Development of the Atygay gold deposit with the production of doré alloy

Источник: Kazakh Invest

  • Indicator Results
  • Investment amount, thousand US dollars 69 295
  • NPV of the Project thousand, US dollars 114 458
  • IRR, % 31,2%
  • IBITDA yield, %
  • Payback period, years 5,95
  • Discounted payback period, years - -


Annual capacity:

  • 84 thousand ounces of gold in doré bars;
  • 2 million tons of gold ore;


The project provides for the construction of a gold recovery plant (GIF) on the basis of one of the largest deposits of gold-bearing ores in the Republic of Kazakhstan “Atygai” for the production of gold in doré bullion. When developing the deposit, it is planned to use an open method for extracting gold ore, which is then subject to the process of gravity enrichment.



The initiator is Atygay Gold Mining LLP, whose main activity is geological exploration and surveys. The initiator has a license No. 29-ML dated September 2, 2021 for the extraction of solid minerals at the Atygay deposit (Northern block until 2046).


  • Gold doré production in Kazakhstan increased from 16.9 tons in 2013 to 35.2 tons in 2021, reaching a CAGR of 10%.
  • The volume of net purchases of gold by the National Bank of the Republic of Kazakhstan increased from 36 tons in 2016 to 60 tons in 2020, demonstrating a CAGR of 14% in the specified period. Gold reserves in the National Bank of the Republic of Kazakhstan increased from 300 tons in 2017 to 402 tons in 2021 with a compound annual growth rate of 8%/
  • Continuous growth in gold doré production in Kazakhstan coincided with commissioning in 2013 and a gradual increase in production to design capacity (25 tons) in 2019-2020. plant for the production of refining gold “Tau-Ken Altyn” in the capital of the Republic of Kazakhstan, the productivity of which can increase up to 70 tons per year.

What is the attraction of the project?

  • Availability of subsoil use rights for production. The initiator is a subsoil user with a license for the extraction of solid minerals (gold) at the Atygay deposit (Northern area until 2046) No. 29-ML dated September 2, 2021.
  • Estimation of deposit reserves. An estimate of the reserves of the deposit according to the Kazakhstani standard KAZRC was received from the Committee of Geology. The field has 16 tons of approved reserves in C1+C2 categories. The total resources/reserves according to the author’s calculation exceed 100 tons.
  • Homogeneous ore. Poor sulfide ores of the Atygai deposit are monometallic with the only useful component in the form of gold, which is in a free state. This circumstance makes it possible to reach 89% of the extraction of the precious metal.

Investment proposal

For the implementation of the Project, financing in the amount of 69,295 thousand US dollars is required:

  • 70% (USD 48,506 thousand) – debt financing (subject to collateral);
  • from 30% (USD 20,789 thousand) – investor participation.

The proposed financing structure and state support measures are indicative, the final financing structure and the stake in the Project will be determined based on the results of joint negotiations with the investor.