MINEX Forum

Website: Kazakhstan.com

  • Kazakh Oligarch Vladimir Zhumanbayev Expands Mining Empire

    Kazakh Oligarch Vladimir Zhumanbayev Expands Mining Empire

    Vladimir Dzhumanbayev, one of Kazakhstan’s wealthiest businessmen, has further expanded his business empire through his company Altynalmas, which has officially acquired two new assets: TOO Anisimov Klyuch and TOO Met Miner. The transaction, confirmed by documentation published on the Kazakhstan Stock Exchange (KASE) and dated 12 June, grants Altynalmas a 100% stake in both companies. The size of the deal has not been disclosed.

    The acquisitions underscore Altynalmas’s ongoing strategy of broadening its footprint within the mining sector. TOO Anisimov Klyuch operates a copper deposit of the same name in East Kazakhstan’s Glubokovsky district, with a site area of approximately 11 hectares and an annual production capacity of up to 500,000 tonnes of ore. The company, with eight years of operational experience, has contributed over 45 million tenge in taxes, more than half of which were paid in the last year alone. Anisimov Klyuch was previously part of the Kazakhmys corporation.

    The second asset, TOO Met Miner, is engaged in geological exploration across the Aksuyskaya region of Akmola and the Stepnogorsk area. Within just three years, Met Miner has initiated the search for gold, copper, and other minerals. With integration into the Altynalmas structure, an acceleration in exploration and development efforts is anticipated.

    These moves reflect a continued concentration of mining assets in the hands of Kazakhstan’s largest capital holders. Dzhumanbayev himself holds significant stakes in Altynalmas and other major mining outfits, ranking 21st on the Forbes Kazakhstan’s 2025 rich list with a net worth reported at $472 million.

    Previously, Dzhumanbayev was mentioned in connection with a criminal investigation by Kyrgyz authorities, but proceedings were ultimately dropped. His growing influence in the sector signals a further consolidation of Kazakhstan’s mining industry under the control of its most powerful business figures.

  • Over 3 Million Tonnes of Secondary Resources Processed in Karaganda

    Over 3 Million Tonnes of Secondary Resources Processed in Karaganda

    In early 2024, Qarmet established a new specialised department—the Recycling Department—with the primary goal of managing the processes of recycling secondary resources.

    As of the end of May 2025, the company has processed over 3.1 million tonnes of secondary raw materials, which is more than three times the figure for the same period last year. Based on these achievements, the forecast for 2025 is 7.6 million tonnes of processed materials, equivalent to a 95.2% increase compared to the results of 2024.

    Significant results have also been achieved in the processing of steelmaking slag. At the beginning of 2024, the monthly output of metallic scrap did not exceed 4,000 tonnes. However, by the third quarter, thanks to the modernisation of equipment operation approaches and improvements in internal processes, this figure increased to 20,000 tonnes per month.

    Additional impetus for the development of steelmaking slag processing came from contracts with subcontractor organisations, which completed commissioning and start-up work by the end of the year and transitioned to industrial operation of the equipment. This not only significantly increased processing volumes but also became a driver for creating new jobs in related industries, ensuring additional employment and the development of production cooperation.

    For Qarmet, the recycling of secondary resources is not just a technological direction but a crucial element of sustainable development.

  • Kazakhstan Selects CNNC to Lead Construction of Second Nuclear Power Plant

    Kazakhstan Selects CNNC to Lead Construction of Second Nuclear Power Plant

    Kazakhstan has chosen China National Nuclear Corporation (CNNC) to lead the consortium that will build the country’s second nuclear power plant, according to Almasadam Satkaliyev, head of the Atomic Energy Agency. The two sides plan to sign a general cooperation agreement on nuclear energy.

    Satkaliyev emphasized that China has full technological capabilities and industrial infrastructure to handle the entire nuclear cycle independently, making CNNC a top priority partner. He also highlighted CNNC’s ability to deliver “fast and high-quality” results.

    Previously, Kazakhstan selected Russia’s Rosatom as the lead for its first nuclear power project. Other shortlisted contenders included France’s Électricité de France (EDF) and South Korea’s Korea Hydro & Nuclear Power (KHNP). Satkaliyev described the Russian and Chinese proposals as “objectively the strongest.”

    The country’s nuclear ambitions have been progressing since 2021. In 2023, a national referendum showed strong public support for building a nuclear plant, with over 70% voting in favor. According to an official decree, the second nuclear plant will be built in the Zhambyl district of the Almaty region.

    The project will be handled by an international consortium of no more than five countries, with political risk assessments taken into account. The government expects the technical feasibility study to take one year and the design and planning stage another 18 months.

  • U.S. and Kazakhstan Deepen Strategic Collaboration on Critical Minerals

    U.S. and Kazakhstan Deepen Strategic Collaboration on Critical Minerals

    A high-level meeting between U.S. Secretary of State Marco Rubio and Kazakhstan’s Deputy Prime Minister & Foreign Minister Murat Nurtleu marks a pivotal step forward in the evolving partnership between Washington and Astana, particularly in the domain of critical minerals. This official dialogue underscores both nations’ shared commitment to enhancing global supply chain resilience and advancing national security interests by diversifying sources of strategically vital materials.

    Kazakhstan holds substantial reserves of rare earths, lithium, copper, lead, zinc, and other critical minerals—resources that are increasingly central to cutting-edge industries and clean technology. The nation has rapidly increased its rare-earth mining output, with exports rising almost fivefold since 2020. It is also producing high-purity manganese sulphate for lithium-ion batteries and is actively developing major graphite deposits, laying the groundwork for lithium-ion phosphate battery production in the future. Additionally, Kazakhstan is among the few countries with gallium production capabilities and is seeking to broaden its role from raw extraction to include value-added processing and technology innovation.

    This strategy aligns closely with U.S. efforts, as articulated by Secretary Rubio, to reduce American dependence on single-source suppliers and cultivate secure, sustainable sourcing for critical minerals. Such diversification is increasingly urgent amid shifting global trade dynamics and export restrictions from dominant producers.

    The Trump administration’s focus on Central Asia, emphasized by Secretary Rubio’s tenure, positions Kazakhstan as a critical player in securing supply chains for the U.S. and allied nations. This collaboration aims to leverage Kazakhstan’s mineral wealth for not just extraction, but also downstream processing, technology transfer, and the nurturing of industrial ecosystems that contribute to sustainable economic growth in both countries.

    The private sector is already responding to these strategic signals. Cove Capital LLC, the first U.S. company to invest in Kazakhstan’s critical minerals sector, announced its commitment to deepening engagement and supporting projects that echo the reform-driven economic vision of President Kassym-Jomart Tokayev. These investments are designed to benefit both nations, creating new jobs, fostering technology innovation, and anchoring Kazakhstan more firmly within the global critical minerals value chain.

    “This is more than a transaction; it’s a strategic alliance.”

    The meeting also highlighted the broader U.S. strategy in Central Asia, with Secretary Rubio reaffirming support for regional integration through the C5+1 diplomatic platform and enhanced security cooperation.

  • Investors Flock to Central Asia’s Mining and Resources

    Investors Flock to Central Asia’s Mining and Resources

    The second annual edition of Montfort Eurasia’s Investor Perception Report on Central Asia and the Caucasus is out now!

    For the second consecutive year, Montfort Eurasia has conducted in-depth polling of international investors across the #UK and #US, revealing a surge in investor interest in #CentralAsia and the #Caucasus — with interest in the region tripling since 2023.

    This year’s report sheds light on both rising enthusiasm and persistent challenges, underscoring the importance of investor education and proactive engagement with governments and local markets as the region positions itself as a major emerging economic hub.

    🔑 Key Takeaways:

    • 66.7% of UK investors and 72.9% of US investors report strong interest in global emerging markets — a significant increase from last year.
    • Interest in Central Asia and the Caucasus has surged, with 47% of investors now actively exploring opportunities in the region (up from just 15.5% in 2023).
    • Mining and natural resources continue to draw strong interest, with 49.2% of foreign investors identifying the sector as one of the most attractive.
    • Other leading sectors include industrial and manufacturing (63.5%) and oil and gas (57.9%).
    • Security (76%) and political stability (65%) remain the top investor concerns.
    • International media (80%) and financial analysts (70%) are the most relied-upon sources for emerging market insights.
    • Kazakhstan, Armenia, Azerbaijan, and Uzbekistan emerge as the top investment destinations.

    As regional economies mature and open up, the report highlights a growing appetite for opportunity — but also a clear call for strategic communication and confidence-building measures.

    📘 Read the full Investor Perception Report here

  • Intensifying Competition for Central Asia’s Critical Raw Materials

    Intensifying Competition for Central Asia’s Critical Raw Materials

    As the race for Central Asia’s critical raw materials accelerates, the EU is intensifying efforts to reduce its dependency on China—currently the dominant force in the region’s resource exports. Brussels is taking a new approach: instead of merely sourcing raw ore, it is promoting full value-chain development within Kazakhstan and Uzbekistan.

    The EU’s strict environmental standards contrast with growing criticism of China’s ecological impact. In response, Beijing is highlighting its commitment to “green” cooperation. Over the past 18 months, Chinese investments in Central Asia’s energy and manufacturing sectors have surged to $4.1 billion and $11.8 billion, respectively.

    EU MOVES TO STAKE CLAIM IN STRATEGIC MINERALS

    In June 2025, the European Commission designated the Sarytogan graphite deposit as strategic under its Critical Raw Materials Act and began courting investors with EU-backed contract support. Located between Europe and China—which processes over 90% of global graphite—Sarytogan has become a focal point in the resource race.

    Earlier, in August 2024, the European Bank for Reconstruction and Development (EBRD) made its first direct investment in Central Asian graphite, acquiring a 17.36% stake in Sarytogan Graphite for €3 million. Germany has also moved decisively: in mid-2023, HMS Bergbau AG secured a $200 million lithium deal, followed by the formation of a German industrial consortium in Kazakhstan in early 2024.

    CHINA UPS ESG STANDARDS AT HOME AND ABROAD

    Facing growing scrutiny, China has enacted a new Mineral Resources Law, effective July 1, 2025, that for the first time mandates environmental restoration plans prior to mining. While the law raises environmental, social, and governance (ESG) requirements, critics point to vague restoration rules and weak provisions for community involvement. Nonetheless, China is encouraging similar standards in its overseas projects—including in Central Asia.

    To secure supply chains, China is focusing on vertical integration. One major initiative is East Hope Group’s $12 billion industrial project in Kazakhstan, which will combine mining, processing, electrolysis, and power generation, creating up to 10,000 jobs and a self-contained industrial ecosystem.

    INTENSIFYING COMPETITION AND NEW STANDARDS

    As competition heats up, Central Asian governments are under pressure to elevate both environmental and technological benchmarks. The EU is leveraging “soft power” through financing, green policy frameworks, and public diplomacy. Meanwhile, China is building vertically integrated industrial clusters and expanding its outreach through experts and state media.

  • Ust-Kamenogorsk Titanium-Magnesium Plant Sees Net Profit Plunge Threefold in 2024 Despite Revenue Growth

    Ust-Kamenogorsk Titanium-Magnesium Plant Sees Net Profit Plunge Threefold in 2024 Despite Revenue Growth

    Kazakhstan’s Ust-Kamenogorsk Titanium-Magnesium Plant (UKTMP) ended 2024 with a net profit of 1.3 billion tenge, marking a threefold decline from 4.1 billion tenge in 2023, according to the company’s consolidated financial statements.

    While revenues surged by 15.3% year-on-year to 94.3 billion tenge, boosted by higher sales of titanium and magnesium products, this gain was offset by a 24.5% increase in cost of sales, which jumped by 14.6 billion tenge. As a result, gross profit for the year fell to 20 billion tenge, down from 22 billion tenge in 2023.

    The steep decline in net profit was further worsened by a significant spike in corporate income tax (CIT) payments. Despite a 21% drop in pre-tax profit (from 6.2 to 4.9 billion tenge), CIT obligations rose by 66.7%, from 2.1 to 3.5 billion tenge.

    UKTMP’s total assets grew by 27.4% year-on-year, reaching 253.1 billion tenge, while liabilities increased by 31.3% to 195 billion tenge. The plant’s ultimate controlling party is Johan Dumont, managing director of Specialty Metals Holding Company.

    UKTMP specializes in producing titanium sponge, titanium ingots, and magnesium, primarily for the aerospace industry.

    The plant’s strategic importance was underscored by remarks from Kazakhstan’s Minister of Industry Ersain Nagaspayev, who confirmed that French aerospace supplier Aubert & Duval, which serves Airbus, procures titanium sponge and ingots from UKTMP. These materials are used by UKAD, a Franco-Kazakh joint venture in which UKTMP holds a stake. UKAD, in partnership with the French government and Crédit Agricole, operates a major forging facility in France.

  • Kazakhmys Launches New Industrial Safety Strategy with Digital Overhaul and Risk-Based Approach

    Kazakhmys Launches New Industrial Safety Strategy with Digital Overhaul and Risk-Based Approach

    Kazakhstan’s mining giant Kazakhmys is ramping up its commitment to industrial safety with a comprehensive new strategy focused on digital transformation, increased investment, and a proactive risk management model, according to CEO Nurakhmet Nuriev, who presented the measures at a recent government meeting.

    Digital Tools Take Center Stage

    A key pillar of the safety overhaul is digitization. Since 2021, Kazakhmys has implemented real-time tracking systems for personnel and equipment in its mines, enabling quicker emergency responses. In 2022, a process monitoring system was deployed at the Balkhash enrichment plant, and in 2025, the company launched pilot versions of a barrier-based injury prevention system and the integrated Kazakhmys SuperAPP, which digitizes HR and workplace safety workflows.

    Kazakhmys is also rolling out automated PPE (personal protective equipment) tracking, digital medical screening systems, and a centralized platform for occupational safety management.

    Tangible Results: 25% Drop in Workplace Incidents

    Over the past three years, Kazakhmys has achieved a 25% reduction in workplace accidents. Although a gas explosion at the Zhomart mine in 2025 marked the first such incident since 2014, the overall safety trend remains positive. The most common risks—rockfalls and machinery collisions—are now under tighter control.

    The company has invested 24 billion tenge in labor safety since 2022, with an additional 26 billion tenge allocated for 2025. These funds support not just technical upgrades but also employee training, culture-building, and safety tech innovation.

    New Strategy Anchored on Five Key Priorities

    Kazakhmys’s updated safety framework for 2025 is built around five core principles:

    1. Fostering a culture of safety;

    2. Shifting toward proactive labor protection management;

    3. Deepening digitization;

    4. Implementing barrier-based, risk-oriented oversight;

    5. Expanding occupational health systems.

    A technical audit conducted in 2025 uncovered 2,378 safety violations, with 64 operations suspended until issues were resolved. The company now tracks 15 key production risks and has tightened internal control protocols.

    Accountability and Inclusion

    Safety KPIs are being extended to top management, while contractors, who significantly impact incident rates, are now held to strict safety standards. A violation tracking system is also in place, and serious incidents are reviewed at plant-level safety councils, with individuals held personally accountable.

    Kazakhmys’s approach signals a shift from reactive measures to a preventative, risk-aware safety culture embedded at every level of the organization.

  • Chinese Firm East Hope Group to Invest in Major Green Aluminium Project in Kazakhstan

    Chinese Firm East Hope Group to Invest in Major Green Aluminium Project in Kazakhstan

    Kazakhstan’s Prime Minister Olzhas Bektenov met with Liu Yongxing, Chairman of the Board for China’s East Hope Group, to discuss an ambitious project aimed at establishing a vertically integrated industrial park for “green” aluminium production in Kazakhstan. This initiative is designed around the principles of a circular economy, marking a significant step in the nation’s drive to diversify its economy.

    The proposed project encompasses the entire production cycle of “green” aluminium, from raw material extraction to the deep processing of high value-added materials. The initial phase includes constructing an ore dressing plant capable of processing 2 million tonnes of alumina annually, alongside an electrolysis plant to produce 1 million tonnes of aluminium per year. Crucially, the plan integrates renewable energy sources for electricity generation. East Hope Group estimates the project will create over 10,000 permanent jobs.

    “President Kassym-Jomart Tokayev has set the task of building a more diversified and future-oriented economy,” stated Prime Minister Bektenov. “We are gradually reducing our dependence on the raw materials sector and developing high value-added production. The creation of a vertically integrated aluminium production in Kazakhstan is a unique project that will ensure the comprehensive development of this sector within our domestic industry. The Government of Kazakhstan is ready for long-term cooperation.”

    Liu Yongxing highlighted Kazakhstan’s strategic importance as a logistical hub in Eurasia, noting its unique geographical advantages and development potential within the context of the “Belt and Road” initiative. He emphasised that Kazakhstan’s rich mineral resources and ongoing industrial modernisation strategy align perfectly with East Hope Group’s global priorities in “green” aluminium, modern agriculture, and renewable energy.

    Following the meeting, relevant ministries were instructed to provide the necessary support for the project’s implementation. East Hope Group has committed to certain obligations, including the training of local personnel and a phased increase in the proportion of Kazakhstani workers.

    East Hope Group is a global leader in the aluminium industry and is also active in polysilicon, “green” energy, agribusiness, and high-tech sectors.

  • ERG Subsidiary Pays Out More in Dividends Than It Earned

    ERG Subsidiary Pays Out More in Dividends Than It Earned

    Kazakhstan’s Electrolysis Plant (KEZ), part of Eurasian Resources Group (ERG), has distributed 18.7 billion tenge in dividends for 2023—10.6% more than its net profit of 16.9 billion tenge for the period, according to data published by the Kazakhstan Stock Exchange (KASE).

    In 2024, KEZ recorded a net profit of 59 billion tenge, while its total assets as of 1 April 2025 stood at 424.3 billion tenge, with liabilities reaching 181.6 billion tenge. The first quarter of 2025 saw a slight 0.06% dip in assets, amounting to 2.8 billion tenge, while liabilities surged by 61 billion tenge—an increase of 150%.

    The company previously announced plans to raise up to $100 million on KASE through bond issuance, with a nominal value of $1,000 per bond. The bonds, carrying a three-year term and semi-annual coupon payments, attracted $51 million in investment at a 6.5% coupon rate on 30 May. Another round of subscription is scheduled for 10 June 2025 to sell the remaining bonds.

    ERG’s ownership structure includes Kazakhstan’s Ministry of Finance (40%), heirs of Alexander Mashkevich and the Ibrahimov family (20.7% each), and Patokh Shodiev (18.6%).

    For more details, check the original report here.