MINEX Forum

Website: Kazakhstan.com

  • Kazakhstan Reports Significant Increase in Mineral Reserves Following Exploration Work

    Kazakhstan Reports Significant Increase in Mineral Reserves Following Exploration Work

    Kazakhstan has recorded a substantial increase in mineral reserves following recent geological exploration, Vice Minister of Industry and Construction Iran Sharkhan said at a government press conference on December 18. According to him, newly identified reserves include about 98 tons of gold, 36000 tons of copper, and more than 1.3 million tons of phosphorites.

    As a result of the exploration campaign, five new deposits have been placed on the state register for the first time. These include Kok-Zhon, Altyn-Shoko, Samombet, Studenchesky, and Takyr-Kaldzhir.

    Sharkhan said Kazakhstan continues to expand the scope of its geological and geophysical surveys. More than 2 million square kilometers of territory have already been studied, with this figure expected to rise to 2.2 million square kilometers by 2026. He also noted that a promising area containing rare earth metals has been identified in the Karaganda region.

    To support further exploration, the government has allocated 240 million tenge from its reserve to develop project documentation for a transition to detailed geological studies at a scale of 1:50 000. According to the Ministry of Industry, this new approach will make it possible to identify prospective areas at earlier stages of exploration.

    Between 2026 and 2028, detailed geological studies are planned across 100000 square kilometers. The work will be carried out by a consortium involving the National Geological Service and leading research institutes, using aerogeophysical technologies. The vice minister said these methods are expected to significantly improve the efficiency of geological exploration.

  • Kazakhstan Reports Steady Growth in Manufacturing Sector Over 11 Months

    Kazakhstan Reports Steady Growth in Manufacturing Sector Over 11 Months

    Kazakhstan’s manufacturing industry has shown sustained growth over the first 11 months of the year, with output rising by a combined 5.9%, Vice Minister of Industry and Construction Olzhas Saparbekov said at a government meeting on December 17 2025, according to Zakon.kz.

    Saparbekov noted that positive dynamics were recorded across key manufacturing segments, including metallurgy, mechanical engineering, the chemical industry, construction materials, and light industry. In metallurgy, production volumes increased by 1.1%, supported by higher output of gold, copper, steel, and pig iron.

    The vice minister said the overall improvement is largely the result of measures aimed at increasing utilization of domestic production capacities and strengthening raw material supplies for processing enterprises.

    Mechanical engineering posted particularly strong growth, with output up 11.6%. The increase was driven by higher production of transport vehicles, agricultural and railway machinery, as well as various types of equipment and household appliances.

    Earlier, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin reported that Kazakhstan’s economy expanded by 6.4% in January–November. Growth in the real sector reached 8.3%, outpacing the services sector, which grew by 5.3% over the same period.

  • Kazakhstan’s Manufacturing Sector Records Strong Growth This Year

    Kazakhstan’s Manufacturing Sector Records Strong Growth This Year

    Kazakhstan’s manufacturing industry has demonstrated positive momentum this year, with production volumes rising by nearly 6%, according to Vice Minister of Industry and Construction Olzhas Saparbekov. The results were presented during a government meeting reviewing the country’s socio-economic development.

    Growth has been driven primarily by increased capacity at metallurgical, engineering, and chemical enterprises. Producers of construction materials have also delivered strong performance, contributing to the overall expansion of the sector.

    The engineering industry recorded one of the fastest growth rates, with output up 11.6%. Higher production was registered across several segments, including automobiles, railway and agricultural machinery, and household equipment.

    Metallurgical enterprises also increased output, producing higher volumes of gold, copper, pig iron, and steel. The chemical industry posted growth of 8.1%, while construction materials expanded by 14.7% and the light industry by 7.4%.

    Saparbekov said the growth in manufacturing is largely the result of state support measures aimed at domestic producers, including initiatives to increase the use of locally sourced raw materials and improve capacity utilization.

    Overall economic indicators also remained positive. Kazakhstan’s gross domestic product grew by 6.4% over the first 11 months of the year. The mining sector expanded by 9.7%, supported by higher oil production, which rose by 14.1%, gas output, up 16.7%, and coal mining, which increased by 9.7%.

  • Kazakhstan Senate Approves Subsoil Code Amendments to Digitize Geological Data and Expand Investor Incentives

    Kazakhstan Senate Approves Subsoil Code Amendments to Digitize Geological Data and Expand Investor Incentives

    Kazakhstan’s Senate on December 18 2025 approved amendments to the Code “On Subsoil and Subsoil Use,” according to a report by Zakon.kz. Senator Sagyndyk Lukpanov said the law is aimed at fulfilling presidential поручения on systematizing and digitizing the country’s geological information.

    The amendments закрепляют the Unified Subsoil Use Platform as the sector’s core digital infrastructure, featuring an open database of geological data. The platform is designed to cover nearly all business processes and government services related to exploration and extraction of solid minerals and common minerals. It will also be integrated with the Unified State System for Managing the Fuel and Energy Complex, which is used to collect, store, analyze, and process subsoil information in the hydrocarbons sector.

    The law also formally establishes the National Geological Service as the operator responsible for managing geological information. According to Lukpanov, the national operator will provide a centralized and standardized approach to monitoring the state subsoil fund, preventing duplication and fragmentation of data across institutions. The service, which is subordinate to the Geology Committee, will not be subject to privatization.

    Another major block of amendments introduces electronic auctions as a mechanism for granting subsoil use rights. Auctions will be used to allocate free subsoil plots as well as areas where subsoil use rights have been terminated. In addition, the amendments raise the required share of domestic content in works and services from 50% to 70% for exploration and mining operations, including uranium.

    The legislation also introduces a priority right for strategic investors to explore and mine solid minerals when implementing large industrial and innovation projects valued above 14.5 million MRP (over 50 billion tenge). Under the new rules, subsoil use rights for such projects may be granted outside the auction process, provided investors meet specified requirements.

    Further amendments regulate the granting of subsoil use rights for technogenic mineral formations located within populated areas. One licensing condition is the mandatory removal of extracted technogenic mineral materials beyond settlement boundaries, followed by processing. The law also confirms investment preferences for subsoil users implementing solid mineral processing projects, provisions already reflected in the new Tax Code. These incentives include exemptions from corporate income tax and land tax for 10 years, property tax for 8 years, and VAT on imported equipment for 5 years.

    For processing projects, the minimum investment threshold required to conclude a processing agreement will increase tenfold, from 7 million to 70 million MRP. The bill had previously been adopted by the Mazhilis in a second reading on November 19 as part of implementing presidential instructions.

  • Investors Voice Concerns Over Amendments to Kazakhstan’s Subsoil Code

    Investors Voice Concerns Over Amendments to Kazakhstan’s Subsoil Code

    Recent amendments to Kazakhstan’s Code on Subsoil and Subsoil Use have raised concerns among investors, particularly over changes to the application of priority rights in subsoil use, according to industry representatives. The package of amendments was reviewed by the Mazhilis in the autumn and approved by the Senate earlier this month.

    In an interview with inbusiness.kz, Ruslan Baymishev, head of the Kazakhstan Mining Chamber, said the reforms include both positive measures and provisions that risk undermining investor confidence. He noted that since the introduction of the Subsoil Code in 2018, Kazakhstan has seen a sharp increase in private investment in geological exploration, driven by transparent rules and equal access to subsoil resources. This, he said, allowed junior and international companies to invest heavily in exploration at their own risk, generating valuable geological data for the state without budgetary spending.

    Among the positive changes, Baymishev highlighted the formal establishment of a unified digital subsoil use platform, simplification of access to exploration areas, and the introduction of electronic auctions for subsoil rights after licences are revoked or terminated. He also welcomed stricter measures against illegal mining, including the possibility of revoking exploration licences for violations, which he said protects bona fide investors.

    However, the amendments have also triggered serious concerns. Baymishev warned that the return of priority rights and the expansion of state and national company privileges, particularly in uranium and potentially rare earth elements, could signal a move toward greater state monopolization. According to him, such measures weaken the principle of open and equal access to subsoil resources that previously attracted major global investors and significantly increased exploration spending.

    Another source of concern is the application of priority rights outside auction mechanisms, which Baymishev described as a “side entry” dependent on discretionary decisions. He said this raises questions about fairness and predictability for investors. Industry representatives are also wary of potential spillover effects from hydrocarbons regulation into the solid minerals sector, which could distort competition and create unequal conditions.

    Baymishev stressed that while the state’s goal of increasing geological knowledge through private investment is understandable, regulatory conditions must remain transparent and uniform for all market participants. He emphasized the need for a clear medium-term strategy to ensure investment returns and avoid deterring international capital.

    Despite the concerns, the Mining Chamber said it continues to engage in dialogue with government bodies and lawmakers, aiming to preserve the core principles of the 2018 reform while refining specific mechanisms. Baymishev warned that a shift back toward manual regulation could redirect exploration investment flows to other jurisdictions at a time when global demand for new mineral discoveries is growing.

  • Senate Approves Amendments to Subsoil Code Strengthening Digitalization and Investment Incentives

    Senate Approves Amendments to Subsoil Code Strengthening Digitalization and Investment Incentives

    The Senate has approved amendments to the Code on Subsoil and Subsoil Use in two readings during a plenary session, endorsing a package of reforms aimed at modernizing regulation of the mining sector and boosting investment attractiveness.

    Presenting the document, Senator Sagyndyk Lukpanov said the amendments formally establish a unified subsoil use platform as the core digital infrastructure of the industry. The platform will operate with an open database of geological information and cover nearly all business processes and public services related to the exploration and extraction of solid and common minerals. The law also закрепляет статус национальной геологической службы and grants strategic investors priority rights to explore and mine solid minerals.

    The legislation provides for integration of the unified platform with the state fuel and energy management system, which collects, stores, and analyzes data on hydrocarbon resources. In addition, the national geological service is designated as the sole operator responsible for managing geological information. As a state body subordinate to the geology committee, it will not be subject to privatization and will ensure a centralized, standardized approach to studying the national subsoil fund, eliminating data duplication and fragmentation.

    A number of amendments introduce electronic auctions as a mechanism for granting subsoil use rights. These auctions will be used to allocate free subsoil plots as well as areas where subsoil use rights have previously been terminated. The reforms also raise the required share of domestic content in works and services from 50% to 70% for exploration and mining operations, including uranium projects.

    Additional provisions regulate the granting of subsoil use rights for facilities involving technogenic mineral formations located within populated areas. One of the licensing conditions for such activities is the mandatory removal of extracted technogenic mineral materials beyond settlement boundaries, followed by their processing.

    The amendments also expand investment incentives for subsoil users implementing projects to process solid minerals. These preferences, already reflected in the new Tax Code, include exemptions from corporate income tax and land tax for 10 years, property tax for 8 years, and VAT on imported equipment for 5 years. At the same time, the minimum investment threshold for such processing projects is increased tenfold, from 7 million to 70 million monthly calculation indices.

  • Sale of Kazakhmys Corporation Finalised, New Owner to Take Over in December

    Sale of Kazakhmys Corporation Finalised, New Owner to Take Over in December

    Negotiations over the sale of Kazakhstan’s Kazakhmys Corporation have been completed, with the company expected to change ownership in December. According to National Business Kazakhstan, the agreement on the transfer of ownership is planned to be signed before the end of the year and has already received regulatory approval.

    The new owner of Kazakhmys will be Nurlan Artykbayev, founder of construction group Qazaq Stroy, whose personal wealth is estimated at about 228 million dollars. Qazaq Stroy’s press service told NBK that the preliminary value of the transaction, based on both independent and joint audits, stands at 3.85 billion dollars.

    Following the ownership change, Kazakhmys’ strategic priorities are expected to remain intact. Qazaq Stroy said the arrival of a new shareholder will strengthen the company’s long-term strategy, focusing on improving operational efficiency, expanding the resource base, and implementing a large-scale investment program. The Kazakhmys group currently includes 37 companies and major production facilities, many of which are operating at around 50% capacity and require modernization.

    For the period from 2026 to 2045, planned investments exceed 3 trillion tenge, or more than 5.5 billion dollars. These funds are earmarked for upgrading processing plants, introducing hydrometallurgical technologies, developing underground mining projects, and expanding power generation capacity. The company’s target is to increase copper production to about 500000 tons per year by 2032.

    Nurlan Artykbayev, aged 50, has also controlled Qazaq Kalium Ltd. since 2023, a company developing the Satimola potash deposit. In 2024, one of his companies acquired a 9% stake in Kazakhtelecom from Jusan Bank.

    Kazakhmys’ main shareholder has been oligarch Vladimir Kim, who owns 70% of the corporation and is also the principal owner of KAZ Minerals Group and RBK Bank. The remaining 30% of Kazakhmys Holding Ltd is controlled by his business partner Eduard Ogay. Media outlets have indicated they will continue to monitor developments surrounding the transaction in case its terms change.

  • President Tokayev Reviews Qarmet’s 2025 Results and Supports Further Development Plans

    President Tokayev Reviews Qarmet’s 2025 Results and Supports Further Development Plans

    Kazakhstan’s President Kassym-Jomart Tokayev has been presented with Qarmet’s preliminary operating results for 2025 and the key priorities of its investment program. The company reported strong positive dynamics, with steel production increasing by 22 percent over two years, coal concentrate output rising by 26 percent, and iron ore concentrate production growing by 32 percent. Over the same period, production costs were reduced by 28 percent, while the number of steel grades produced expanded from 260 to 350.

    Qarmet Chairman Andrey Lavrentyev reported on the implementation of nine major investment projects aimed at forming the country’s “steel framework” and reducing dependence on imported rolled metal products. The company is also expanding the production of new premium steel grades, including specialized products intended for the construction of nuclear power plants.

    The president was briefed on development programs for Qarmet’s coal and mining divisions, with particular emphasis placed on occupational safety and social initiatives. The company is upgrading its own medical and educational facilities, and a new collective labor agreement has been signed with trade unions. The agreement provides enhanced social guarantees for Qarmet’s workforce of 35000 employees.

    Tokayev was also informed about the creation of a large metallurgical cluster around Qarmet, enabling small and medium-sized enterprises to engage in deeper processing of raw materials. This initiative was launched jointly with the National Investment Holding Baiterek. In addition, Qarmet is carrying out systematic cooperation with machine-building plants to increase the use of domestically produced steel in manufacturing.

    Following the meeting, the president gave a positive assessment of the company’s performance and endorsed Qarmet’s proposed development plan. He stressed the importance of continuing comprehensive modernization efforts, addressing social issues, improving the environmental situation, and further expanding machine-building production.

  • East Star and Xinhai Agree on Joint Development of Verkh-Uba Copper Project in Kazakhstan

    East Star and Xinhai Agree on Joint Development of Verkh-Uba Copper Project in Kazakhstan

    UK-listed East Star Resources Plc has announced that it has signed a preliminary agreement with China’s Xinhai Mining Services Limited to jointly develop the Verkh-Uba copper deposit in Kazakhstan.

    Under the terms of the agreement, Xinhai Mining Services will lead the phased development of the project, which is estimated to require investments of around 65 million US dollars. The parties expect to finalize and sign a binding agreement within the next six months.

    The Chinese partner will fully finance all stages of project development, including approximately 5000 meters of additional drilling to refine resource estimates and the construction and commissioning of a mining and processing facility with an annual capacity of 1 million tonnes. As investment volumes increase at each stage, Xinhai’s stake in the joint venture will rise from an initial 15 percent to as much as 70 percent.

    East Star noted that the involvement of a strategic partner will reduce project risks and accelerate development timelines. The joint venture will also allow the company to redirect its efforts toward the discovery and evaluation of additional deposits, as East Star holds several other promising gold and copper licenses. These include the Talovskoye and Rulikhinskoye sites, with the latter estimated under JORC standards to contain 23 million tonnes of copper ore at an average grade of 2.4 percent.

    In Kazakhstan, East Star focuses on the exploration of gold and base metals and has been conducting exploration activities for more than three years at three sites: Verkh-Uba, Talovskoye, and Snezhnoye. In February 2025, the company reported the identification of additional base metal resources, with JORC-compliant estimates for Verkh-Uba at that time placing resources at 20.3 million tonnes of ore containing 1.16 percent copper, 1.54 percent zinc, and 0.27 percent lead.

  • Steppe Gold Raises Production Forecast, Announces New Auditor

    Steppe Gold Raises Production Forecast, Announces New Auditor

    Ulaanbaatar, Mongolia – December 9, 2025 – Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold”) today announced a significant upgrade to its fourth-quarter production guidance for the Boroo Gold mine, alongside a change in its external audit firm.

    Following strategic fleet upgrades implemented throughout 2025, coupled with focused maintenance and recovery efforts following a period of downtime in the third quarter, the Boroo Gold mine has demonstrated a remarkable turnaround. As a result, Steppe Gold now anticipates overall fourth-quarter production to surpass 23,000 ounces of gold, a considerable increase from the previously projected 15,000 ounces.

    With the processing of finished goods from September 30, 2025, completed in October, projected sales for the quarter are expected to exceed 30,000 ounces. Looking ahead, the Company projects full year production for the Group – encompassing all of Steppe Gold’s subsidiaries – to reach 70,000 ounces.

    Furthermore, Steppe Gold announced that Kingston Ross Pasnak LLP has resigned as the Company’s auditor, effective December 8, 2025. Emmerich, Córdova y Asociados S. Civil de R.L., a member firm of KPMG International, has been appointed as the successor auditor. This transition was driven by the desire to align the audit relationship with the broader Group and reinforce consistency and transparency across all related entities.

    Importantly, the audit change was executed without any modified opinions or reportable events as defined by National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”). The Board’s decision was reviewed and approved by the Audit Committee and the Board of Directors. All required documentation, including notices of change and supporting letters from both the former and successor auditors, has been filed on SEDAR+.

    Steppe Gold is recognized as Mongolia’s leading precious metals producer.