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 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 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 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.
This year marked a significant milestone as the Kazakhstan Chamber of Mines took the lead as the official organiser of Kazakhstan Day — and what a resounding success the debut turned out to be!
Despite a packed PDAC schedule, the session drew an impressive crowd of over 130 industry leaders, investors, and exploration experts. The atmosphere in the room confirmed one thing: the global mining community is paying very close attention to Central Asia.
MINEX Forum was proud to support the event as the Official Media Partner, capturing the insights that are shaping the next wave of exploration in the region.
Key Highlights from the Plenary Session: The tone was set by Ruslan Baimishev, President of the Kazakhstan Chamber of Mines:
“Kazakhstan is entering a new era of exploration — driven by robust reforms, international partnerships, and the soaring global demand for copper and critical metals.”
We also heard high-level perspectives from H.E. Dauletbek Kussainov, Ambassador of Kazakhstan to Canada, and Iran Sharkhan, Vice-Minister of Industry and Construction.
Expert Insights & Project Showcases: The technical session, “Unlocking New Discovery Potential in Kazakhstan,” featured a stellar line-up including Tim Barry (Arras Minerals), Charlie Liu (Zijin Mining), Simon Cooper (Pallas Resources), and world-renowned experts Anna Fonseca and Professor Jeffrey Hedenquist.
The afternoon shifted to tangible opportunities, with project presentations from AMG Ltd, Kogadyr Gold, Taskora, and Muzbel. As Tim Barry aptly put it: “Kazakhstan offers unique opportunities for Canadian juniors to enter new jurisdictions — and the future looks bright.”
Kazakhstan is no longer just a “prospective” jurisdiction; it is rapidly becoming the territory where the next big copper success stories are being written.
Special thanks to the Kazakhstan Day partners:
General Sponsors: Aurora Minerals Group, NAC Kazatomprom, Pallas Resources.
Sponsors: Arras Minerals, TauGold Copper.
Missed the session? 📺 Watch the session recordings and download expert presentations at:
In February 2026, Swiss commodity trading group Mercuria Energy Group announced an eight-year strategic partnership with Kazakhstan’s mining and metallurgical company Kazakhmys, marking a shift toward deeper industrial collaboration between global traders and resource producers.
The agreement goes beyond a traditional financing arrangement and is structured as a long-term partnership combining Kazakhmys’ production capacity with Mercuria’s global trading and logistics infrastructure. The collaboration is expected to enhance access for Kazakh copper to international markets and modern trading mechanisms.
One of the key outcomes of the partnership is the expansion of Kazakhstan’s copper presence in global supply chains. Mercuria’s international network will facilitate integration of Kazakhmys’ output into long-term contracts with industrial consumers, providing more stable export channels and improving visibility over future demand.
The cooperation also предусматривает переход к международным механизмам ценообразования, основанным на глобальных товарных индексах. This approach is widely used in developed commodity markets and is expected to improve transparency in export operations, strengthen investor confidence and simplify взаимодействие с финансовыми и торговыми партнёрами.
As part of the agreement, Mercuria plans to establish a local office and marketing centre in Kazakhstan. The facility will serve as a hub for commercial operations, market analysis and risk management, supporting the development of modern trading infrastructure within the country.
The partnership is also expected to contribute to technological development in Kazakhstan’s mining and metallurgical sector. Areas of focus include improving processing efficiency, внедрение цифровых систем мониторинга и развитие решений по переработке отходов. In addition, cooperation with an international trading house is likely to facilitate knowledge transfer in areas such as commodities trading, risk management and hedging instruments.
Economic benefits are expected at both national and regional levels. The expansion of export operations and development of trading infrastructure may create new employment opportunities across logistics, services, analytics and equipment supply. For Kazakhstan’s industrial regions, where mining enterprises play a ключевую роль в занятости, such initiatives are seen as strengthening economic resilience.
The agreement comes amid rising global demand for copper, driven by electrification, renewable energy and digital technologies. In this context, the partnership between Mercuria and Kazakhmys is expected to strengthen Kazakhstan’s position in global supply chains for strategic metals and further integrate its металлургический сектор into the international trading system.
Industrial enterprises in Kazakhstan are increasingly deploying artificial intelligence systems to improve operational safety and efficiency, according to the Ministry of Industry and Construction.
Several large digital initiatives are currently being implemented at facilities operated by Solidcore Resources. Four major projects aimed at automating safety and production processes are underway across the company’s mining and processing sites.
At the Bakyrchik mining operation in the Abai region, an automated employee health monitoring system has already been launched. The system uses AI algorithms to assess workers’ physical condition before each shift.
If the system detects high blood pressure, signs of fatigue or alcohol intoxication, the employee is automatically prevented from performing hazardous tasks.
Solidcore Resources plans to expand the use of intelligent technologies at its other facilities, including the Varvarinskoye hub in Kostanay region and the Ertis Hydrometallurgical Plant in Pavlodar region.
One of the upcoming systems will provide real-time personnel positioning, allowing the company to track the location of employees across industrial sites. Workers entering hazardous zones will receive automatic alerts warning them about potential risks.
Another tool under development is a digital operator assistant designed to support personnel in making operational decisions. The system will recommend optimal technological parameters and help prevent equipment failures.
By the end of the year, the company also plans to introduce an AI-based flotation monitoring system. The technology is expected to reduce reagent consumption and minimize metal losses during processing.
Artificial intelligence is also being adopted by other companies within the sovereign wealth fund Samruk-Kazyna.
The national mining company Tau-Ken Samruk is using an intelligent core analysis system that automatically identifies signs of mineralization from photographs of drill core samples.
Meanwhile, Samruk-Kazyna Ondeu is developing a digital twin of its sulfuric acid plant in Stepnogorsk. The virtual model will simulate equipment performance and is expected to reduce operating costs by 5–8%, lower downtime by about 5%, and decrease accident rates by 2–3%.
KazMunayGas is also expanding the use of AI technologies through its ABAI digital platform. The company reported that an AI-based waterflood management module helped generate an additional 12000 tonnes of oil production in 2025, delivering an economic benefit of approximately 1.5 billion tenge.
Officials say the growing use of artificial intelligence across Kazakhstan’s mining, metallurgy and energy sectors is part of a broader push to modernize industrial operations and improve productivity.
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.
MINEX Forum Spotlights nGRND’s Vision for Sustainable Mining Finance at PDAC 2026
As a PDAC media partner for Europe and Central Asia, MINEX Forum continued to highlight innovations that can attract investment and accelerate the adoption of best-in-class technologies for sustainable mining. In its recent interview with David Lucatch, Chair of nGRND Inc., MINEX Forum explored a business model that challenges one of mining’s oldest assumptions: that value can only be unlocked by extracting metal from the ground.
nGRND, short for “in-Ground,” is advancing a novel concept built around the securitisation and tokenisation of verified in-ground gold reserves. The company’s vision is bold and deliberately provocative: to become “the world’s biggest resource company that doesn’t mine.”
A new way to unlock mineral value
In the interview, David Lucatch explained that nGRND is a land management and sustainability company working with gold discovery and exploration firms to monetise verified in-ground gold resources without physically mining them.
The company uses recognised technical documentation, such as NI 43-101 reports and other verified geological reports, to confirm the existence of gold resources. It then purchases those verified in-ground ounces from site owners and transforms them into a digital asset proposition for investors.
What makes the model distinctive is that it does not stop at the mineral resource itself. nGRND also seeks to integrate carbon, ESG and avoided mining programmes, creating an additional sustainability layer around the asset. In effect, the company aims to combine the enduring value of gold with the measurable benefits of reduced environmental disturbance, carbon impact mitigation and biodiversity protection.
This approach positions nGRND at the intersection of mining, environmental finance and blockchain-enabled asset structuring.
“We don’t just digitise gold — we redefine it”
nGRND describes itself as a company that is redefining how the world perceives, values and provides democratised access to natural wealth. Its proposition is centred on tokenising verified climate-positive in-ground gold reserves while integrating benefits from avoided mining and environmental restoration frameworks.
The company’s message is clear: gold can be reframed not merely as a mined commodity, but as a climate-positive, real-world asset. That framing is captured in its positioning:
Responsible innovation – Real-world value – Climate positive verified impact
This is a significant departure from the traditional mining investment thesis. Rather than focus solely on extraction, production growth and commodity cycles, nGRND is attempting to create value from preservation, optionality and sustainability.
Why gold, and why now?
David Lucatch made the case that gold is the ideal starting point for this model. He noted that roughly 93% of all gold is ultimately used as stored value—whether in jewellery, coins, bullion or central bank holdings—while only a small proportion is consumed for industrial or trade purposes. In his view, this makes gold uniquely suited to a system where the asset’s value can be recognised and monetised without immediate extraction.
For nGRND, the long-term opportunity is substantial. Lucatch said the company’s ambition is to monetise nearly 250 million ounces over the next decade.
That ambition reflects broader shifts in the global mining and investment landscape. Juniors and mid-tier explorers often hold significant resource inventories but struggle to convert those ounces into market value. Many trade at a fraction of the implied value of their resources, and raising capital to advance projects often leads to repeated equity dilution. nGRND’s model is designed to address precisely that problem.
Non-dilutive capital for explorers and developers
One of the strongest themes in the interview was the potential for nGRND to provide non-dilutive capital to exploration and mining companies.
Mr. Lucatch pointed out that many public companies may hold large resource bases while trading at only a few dollars per ounce in the ground. The more they raise through conventional financing, the more dilution they create for existing shareholders. By contrast, nGRND’s programme is intended to generate revenue by purchasing in-ground ounces and layering in future carbon and ESG value, thereby placing revenue on a company’s books without altering its capital structure.
That could be especially relevant for:
discovery and exploration companies
brownfield or retired assets
stranded deposits
projects that are currently uneconomic or inaccessible
properties constrained by environmental, geographic or regulatory factors
David Lucatch was clear that nGRND is not trying to interfere with active producers whose business depends on mining and selling gold. Rather, the company sees opportunity in assets where extraction may not make sense now—or for decades.
This opens an intriguing pathway for projects located under sensitive areas, near protected land, or in settings where mining would face high environmental or logistical barriers. In such cases, keeping the gold in the ground may itself become part of the value proposition.
The importance of jurisdictional stability
The success of such a model depends not only on geology, but also on geopolitics. Since nGRND’s premise is to keep resources in the ground over long time horizons—Lucatch referred to agreements of around 30 years with renewal features—the company must be confident that control over those resources can be maintained.
For that reason, nGRND is prioritising geopolitically stable jurisdictions. He noted that even previously attractive mining regions can become more uncertain over time, citing recent examples of nationalisation risk. For a company whose asset thesis depends on long-term preservation rather than near-term extraction, legal certainty and jurisdictional continuity are essential.
At present, nGRND is looking at opportunities involving Canadian, American, European, Australian, South American and South African companies, while remaining open to additional jurisdictions where the business model can be executed securely.
Global investor access through regulated token issuance
Another key part of the nGRND proposition is access to capital through digital markets. Lucatch said the company plans to launch its in-ground gold token to investors globally, excluding the United States and restricted jurisdictions. The investor base is expected to include both institutional and retail participants.
According to the interview, nGRND’s token issuance and generation partner is regulated in Dubai, and the structure is blockchain-based. The company believes this gives it a compliant route to market while offering broad international reach.
This matters because nGRND is not simply creating a mining finance instrument. It is attempting to build a bridge between real-world mineral assets, sustainability-linked value creation and digital finance infrastructure.
No direct competitor—yet
David Lucatch suggested that nGRND’s model is highly differentiated. While there are already businesses involved in tokenising physical gold, he argued that nGRND has not identified a direct competitor offering the same combination of:
verified in-ground gold monetisation
avoided mining and sustainability integration
compatibility with both private and publicly listed companies
non-dilutive financing potential
That combination could appeal to a market increasingly focused on ESG alignment, capital efficiency and alternative asset structures.
Relevance for Europe and Central Asia
For MINEX Forum audiences across Europe and Central Asia, the concept may be especially timely. The region includes a wide range of mining jurisdictions with large undeveloped or stranded mineral inventories, as well as governments and companies seeking new ways to attract investment while minimising environmental impact.
Lucatch indicated that Central Asia is still a new area for nGRND, but one the company is open to exploring. That leaves the door open for future engagement in a region where resource development, sustainability policy and foreign investment priorities increasingly intersect.
If the model proves scalable, it could offer a new option not only for companies seeking capital, but also for governments interested in balancing resource monetisation, environmental protection and long-term land stewardship.
A different future for mineral wealth
The significance of the MINEX Forum interview lies in the fact that nGRND is not merely proposing another financing instrument. It is proposing a different philosophy of resource ownership and value creation.
Instead of asking how quickly a gold deposit can be extracted, financed and sold, nGRND asks a different question: can the value of that resource be realised while leaving it in the ground?
That idea will undoubtedly attract scrutiny. Questions remain around market adoption, valuation frameworks, regulatory treatment and long-term execution. But the concept is difficult to ignore, particularly at a time when the mining sector is under pressure to decarbonise, reduce land disturbance and find more creative funding pathways.
For MINEX Forum, whose long-term objective is to promote investment and best-in-class technologies for sustainable mining, the conversation with David Lucatch reflects precisely the kind of innovation now reshaping the industry’s horizon.
nGRND’s ambition is striking, but its proposition is simple at its core: natural wealth does not always have to be extracted to be valuable.
If that idea gains traction, “the world’s biggest resource company that doesn’t mine” may become more than a slogan. It may become a new category in global mining finance.
Kazakhstan failed to meet its planned growth target for metallic ore production in 2025, according to the Ministry of Industry and Construction, although the sector’s value increased significantly due to higher global metal prices.
Under the ministry’s development plan, metallic ore production was expected to grow by 3.1% in 2025. Instead, output declined by 0.2%, meaning the target was achieved at only 96.8%.
Officials attributed the shortfall primarily to operational changes at the country’s largest gold deposit, Vasilkovskoye, which supplies roughly 20% of Kazakhstan’s gold-bearing ore. The mine is currently transitioning from open-pit to underground mining, a process that reduced production volumes and lowered the sector’s physical output index by about 2.5%.
Additional pressure came from declining ore grades at several zinc and lead mines in East Kazakhstan Region, including the Maleevsky, Tishinsky and Dolinny deposits.
Despite the drop in physical production, the total value of metallic ore extraction reached 5.8 trillion tenge in 2025, representing a 28.3% increase compared with 2024 due to stronger metal prices.
The ministry also missed its target for metallurgical production. Output in the sector was expected to grow by 5%, but actual growth reached only 1.2%.
This underperformance was linked to a slight decline in non-ferrous metallurgy production, which fell by 0.5%. Several key metals saw reduced output during the year.
Production of refined zinc dropped by 6.6%, refined gold by 1.1%, refined silver by 10.4%, and refined lead fell sharply by 29.6%. Authorities cited declining metal content in mined ore as one of the main contributing factors.
Operational disruptions also affected several major companies. At Kazakhmys Corporation, which accounts for about 22% of the industry, an accident involving an explosion and collapse at the Zhomart mine disrupted operations. The mine supplies about 40% of the feedstock for the Zhezkazgan copper smelter.
In addition, shipments of approximately 40,000 tonnes of raw material from Russia’s Russian Copper Company were halted due to sanctions affecting Russian businesses.
Another producer, Tau-Ken Altyn, saw a sharp reduction in recycled feedstock — falling from 2.5 tonnes to just 60 kilograms — because of repair work at Russia’s Amur Mining and Metallurgical Plant.
Kazzinc, which represents about 30% of Kazakhstan’s non-ferrous metallurgy sector, also faced supply disruptions. Due to customs restrictions under the “red corridor” import regime introduced by the State Revenue Committee, the company lost a contract to import around 40,000 tonnes of raw materials from Tajikistan. Kazzinc depends on imports for roughly 40% of its feedstock.
Overall, the ministry met 19 out of 29 performance indicators for the year. Five targets were not achieved, while final statistical data for another five indicators has yet to be confirmed.
Despite the short-term challenges, longer-term mining output trends remain positive. Between 2021 and 2025, copper ore production in Kazakhstan increased by 31.8% to 162.9 million tonnes. Gold-bearing ore production rose by 20.4% to 39.2 million tonnes, while lead-zinc ore extraction grew by 19% to 9.9 million tonnes.
The Bureau of National Statistics is expected to publish final industry data for these indicators on July 3, 2026.
