Metals & Mining
Whitecliff identifies, prepares and positions Kazakhstan's major mining projects for international capital, aligning local resource owners, government priorities and global investors to turn strategic deposits into bankable projects.
Areas of Focus
- Critical minerals, including copper, uranium, lithium, rare earth elements, cobalt and nickel
- Traditional metals, including gold, silver, iron ore, manganese, chromium and zinc
- Upstream mining projects
- Processing, smelting and value-add industrial facilities
- Commodity transport and logistics infrastructure
- Investment-readiness support for resource-holding companies and projects seeking international capital
Market Context
Metals and mining are one of Kazakhstan's most strategic and politically sensitive investment sectors. Successful projects require more than a quality deposit. They must align with state priorities, demonstrate national value, secure institutional support, and be presented in a form that international banks and investors can underwrite.
Market Signals
KZT 16.1 trillion
Mining contributed KZT 16.1 trillion, or more than 12% of Kazakhstan's GDP, in 2024; the sector represented roughly one-third of national exports and attracted $3 billion in FDI, twice the level of five years earlier.
More than 40% of world uranium
Kazakhstan is a globally material supplier: it produces more than 40% of world uranium, is a top-10 copper producer, ranks ninth in zinc reserves, and produced approximately 130 metric tons of gold in 2024.
Approximately 8,000 mineral and hydrocarbon occurrences
The World Bank records approximately 8,000 mineral and hydrocarbon occurrences in the national register, while noting that greenfield exploration has been limited for around 30 years, creating a substantial need for modern exploration capital, geological data and project development.
$17 billion
Critical minerals are now a geopolitical priority. During President Tokayev's Washington visit and the C5+1 Leaders' Summit, Kazakhstan and the United States signed a critical-minerals cooperation memorandum; Kazakh–US commercial agreements announced around the summit totaled $17 billion.
The format is widening
Azerbaijan's formal entry in November 2025 turned the "C5" into a "C6," and Washington increasingly frames strategy around a "C6+1"/"Greater Central Asia" platform that also draws in Armenia and Georgia as key flanks for critical-minerals corridors.
Selected Market Examples
| Project | Publicly reported parties | Scale |
|---|---|---|
| Aktogay copper smelter | KAZ Minerals China Nonferrous Metal Mining Group (CNMC) | $1.5 billion planned annual capacity: 300,000 metric tons of copper |
| Raygorodok gold mine | Zijin Mining Group | $1.2 billion acquisition reserves potential above 197.4 metric tons of contained gold |
| Zhanan gold and copper project | Miryildiz Holding | $480 million investment program confirmed reserves over 750,000 oz (23.3 metric tons) of gold |
| South Tortkuduk Uranium Processing Plant (KATCO JV) | Orano | $190 million investment part of the Muyunkum uranium deposit |
| Ertis pressure-oxidation hydrometallurgical complex | Solidcore Resources European Bank for Reconstruction and Development (EBRD) | Up to €255 million loan up to 278,500 metric tons/yr refractory gold-concentrate capacity |
| East Kazakhstan lithium mining & processing project | HMS Bergbau AG | Investment estimates range from $500 million to $700 million two facilities (mining plant + pegmatite-ore processing plant) |
| Severniy Katpar tungsten mine | Cove Kaz Capital Group Tau-Ken Samruk U.S. International Development Finance Corporation (DFC) | Up to $700 million in DFC letters of interest deposit holds over 10% of global tungsten reserves |
| Kazakhstan critical-minerals modernization program | ERG (Eurasian Resources Group) | More than $1 billion in planned 2026 investment |
Market examples are based on publicly reported information and are shown for illustration only. They are not Whitecliff mandates.
