A regulatory impasse has emerged around Solidcore Resources’ planned acquisition of the Tokhtar gold project in Kazakhstan’s Kostanai Region, after the Ministry of Industry and Construction stated it has received no application to transfer subsoil use rights for the project — even as Solidcore has been publicly waiting for government approval for more than a year.
In a formal response to inbusiness.kz via the eotinish electronic platform, the ministry confirmed it had received no application regarding the acquisition of the Tokhtar, South Tokhtar and Barambai licence areas, and said it therefore had no information on the reasons for the deal’s non-approval or its current status. Solidcore chief executive Vitaly Nesis told the publication in April that the deal had “not been approved by state authorities,” declining to elaborate further. The unresolved status of the transaction was also acknowledged during Solidcore’s 2025 annual results webcast without explanation.
The disconnect is puzzling given standard procedure: applications to transfer subsoil use rights for solid minerals are normally submitted to the relevant sectoral regulator — in this case the Ministry of Industry — raising the question of whether an application was ever formally submitted, and if so where it was directed.
Solidcore announced the intended acquisition more than a year ago. The deal was structured in two phases: a 51% stake to be purchased in the third quarter of 2025 for approximately $25 million, with the remaining 49% to follow based on a resource valuation of the Tokhtar, South Tokhtar and Barambai areas. JORC-compliant mineral resources at Tokhtar and South Tokhtar were estimated at 1.1 million ounces of gold, equivalent to approximately 34.2 tonnes. Aurora Minerals provided geological and legal support for the project.
Ownership records add further complexity to the picture. According to the Ministry of Industry’s solid minerals contract register, the Tokhtar production contract belonged to GRK Tokhtar LLP, while the South Tokhtar-Barambai exploration and production contract was held by Kompleksnaya Geologo-Ekologicheskaya Ekspeditsiya LLP. Both companies were linked to Mukhamedjan Turdakhunov, a long-serving president of the Sokolovskoye-Sarbaiskoye Mining and Processing Association within ERG. Aurora Minerals’ website identifies the seller as KAML Kazakhstan LLP, and public data from adata.kz shows a related entity — KAML Limited, registered in 2024 — with Turdakhunov and ERG board member Eduard Surlevich listed as founders.
An unidentified investor has acquired a 30% stake in Forum Muider Limited — the holding company that owns Bogatyr Komir, Kazakhstan’s largest coal producer — through a new share issuance that simultaneously diluted the stakes of both existing shareholders, state energy holding Samruk-Energo and Russian aluminium giant Rusal, raising transparency concerns about the privatisation of a strategically significant national asset.
According to Samruk-Energo’s 2025 financial statements, Forum Muider Limited issued and placed 7,779 new shares in favour of the new investor in the course of 2025. As a result, from 24 September 2025, the stakes of both Samruk-Energo and Rusal’s Miradore Enterprises Limited were reduced from 50% to 35% each, with the new investor holding the remaining 30%. Data from adata.kz identifies the third shareholder as a non-resident entity called Primet LLC.
Samruk-Energo’s exit from the structure is now imminent. On 30 December 2025, the national company signed an agreement to sell its remaining 35% stake to the same investor, subject to a number of conditions precedent including the signing of an undertaking agreement on the mechanism for declaring and paying historical dividends owed to both Samruk-Energo and Miradore at the level of both Bogatyr Komir and Forum Muider. The company’s management expects all conditions to be met and the transaction to close in 2026. Samruk-Energo had already classified the investment as an asset held for sale at year-end, valued at 77.1 billion tenge on its balance sheet, while recognising an impairment and disposal loss of 15.7 billion tenge during 2025.
The identity of the beneficial owner behind Primet LLC has not been publicly disclosed, prompting questions about whether the privatisation of Samruk-Energo’s stake in Kazakhstan’s largest coal enterprise is proceeding with adequate transparency.
Bogatyr Komir is a major contributor to Kazakhstan’s energy system. Its Bogatyr and Severny open-pit mines in Ekibastuz produced 45.3 million tonnes of coal in 2025 — a 6% increase on 2024 output of 42.7 million tonnes — supplying coal-fired power plants in Astana, Pavlodar, Petropavlovsk, Stepnogorsk, Almaty and Karaganda. The company raised its Ekibastuz coal prices by 30% last year and is planning a further 20% increase in July 2026. A cyclical-flow extraction technology upgrade at the Bogatyr mine is also planned, which is expected to significantly improve profitability.
The ownership restructuring follows a broader corporate reorganisation in which Forum Muider B.V., previously registered in the Netherlands, was merged into Forum Muider Limited — a company registered in Cyprus in 2023 — which then relocated to the Astana International Financial Centre jurisdiction in late October 2025.
О чем видео: Фокус на глобальном энергетическом переходе и экономике. По мере роста спроса на электромобили и чистую энергию начинается битва за критически важные минералы (литий, кобальт, редкоземельные элементы).
Ключевые детали: Видео объяснит концепцию «зеленого ресурсного проклятия» — ситуации, когда развивающиеся страны берут на себя весь экологический ущерб от добычи руды, экспортируют ее за бесценок, а затем вынуждены импортировать дорогие готовые технологии. Главной темой станет попытка Казахстана и Узбекистана вырваться из этой ловушки путем создания собственных заводов по переработке и рафинированию (midstream).
Видео подготовлено по материалам публикации “Central Asia as New Battle Grounds: Critical Mineral Strategies of Kazakhstan and Uzbekistan” в Journal of Eurasian Studies.
https://journals.sagepub.com/doi/epdf/10.1177/18793665261442863
Presidents Kassym-Jomart Tokayev and Recep Tayyip Erdoğan were presented with a package of joint investment projects during the Kazakhstani-Turkish summit in Astana, with five new initiatives expected to attract more than $920 million in investment and create over 3,100 jobs across Kazakhstan.
The projects span five regions and multiple sectors. In Abai Region, Turkish mining company Miryıldız plans to build a mining and processing plant — an extension of the company’s existing $480 million gold development programme at the Zhanan deposit. In Almaty, İskefe Holding intends to launch gelatin production. In Turkestan Region, Orzax Group will establish a modern facility for the production of dietary supplements. In Aktobe, S Sistem Lojistik is partnering with Kazpost to create a logistics centre at the city’s international airport. In Astana, Tiryaki Holding will build a plant for the deep processing of wheat and peas.
Deputy Prime Minister Serik Zhumangarin briefed the two heads of state on the broader trajectory of Turkish investment in Kazakhstan, noting that approximately 100 investment projects involving Turkish companies have already been completed in the country, with a combined value of around $4 billion across various economic sectors. A further 50 joint projects with a total estimated value of approximately $4 billion are currently being implemented, underscoring what Zhumangarin described as a high level of investment interaction between the two countries.
The death toll from the explosion at Glencore’s Kazzinc facility in Ust-Kamenogorsk has risen to three, Kazakhstani officials confirmed, as a joint investigative team comprising law enforcement, the state labour inspectorate and emergency services continues to work at the site.
Vice Minister of Labour and Social Protection Baurzhan Tuyakbayev told a Senate briefing that investigators are working to establish the precise cause of the incident, examining several possible factors including failure to observe safety regulations, inadequate worker safety briefings, a technological malfunction at the facility, or the continued use of outdated equipment. “We will find out the cause, and believe me, responsibility will follow,” he said.
Asked when the last workplace safety and industrial security inspection had been conducted at the facility, Tuyakbayev said large enterprises of Kazzinc’s scale fall within the highest-risk category — those employing between 5,000 and 10,000 workers — and are subject to annual preventive inspections. He said inspections of Kazzinc and other major enterprises had been carried out in both the previous year and the year before that, and that all compliance orders issued at the time had been fulfilled within the prescribed deadlines without the imposition of fines.
The explosion, which occurred on 5 May at the Kazzinc plant in Ust-Kamenogorsk, was followed by a fire and the partial collapse of a roof structure. Environmental officials in East Kazakhstan Region launched urgent air quality monitoring in the immediate aftermath. Prime Minister Olzhas Bektenov has personally taken control of the situation at the plant.
China’s East Hope Group, one of the world’s largest producers of electrolytic aluminium and alumina, is progressing plans for a colossal $12.6 billion investment in Kazakhstan’s aluminium sector, according to the country’s Ministry of Industry and Construction.
Kazakhstan’s Industry and Construction Minister Yersayin Nagaspayev held discussions with Chen Lei, East Hope Group’s Director for Strategic Investments. The two sides discussed establishing a full-cycle aluminium cluster within Kazakhstan, spanning the entire process from bauxite extraction through to primary aluminium output.
Nagaspayev emphasised that full-cycle production projects are in keeping with Kazakhstan’s state industrial policy, which is geared towards deeper processing and the manufacture of high-value-added goods.
The talks also covered the project’s current status, the formation of a raw materials base, and the development of production capacity and industrial cooperation. The company is currently undertaking geological exploration across multiple blocks in the Aktobe and Kostanay regions. The broader vision encompasses the development of 11 bauxite and coal deposits across the Kostanay and Aktobe regions, with the project expected to generate approximately 10,000 jobs once fully operational. KursivThe Times Of Central Asia
The initiative has been gathering momentum since February 2025, when East Hope registered a subsidiary in Kazakhstan to serve as the project’s principal operational centre. An investment framework agreement was subsequently signed between East Hope and the Kazakh government. The Times Of Central AsiaMysteel
As part of the scheme, East Hope Group intends to construct a 1-gigawatt coal-fired power station in the Kostanay region, whilst also exploring potential renewable energy ventures. The project is designed around circular economy principles, with the aim of creating a complete production cycle for green aluminium products. Qazaqgreen
Both parties reaffirmed their commitment to advancing the project and strengthening investment cooperation.
Kazakhstan’s Energy Minister Yerlan Akkenzhenov has met with senior leadership of China’s East Hope Group to discuss a series of major investment projects in Kostanay Region, including a proposed one-gigawatt coal-fired power plant intended to supply electricity to a new aluminium complex.
The meeting between Akkenzhenov and East Hope Group Chief Strategy Investment Officer Chen Lei covered the Chinese conglomerate’s plans to develop industrial and energy capacity in the region. Beyond the coal plant and aluminium complex, East Hope Group signalled interest in expanding into renewable energy and broader coal industry projects in Kazakhstan.
Akkenzhenov pledged the Ministry of Energy’s full support for initiatives that strengthen Kazakhstan’s industrial and energy capabilities, emphasising the importance of foreign investment, advanced technology adoption, localisation of production and the creation of high-value-added employment.
East Hope Group is one of China’s largest private industrial conglomerates, with extensive interests in aluminium smelting, silicon manufacturing and chemical industries, making it a strategically relevant partner for Kazakhstan’s ambitions to develop domestic aluminium processing capacity alongside its existing raw material base.
A MINEX Forum Production: Escaping the Green Resource Curse in Central Asia
Welcome to this special deep-dive podcast episode, brought to you by the MINEX Forum. This episode is based on the groundbreaking research article, “Central Asia as New Battle Grounds: Critical Mineral Strategies of Kazakhstan and Uzbekistan,” authored by Younkyoo Kim, Lyailya Ivatova, Sujin Kang, and Yerden Ordabek.
Whether you are driving an electric vehicle in Europe, using a smartphone in the USA, installing solar panels in Australia, or relying on advanced semiconductors in South Korea, your daily life depends on an invisible, highly concentrated global supply chain. This introductory long-read breaks down the complex science and geopolitics of critical minerals, revealing why the true battleground for the future of green technology isn’t in the mines—it’s in the midstream.
The “Hourglass” Supply Chain and the Green Resource Curse
As the world accelerates its transition away from fossil fuels, the demand for critical minerals like lithium, cobalt, nickel, and rare earth elements is skyrocketing. However, a severe structural imbalance threatens the stability of this green revolution.
While the extraction of these minerals happens all over the globe, the capability to refine and process them is heavily monopolized. The global supply chain resembles an “hourglass,” where raw materials from dozens of countries flow into a tiny number of refining bottlenecks—predominantly in China, which controls 85% to 90% of the processing capacity for key elements like rare earths, lithium, and cobalt.
For resource-rich developing nations, this creates a dangerous trap known as the “green resource curse”
. Just as oil and gas historically led to corruption, economic volatility, and environmental damage in some nations, the rush for green minerals risks repeating the cycle
. Developing countries bear the heavy environmental and social burdens of mining, only to export low-value raw ores
. They are entirely excluded from the lucrative “midstream” stages—smelting, refining, and chemical separation—meaning they must ultimately buy back expensive, finished green technologies manufactured elsewhere.
The New Battlegrounds: Kazakhstan and Uzbekistan
Central Asia has emerged as a crucial “third zone” capable of disrupting these bottlenecks and offering a more secure supply chain to the world. But Kazakhstan and Uzbekistan are no longer content to simply dig dirt out of the ground; they are fighting for “midstream sovereignty” to capture the actual value of their natural resources.
Kazakhstan’s “New Oil” Kazakhstan, already a dominant force in global uranium production, is treating its vast rare earth element deposits as its “new oil”. The country holds massive potential, such as the Kuirektykol deposit which holds an estimated 28.2 million tons of rare earths. However, separating rare earth elements into high-purity industrial materials requires incredibly complex precision technology. To bridge this technological gap, Kazakhstan is rapidly attracting Chinese capital—recently launching a $300 million tungsten processing plant—while simultaneously courting Western nations and South Korea to avoid becoming entirely dependent on Beijing’s vertically integrated supply chains. Uzbekistan’s $2.6 Billion Masterplan Uzbekistan is taking a highly centralized, state-driven approach. The government has consolidated its critical mineral assets under a new entity, the Uzbekistan Technological Metals Complex (UzTMK), and launched a massive $2.6 billion investment program covering 76 different projects. Remarkably, Uzbekistan is also building its own domestic electric vehicle manufacturing base, partnering with companies like BYD to ensure that the minerals they extract can be used in factories right at home. To make its products attractive to strict Western markets, Uzbekistan is pioneering eco-friendly processing methods, such as a closed-loop system for molybdenum that slashes chemical emissions.
A New Model for Partnership
As Central Asia attempts to climb the value chain, it faces competing models of global partnership. The Chinese Model offers incredibly fast infrastructure development and capital, but threatens to lock Central Asian processing into China’s broader monopolies, stifling domestic technological independence. The Western Model (US & EU) focuses heavily on environmental, social, and governance (ESG) compliance and supply chain transparency. However, Western initiatives often emphasize financial de-risking over the actual transfer of the complex refining technologies these nations desperately need.
This gap has created an opening for an alternative approach, championed by middle powers like South Korea. Because South Korea is highly reliant on mineral imports (procuring over 82% of key battery minerals from China), it is highly motivated to help Central Asia succeed. Rather than just providing cash or demanding regulatory compliance, South Korea is utilizing a “Process-Embedded Industrial Partnership Model”. Through initiatives like the Uzbek-Korea Rare Metals Center, South Korea is actively transferring laboratory skills, high-purity separation techniques, and process engineering knowledge directly to the local workforce.
Why This Matters to You
The fight for midstream processing in Central Asia is not just a regional economic issue; it is the linchpin of global clean energy security. Escaping the green resource curse is the only way these nations can achieve sustainable industrialization, and diversifying the refining bottlenecks is the only way everyday consumers can rely on a stable, affordable supply of electric vehicles and renewable energy in the decades to come. Hit play on the podcast to listen to our hosts dive deeper into the strategies, the science, and the high-stakes geopolitical chess game defining the future of the global energy transition.
The European Bank for Reconstruction and Development has made a follow-on equity investment of AUD 1.4 million in Sarytogan Graphite Limited, increasing its stake in the ASX-listed company to 18.4% as it continues to back the development of one of the world’s largest known high-grade graphite deposits in Kazakhstan.
The proceeds will be used to complete an upstream definitive feasibility study and fund project-related development activities including environmental work and product marketing. Sarytogan Graphite is developing its namesake deposit in Kazakhstan, a project that has attracted growing attention given graphite’s designation as a critical raw material and its essential role in electric vehicle batteries, the electric power industry and metallurgy.
The investment maintains the EBRD’s position as a significant minority shareholder in the project and forms part of the bank’s broader engagement with Kazakhstan’s critical minerals sector. The EBRD has invested approximately $12.6 billion across 352 projects in Kazakhstan, making the country the largest and longest-running recipient of EBRD investment in Central Asia.
The move reflects accelerating institutional support for graphite supply chain development outside China, which dominates global graphite production and processing. Western governments and multilateral development banks have increasingly directed capital toward critical mineral projects in allied and partner jurisdictions as supply chain resilience becomes a strategic priority.
The fatal explosion at Glencore’s Kazzinc facility in Ust-Kamenogorsk on 5 May has thrown fresh scrutiny on the planned sale of the company to Kazakhstani businessman Shakhmurat Mutalip, with financial analyst Rasul Rysmambetov warning that any rushed transaction risks allowing a wealthy foreign investor to exit without resolving environmental liabilities that have accumulated for decades.
Glencore has held a 70.2% stake in Kazzinc since 1997, with the remaining approximately 30% held by Tau-Ken Samruk, a subsidiary of sovereign fund Samruk-Kazyna. Bloomberg has reported that Mutalip is considering acquiring Glencore’s stake at a valuation of around $3.5 billion. In January 2026, Mutalip registered two new structures at the Astana International Financial Centre — KazZinc Group Ltd and Central Asia Resources Holding Ltd — though no official confirmation of a deal has been made. Tau-Ken Samruk has said it has no intention of selling its own stake.
Rysmambetov, commenting to Kursiv, argued that the explosion and the broader ownership question should not be separated from Kazzinc’s long-standing environmental record. “Kazzinc is probably one of the largest polluters in East Kazakhstan Region. The state ignored this for a long time,” he said. He noted that the facility has never faced penalties comparable to those imposed on oil companies in western Kazakhstan, despite generating significant pollution. Residents of Ust-Kamenogorsk have long complained about air quality, and Rysmambetov said the situation had become serious enough that people were being advised not to go outside.
On the prospective sale, the analyst was sceptical about both its urgency and the buyer’s financial capacity. “A rushed buyout is not necessary, in my view. The environmental situation needs to be fixed first,” he said. He also questioned whether Mutalip has sufficient funds to finance a transaction of this scale while simultaneously acquiring other major assets — Mutalip has already bought gold producer Altynalmas and is reportedly pursuing a 40% stake in ERG.
The deeper concern Rysmambetov raised was one of structural accountability. If Glencore sells before addressing environmental liabilities, the cost of remediation would fall entirely on the new Kazakhstani owners. “It will turn out that Kazakhstani businesspeople buy it and then fix the ecology, while the investors are let go in peace — even though they earned enough to have paid attention to environmental problems,” he said.
Kazzinc generated $5.1 billion in revenue in 2025 according to Glencore’s preliminary financial reporting.
