Kazakhstan has the potential to ensure uninterrupted supplies of critical minerals and help meet the growing global demand driven by the energy transition and the expansion of the electric vehicle market, according to the Astana International Financial Centre (AIFC). Experts at the center highlight that Kazakhstan possesses export potential in nine key commodity groups, including metals already being exported and others with untapped potential.
The AIFC report emphasizes that the global shift toward low-carbon development and the rapid growth of the electric vehicle industry will significantly increase demand for critical minerals. Kazakhstan, with its vast resources, is well-positioned to play a pivotal role in this transition. The country has already demonstrated competitive advantages in exporting copper, zinc, aluminum, silver, and lead. Additionally, gold, nickel, lithium, and rare earth metals are identified as emerging export opportunities that could further strengthen Kazakhstan’s position in the global market.
Kazakhstan holds a 5% share of the global zinc market, ranking seventh in reserves with 6.7 million tons in 2023. In 2022, 70% of its zinc exports went to Turkey, Russia, and China. The country also accounts for nearly 4% of the global copper market, with 20 million tons in reserves, and its top export destinations include China, Turkey, and the UAE.
While Kazakhstan’s share in the global lead market is around 3%, its silver reserves rank third globally, with an annual demand of 26,000 tons. The country’s aluminum reserves, though less than 1% of the global market, are significant, with major exports going to Turkey, Italy, and Greece.
Looking ahead, Kazakhstan is exploring opportunities in nickel, lithium, and rare earth metals. The country ranks among the top 20 globally in nickel reserves, with 1.5 million tons, and is collaborating with companies from Germany, South Korea, and the UK to develop lithium deposits. A recent discovery in March 2024 revealed a lithium deposit in Eastern Kazakhstan worth an estimated $15.7 billion.
Furthermore, Kazakhstan has seen a 3.8-fold increase in rare earth metal exports since 2020. The government has adopted a comprehensive plan for 2024-2028, investing 2.4 billion tenge to develop this sector. With potential resources valued at $46 trillion, Kazakhstan is set to become a key supplier of critical raw materials to the European Union, as highlighted in a recent agreement worth 3 million euros.
