MINEX Forum

Website: Kazakhstan.com

  • Zijin Mining Acquires One of Kazakhstan’s Largest Gold Mines for $1.2 Billion

    Zijin Mining Acquires One of Kazakhstan’s Largest Gold Mines for $1.2 Billion

    China’s leading gold and copper producer, Zijin Mining, has announced a $1.2 billion deal to acquire one of Kazakhstan’s largest gold mines — the Raygorodok Gold Mine — marking a significant expansion of its overseas resource portfolio.

    According to the statement released Monday, Zijin’s subsidiaries Zijin Gold International and Jinha Mining have reached an agreement to purchase the full mining and processing operations from RG Gold LLP and RG Processing LLP, the Kazakh firms currently operating the site. The acquisition includes both the mine itself and associated processing plant assets.

    This strategic move comes amid a surge in global gold prices, driven by escalating U.S.-China trade tensions and increased investor appetite for safe-haven assets. It also complements Zijin’s broader ambitions: the company previously announced plans to spin off Zijin Gold International and list it on the Hong Kong Stock Exchange to streamline and boost the value of its international gold operations.

    The Raygorodok acquisition reinforces China’s ongoing push to secure overseas supplies of key resources. Kazakhstan, rich in precious and critical minerals, has become a major focus for Chinese mining investment, particularly under Beijing’s Belt and Road Initiative.

  • Kazakhstan to Become World’s Second-Largest Gallium Producer as ERG Commits $20M Investment

    Kazakhstan to Become World’s Second-Largest Gallium Producer as ERG Commits $20M Investment

    Eurasian Resources Group (ERG) announced plans to invest $20 million into facilities for producing gallium in Kazakhstan, marking the country’s entry into the global gallium supply chain. Starting in 2026, ERG will begin extracting the critical mineral from bauxite ore processed for alumina, with initial production targets set at up to 15 metric tons per year.

    Gallium, essential in the production of semiconductors, radar systems, and missile guidance technologies, is listed as a critical mineral by both the United States and the European Union. ERG’s initiative comes at a time of growing concern over China’s dominance in the gallium market, which currently accounts for the vast majority of the world’s 760-ton annual output, according to the US Geological Survey.

    “ERG plans to become a significant player in the global market for gallium, starting production in 2026 to supply OECD countries,” said ERG CEO Shukhrat Ibragimov. The move could make Kazakhstan the world’s second-largest gallium producer, directly challenging China’s supply monopoly.

    China imposed a ban on gallium exports to the U.S. in December 2024, following a broader crackdown by Washington on Beijing’s chip industry. This followed a series of tighter export controls and licensing regimes applied to gallium, germanium, and antimony over the prior 18 months, raising alarm bells among Western nations dependent on Chinese supply.

    ERG’s investment also reflects Kazakhstan’s rising profile as a key critical mineral supplier. With its bauxite-processing infrastructure already in place, the country is well positioned to enter strategic supply chains for electronics, defence, and advanced manufacturing across Europe and North America.

  • Kazakhstan and China Deepen Nuclear and Trade Ties with $25 Billion Deal

    Kazakhstan and China Deepen Nuclear and Trade Ties with $25 Billion Deal

    Kazakhstan and China are set to ink 60 agreements worth up to $25 billion as part of a sweeping strategic partnership, solidified during the China–Central Asia Industrial and Investment Cooperation Forum held in Astana. The deals mark a new phase of cooperation, particularly in nuclear energy, infrastructure, and mineral supply chains.

    At the center of the new partnership is China National Nuclear Corporation (CNNC), which Kazakhstan has now officially designated as a strategic partner for its upcoming nuclear power plant projects. The two sides are also launching joint research into transboundary uranium ore belts, reinforcing Kazakhstan’s role as a global uranium powerhouse and a key nuclear fuel supplier to China.

    “Kazakhstan considers CNNC a reliable strategic partner,” President Kassym-Jomart Tokayev stated, highlighting CNNC’s global track record and Kazakhstan’s own dominance in uranium supply. In 2022, the country supplied 25% of U.S. uranium imports, more than twice that of Russia.

    Bilateral trade has also surged, hitting a record $44 billion in 2024, with Kazakhstan’s strategic location and mineral wealth serving as a cornerstone of China’s Belt and Road Initiative. The forum spotlighted plans to upgrade logistics corridors, expand border infrastructure, and simplify customs procedures, all part of Beijing’s wider ambition to make Kazakhstan Central Asia’s premier transit and supply hub.

    The announcement comes at a pivotal time. China’s push to build 150 nuclear reactors by 2035 — 27 of which are already under construction — is setting a new global pace in nuclear energy. Its domestic capacity, innovation leadership, and fourth-generation reactor tech, such as the recently launched Shidaowan-1 plant, are positioning Beijing to dominate nuclear exports just as it has with electric vehicles and batteries.

    This partnership could see Kazakhstan, which currently lacks any nuclear energy production, transform into a key node in China’s—and the world’s—nuclear future. With both countries leveraging uranium-rich geology and deepening geopolitical ties, this move further sidelines the West, especially the U.S., which remains heavily dependent on foreign uranium despite efforts to revive its own nuclear sector.

  • Kazakhstan’s Nuclear Two-Step: Rosatom to Build First Plant, China Likely for Second

    Kazakhstan’s Nuclear Two-Step: Rosatom to Build First Plant, China Likely for Second

    Kazakhstan has officially selected Russia’s Rosatom to build its first nuclear power plant, deepening energy ties with Moscow — but within hours, the country signaled a balancing act by revealing plans for a second plant likely to be built by China.

    In an unusual Saturday announcement on June 14, Kazakh authorities confirmed Rosatom as the winner of the long-running bid to construct the first plant in Ulken, near Lake Balkhash. The same day, the head of Kazakhstan’s nuclear energy agency, Almassadam Satkaliyev, said a second nuclear power station would likely be built by China’s state-owned China National Nuclear Corporation — the runner-up in the initial bid.

    This dual-track approach reflects Kazakhstan’s broader geopolitical strategy of maintaining equilibrium between its powerful neighbors: Russia and China. While Rosatom brings deep integration advantages — from uranium processing and cultural ties to favorable financing and waste disposal — the inclusion of a Chinese-built second plant helps offset dependence on Moscow.

    “Rosatom’s proposal does look strong in technical and financial terms,” said energy researcher Shaimerden Chikanayev. Yet, he added, the political cost of excluding China likely triggered Astana’s swift pivot.

    The Rosatom-led project is slated for completion by 2036, with a price tag of at least $15 billion. The financing details remain murky, though Kazakhstan insists it will retain ownership, distancing itself from Turkey’s Akkuyu model, where Rosatom owns the facility outright.

    The announcement landed just days before Chinese President Xi Jinping’s visit to Kazakhstan for the second China–Central Asia summit — potentially souring Beijing’s expectations of regional energy investment leadership. Political analyst Dosym Satpayev noted the timing could have left “an unpleasant aftertaste for Beijing.”

    Officials now appear eager to proceed with both reactors in parallel. Deputy Prime Minister Roman Sklyar even suggested the Chinese-built plant could be completed first, depending on the technology used.

    However, financial questions loom large. “Kazakhstan will be paying back the Russian loans for a very, very long time,” warned energy analyst Olzhas Baidildinov, with electricity tariffs likely to bear the burden.

    As Astana juggles energy security with foreign policy nuance, the outcome of its nuclear ambitions may shape the region’s balance of power for decades to come.

  • Kaz Resources and Cove Kaz Capital Launch 2025 Work Programs to Advance Critical Minerals in Kazakhstan

    Kaz Resources and Cove Kaz Capital Launch 2025 Work Programs to Advance Critical Minerals in Kazakhstan

    NEW YORK, June 19, 2025 – Kaz Resources and Cove Kaz Capital LLC, portfolio companies of Cove Capital LLC, have officially kicked off their 2025 work programs, focusing on key lithium, polymetallic, and rare earth assets across Kazakhstan. The launch signals accelerated on-the-ground activity aligned with the nation’s strategic push to become a global supplier of critical minerals.

    Kaz Resources LLC will expand its exploration efforts in East Kazakhstan, building on 2024 drilling success. The program includes step-out and infill drilling, surface geochemical sampling, and geophysical surveys aimed at resource development across lithium and polymetallic targets. In parallel, the company is conducting metallurgical testing and a pilot program to evaluate lithium, tantalum-niobium, and other mineral recovery from historical tailings.

    Additionally, Cove Kaz Capital LLC, through its joint venture Akbulak REE Ltd. with Kazakhstan’s Qazgeology JSC, is advancing the Akbulak Rare Earth Project in Kostanay. The venture is currently finalizing license transfer approval and launching initial exploration activities, including structural analysis, sampling, and metallurgical tests.

    The Akbulak project hosts a historical resource of 380,000 tons of rare earth oxides, including neodymium, praseodymium, and yttrium—crucial materials for electric vehicles, electronics, and high-tech applications.

    Kaz Resources CEO Pini Althaus stated that the 2025 initiatives underscore the company’s commitment to fast-tracking development and contributing to a fully integrated supply chain, supporting both Kazakhstani goals and global mineral demands. Qazgeology JSC’s Acting CEO, Dauren Abuov, praised the partnership for demonstrating effective international cooperation in Kazakhstan’s mining sector.

  • EU Urged to Prioritise ESG in Central Asia’s Raw Materials Push

    EU Urged to Prioritise ESG in Central Asia’s Raw Materials Push

    The EU must prioritize Environmental, Social, and Governance (ESG) principles in its dealings with Central Asia to secure its access to crucial raw materials, commentators warn.

    The bloc arrived in Samarkand this April with a hefty €13.2 billion Global Gateway package, signaling a desire to move beyond merely buying raw materials from the region. A significant portion, €2.5 billion, is earmarked for new mining and processing projects in Kazakhstan, Uzbekistan, and beyond. This drive is born out of necessity: the EU still relies entirely on China for its heavy rare-earth imports and faces the growing risk of vulnerability.

    While geographically late to the game, Europe has a unique advantage: a reputation for robust ESG practices. Local executives cite European partners as “a sign of quality” due to their unwavering adherence to these standards, something often lacking in Chinese or Russian counterparts. However, this edge relies on Brussels consistently embedding ESG into every euro invested. This means robust monitoring and auditing of remediation plans, transparent royalty structures, and genuine upfront consultation with local communities.

    The EU’s Critical Raw Materials Act (CRMA) sets ambitious goals: attaining 10 percent mining, 40 percent processing, and 25 percent recycling of Europe’s annual CRM demand domestically or in trusted partner states by 2030.

    Realising these goals in Central Asia necessitates investment in sustainable technologies. This includes financing water-efficient processing plants, closed-loop waste systems, and solar-powered smelters, rather than simply opening more exploitative mines.

    The EU’s efforts are beginning to take shape, with the spotlight falling on graphite. Kazakhstan’s Sarytogan deposit has been placed on the EU Commission’s list of “strategic projects” eligible for expedited permits and loan guarantees under the CRMA. Meanwhile, the European Bank for Reconstruction and Development has taken a significant stake in the mine operator, marking a direct investment in the region’s CRM sector. The EU is now actively seeking downstream investors to refine indigenous graphite into anode-grade product, capturing added value that historically flowed to Chinese refiners.

    Lithium development is following a similar trajectory. A partnership between HMS Bergbau and Kazakhstan’s Creada Corporation aims to unlock the potential of Kazakh spodumene through extraction, processing, and refining into battery-ready lithium hydroxide. This would be a direct response to the EU’s new battery-passport regulations, which require materials of a certain purity.

    However, Europe faces a formidable competitor: China. The PRC Mineral Resources Law mandates environmental remediation planning before mining commences, setting a new baseline for responsible resource extraction. While welcomed, the application details remain vague, lacking guarantees on local community engagement and enforcement mechanisms, potentially creating loopholes for exploitation.

    Adding to the pressure, Chinese capital is expanding downstream. East Hope Group’s landmark $12 billion investment in Kazakh non-ferrous metals signifies a vertical integration approach—from mining and smelting to fabrication and renewable power generation. This $12 billion vertical integration project in Kazakhstan showcases China’s willingness to build a fully controllable supply chain.

    Europe must act strategically to counter these challenges.

    Firstly, financial aid should be contingent on stringent ESG benchmarks. EU financing must go hand-in-hand with clear, enforceable standards – ISO-compliant tailings dams, methane monitoring, gender-balanced workforce plans, and robust penalties for non-compliance.

    Secondly, the EU should focus on fostering value-adding industries beyond mining. This means investing in processing plants and recycling facilities, not just mines. By creating domestic processing hubs for cathode powders or rare-earth magnets, the CRMA’s 40 percent processing target can be achieved, generating jobs, technology transfer, and increased tax revenue for beneficiary countries.

    Finally, the EU must simplify visa requirements for Central Asian technical personnel. A targeted visa-facilitation agreement could allow them to train in Europe and return, strengthening the region’s skilled workforce.

    Securing a stable and sustainable supply of raw materials is a critical challenge for the EU. While China’s economic clout is undeniable, Europe has the opportunity to win this race by leveraging its commitment to ESG principles and building a truly sustainable, transparent, and trust-based partnership with Central Asia.

    Time is of the essence. The next 18 months, before China’s revised mining law takes full effect and East Hope’s megaproject begins construction, provide a crucial window for the EU to demonstrate its commitment to ESG beyond rhetoric. The stakes are high, as the fate of Europe’s essential raw materials supply hangs in the balance.

  • Uzbekistan’s Navoi Mining and Metallurgy Combine Aims for 50 Years of Gold Production

    Uzbekistan’s Navoi Mining and Metallurgy Combine Aims for 50 Years of Gold Production

    Navoi Mining and Metallurgical Combinat (NGMK) in Uzbekistan has a resource base of approximately 146 million ounces or around 4,540 tons of gold, which will allow the Uzbek company to mine the precious metal for at least 50 years from its discovered reserves. According to Eugene Antonov, deputy general director of NGMK, as reported at the Tashkent Investment Forum, this is an excellent indicator, considering that most companies take pride in having a 15-20 year reserve lifetime.

    Last year, the company achieved a record production output of 3.1 million troy ounces or 96.4 tons of gold, making it the fourth largest gold producer globally. In the past seven years, gold production at NGMK has increased by 30%.

    Due to high global gold prices, the Uzbek company’s revenue reached $7.4 billion, and EBITDA (earnings before interest, taxes, depreciation, and amortization) was $4.6 billion last year. Antonov also mentioned that NGMK is among the world’s most cost-efficient gold producers. In 2024, their total production cost was $979 per ounce, ranking them second only to Russian company Polus.

    Antonov emphasized that NGMK’s integrated structure is a significant advantage, as the company handles exploration, construction, mining operations, and has its own refinery, producing gold bars with an international Good Delivery status from the London Bullion Market Association (LBMA). He further added that all NGMK assets are located in Uzbekistan, including 12 large mining sites and 9 processing plants.

    Currently, NGMK employs 47,000 people, making it the largest taxpayer and one of the largest employers in the country. The company’s contribution to Uzbekistan’s GDP is estimated at 6.5%, with the company aiming to be not only profitable but also sustainable, which is important for both investors and the country’s population. To achieve this, NGMK focuses on environmental concerns and improving the industry’s reputation for being harmful to the environment. As Antov stated, the company plans to produce over 20% of its required energy from renewable sources this year.

  • Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Bishkek, Kyrgyzstan – Kyrgyzaltyn OJSC, the sole shareholder of Kumtor Gold Company (KGC), has declared that Kumtor’s gold production plan for 2025 is “realistic and fully achievable.” This assertion comes from Kubat Abdraimov, Chairman of the Board of Kyrgyzaltyn, following a recent visit to the Kumtor mine.

    Abdraimov’s confidence stems from KGC’s strong production performance in 2024. Kumtor Gold Company’s 2024 revenue from gold sales reached $989.1 million, significantly exceeding the planned $739.3 million. The mine produced 12,552 kilograms of gold, surpassing its target of 12,509 kilograms.

    During his visit, Abdraimov thoroughly inspected various operations at the mine, including the progress of the underground gold mining project, the testing of recovered tires on dump trucks, the functioning of the gold processing plant, and the condition of the Central and Sary-Tor pits.

    Focus on Equipment and Efficiency

    Abdraimov paid particular attention to the heavy mining equipment repair workshop and the fueling complex. He emphasized the critical role of maintenance in Kumtor’s continuous operation. “The most modern special mining and auxiliary equipment is currently operating at the mine,” he noted. “Considering that the equipment operates in high-altitude and often in harsh weather conditions, and the mine itself does not stop for a minute, various breakdowns are inevitable. Much depends on the repairmen, whose high professionalism no one doubts.”

    He also highlighted the positive impact of the newly commissioned fueling complex, which has strengthened control over diesel fuel usage and resulted in “significant financial resources” being saved.

    Looking ahead, Abdraimov affirmed Kyrgyzaltyn’s commitment to continuous improvement and active promotion of digital transformation initiatives at the mine.

  • South Jelken uranium deposit in Uzbekistan is set for launch by end of 2025

    South Jelken uranium deposit in Uzbekistan is set for launch by end of 2025

    On June 13, 2025, Benoit Lemonne, CEO of Nurlikum Mining, announced that the South Jelken uranium deposit in Uzbekistan is expected to begin industrial development by the end of 2025. This statement was made during the Tashkent International Investment Forum.

    Nurlikum Mining, a joint venture formed in late 2019 between France’s Orano and Uzbekistan’s Navoiuran, has conducted extensive geological exploration over the past five years, including over 200,000 meters of drilling and various pilot projects. Lemonne highlighted the rapid progress of the project, reaching the production phase in under six years, which he believes will attract further international investment in the mining sector.

    In March 2025, Japanese corporation ITOCHU acquired a minority stake in Nurlikum Mining. The company currently holds two exploration licenses for uranium sites in the North and South Dzhetymbay areas of the Navoi region, granted in October 2020.

  • Kazakhstan Unveils 38 Major New Mineral Deposits

    Kazakhstan Unveils 38 Major New Mineral Deposits

    Kazakhstan has announced the discovery of 38 new deposits of copper, nickel, coal, gold, and rare earth metals in the first quarter of 2025, according to an official government statement.

    The discoveries were made following extensive geological studies, including aerial photograph analysis, route surveys, drilling, geochemical testing, radiation and water sampling, and desk research.

    The newly identified deposits are estimated to contain:

    • 2.6 million tonnes of rare earth metals
    • 1.1 billion tonnes of brown coal
    • 3.7 million tonnes of copper and nickel
    • 19 tonnes of gold

    The total area of geological and geophysical exploration in Kazakhstan is expected to expand to 2.2 million square kilometres by 2026, up from just 2,000 square kilometres in 2024. This initiative follows a directive from President Kassym-Jomart Tokayev, who has instructed the cabinet to prioritise mineral exploration.

    To support this effort, the government has allocated $44.4 million for geological exploration between 2024 and 2026, with $14.8 million designated for 2025.

    Between 2018 and 2024, mining companies invested approximately $827.3 million in Kazakhstan’s mineral sector. In 2025 alone, exploration investments are expected to reach $206.8 million. A streamlined licensing process—requiring only reporting rather than predefined work volumes—has made the market more accessible to investors.

    Earlier this month, Eurasian Resources Group announced the discovery of a new copper deposit with projected reserves of 250,000 tonnes.