfolio.

  • RG Gold Reports Sharp Profit Increase for 2024 as Output and Revenues Surge

    RG Gold Reports Sharp Profit Increase for 2024 as Output and Revenues Surge

    RG Gold, controlled by Cantech S.a.r.l. on behalf of beneficiaries from Bulat Utemuratov’s family, announced a net profit of 80.5 billion tenge in 2024, up sharply from 46 billion tenge in 2023, according to the company’s published financial statements. Revenue rose to 221.8 billion tenge, compared to 167.7 billion tenge a year earlier. Despite higher profits, undistributed earnings fell to 103 billion tenge at the end of 2024, from 120 billion the prior year.

    The company’s performance was driven by strong operations at the North and South Raygorodok deposits in Akmola region, which form the backbone of RG Gold’s resource base. In 2024, almost all sales came from gold doré bars—with gold and silver content of at least 70%—delivered primarily to Kazakh refining companies like KazZinc (68% of sales) and Tau Ken (32%).

    In 2024, RG Gold declared 97.5 billion tenge in dividends, distributing 82.5 billion tenge net of 14.6 billion in taxes. Remuneration to key management personnel reached 739.7 million tenge, up from 660.7 million a year before.

    According to international reporting, the Raygorodok project generated USD 473 million in revenue and USD 202 million in net profit in 2024, underlining its profitability following recent technological upgrades and production expansions.

    RG Gold’s ownership structure links back to Swiss-based Timebrlay S.A. as trust manager and US-based Resource Capital Funds, alongside Utemuratov’s business interests. Bulat Utemuratov currently ranks sixth among Kazakhstan’s wealthiest, with a Forbes-estimated fortune of $3.7 billion.

    The company also continues to invest in exploration, particularly at Kovalevsky deposit, securing future resource growth. Robust market conditions and rising gold prices have underpinned this sharp improvement in financial results

  • Kazakhstan’s RG Gold Expands Operations, Safety Standards, and Workforce Development Amid Booming Mining Sector

    Kazakhstan’s RG Gold Expands Operations, Safety Standards, and Workforce Development Amid Booming Mining Sector

    Kazakhstan’s mining industry is thriving as rising gold and commodity prices drive exploration, investment, and legislative reform. Among the country’s leading players, RG Gold is charting a growth path that blends operational expansion, safety leadership, and employee development while preparing for its transition into a global gold operator.

    Deputy CEO and CFO Marat Shaimardanov said recent government reforms, including a new royalty-based tax code and deregulation of mining laws, have spurred fresh activity. “There’s a lot of deregulation happening for the mining industry, which is reflected by its current increased activity,” he noted.

    Operational Growth and Heap Leach Revival
    RG Gold has restarted its heap leach operations after exploration revealed remaining potential, buoyed by higher gold prices. The site is expected to run for another five years. Meanwhile, the company’s carbon-in-pulp (CIP) plant, built in 2022, has been upgraded from 5 Mtpa to a 7.2 Mtpa run rate, with plans to stabilize at 7+ Mtpa by 2026. Exploration has also expanded resources to more than 10 million ounces, with reserves rising from 450,000 oz to 4 million oz in less than eight years.

    The firm is expanding its tailings storage facility, identifying new nearby deposits, and improving environmental compliance through a new oxygen plant. It is also preparing to transition from outsourced mining to owner-operated fleets to boost efficiency and safety.

    Safety and Cultural Transformation
    Shaimardanov stressed that safety remains a cornerstone of RG Gold’s strategy. The company has tripled its safety department headcount and changed its reporting culture to encourage incident disclosure without penalizing staff KPIs. “Even our CEO was once stopped at site for not wearing the correct gloves,” he said, underlining a culture where safety applies to all, from top management to contractors.

    Local and Workforce Engagement
    RG Gold prioritizes local contractors for both essential and non-essential services, strengthening ties with surrounding villages and SMEs while sourcing international partners only for specialized needs such as SGS lab testing.

    Employee development has also advanced, with personal development plans, international training programs, and partnerships with universities. The company supports professional associations, including a geotechnical engineering network now recognized internationally. Staff turnover has dropped sharply from 19% to 5% in just two years.

    Looking Ahead
    With construction projects delivered on schedule and ore reserves expanding, RG Gold is now focused on sustaining operational quality, ensuring smooth shareholder transitions, and pursuing new gold tenders. “It’s really about sustaining the business, raising the bar in operational quality, retaining employees, and taking our expansion to the next level,” Shaimardanov said.

  • RG Gold Announces Reduction in Gold Extraction Volumes at the Raigorodok Deposit

    RG Gold Announces Reduction in Gold Extraction Volumes at the Raigorodok Deposit

    RG Gold company has announced a reduction in the extraction volumes of the yellow metal at the Raigorodok deposit in Akmola region. The decrease in extraction rates may occur as early as this year due to the depletion of oxide ore reserves, as reported by inbusiness.kz.

    Currently, the gold miner can process 7 million tons of raw material, with the majority (5 million tons) undergoing cyanidation followed by sorption on coal. The second technology – heap leaching of oxidized gold ore – is designed for 2 million tons.

    According to Marat Shaimardanov, the financial director of RG Gold, there is a high probability that the second processing method will need to be suspended, as the reserves of Raigorodok’s oxide ore are nearly depleted.

    It is known that in 2023, the EBITDA indicator was approximately $200 million with production of 190 thousand ounces. With the freezing of certain processing capacities, this figure is likely to decrease.

    However, the gold miner hopes that geologists will discover additional reserves in nearby areas. In that case, the company will be able to resume the heap leaching technology.