Turkish company to invest $480 million in Kazakhstan’s gold sector

A subsidiary of the Turkish mining company Miryildiz Mining has initiated the construction of a gold processing plant in the Abai region of Kazakhstan, with a total investment of $480 million, according to the regional governor, Berik Uali.

Emrah Erdem, CEO of Miryildiz Mining, previously stated that the company intends to commence gold production in Kazakhstan by the end of 2026.

The firm is actively operating in five countries, extracting a range of metals including gold, copper, and chromium, while Turkiye remains its primary market. On an annual basis, the company produces approximately 1 million tonnes of copper ore.

The new facility is planned for the Zhanan-Boko-Zaisan gold ore zone. Miryildiz Mining has already conducted comprehensive geological surveys and acquired the necessary equipment for ore extraction and processing. Globally, the company holds more than 100 exploration and mining licences, with active operations in the Central African Republic, Sierra Leone, and The Gambia, as well as another gold project currently under construction in the CAR.

At a recent government session, Deputy Minister of Industry and Construction Iran Sharkhan provided an overview of Kazakhstan’s mineral resource sector and geological exploration. According to his report, the national registry currently covers 103 types of minerals and around 10,000 deposits across the country. Kazakhstan currently has more than 2,900 active licences and 250 contracts for technological partnerships with investors.

Kazakhstan has emerged as a significant player in the global gold market. Experts estimate that the country ranks among the top ten nations for undeveloped gold reserves, amounting to roughly 2,300 tonnes, which is equivalent to approximately $323 billion at current market prices.

Over the past decade, the country has doubled its production of refined gold, reaching around 130 tonnes annually, placing it 13th globally in terms of gold output. Major mining projects have contributed to a steady increase in resources and are designed with a long-term perspective.

Analysts emphasise that gold has become not only an important export commodity, accounting for around 10% of Kazakhstan’s exports, but also a tool for financial independence and economic stability. With sustained geological exploration and continued foreign investment, Kazakhstan has the potential to double its gold reserves in the coming years, further consolidating its position as a strategic player in the global precious metals market.

Copied