Kazakhstan mining: Expanding business relations with international investors and markets
MINEX Forum video recorded Central Asian Mining events organised at PDAC 2023 in Toronto.
On March 6, 2023, the 23rd CECC Mining Conference in Toronto held a Kazakhstan Session, which featured presentations by notable figures from the mining industry. These included Almas Kushumov, Director, Subsoil Use Department, Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan, Dmitry Barsukov, General Director of Cameco Kazakhstan, and Qanat Qudaibergen, CEO of GreyWolf Management. The session was moderated by Eric Anderson, the Executive Director at SIMSA.
During the session, Almas Kushumov discussed the improvements that have been made to geology and subsoil use legislation in Kazakhstan. These improvements include the adoption of the Concept for the Development of the Geological Industry for 2023-2027. This will help to provide a roadmap for the country’s mining industry in the years ahead.
Dmitry Barsukov, General Director of Cameco Kazakhstan, then shared the company’s success story of operating in Kazakhstan and developing the Inkai Uranium deposit in partnership with Kazatomprom. Cameco has had a successful partnership with Kazakhstan since 1992 and has been producing uranium consistently while maintaining a focus on safety. Barsukov highlighted the strong relationship between the two companies and their commitment to giving back to the community through initiatives such as youth education, athletics, and local infrastructure. They also discussed the future of the nuclear industry and its role in meeting global energy demands while ensuring safety, reliability, and low carbon emissions.
Qanat Qudaibergen, CEO of GreyWolf Management, presented exploration and investment opportunities in the region, with a focus on renewable energy sources such as critical metals. He discussed the importance of financing in businesses and how the mining industry in Kazakhstan is becoming relevant due to changes in supply chain systems and resource sources. The government is creating conditions to attract investment in geology and mining activities, and a direct investment fund has been established to provide funding for exploration work. The fund is focused on target metals, including logistics, and is committed to ESG principles and prioritizing green technologies and sustainability. The goal is to establish long-term value for investors and shareholders while playing a leading role in transitioning to a more environmentally responsible and resource-efficient economy.
Overall, the session demonstrated the expanding business relations between Kazakhstan and international investors and markets. Kazakhstan is taking steps to create a favourable environment for investment in the mining industry, with a focus on sustainability and responsible resource management. The country’s commitment to ESG principles and green technologies will help to attract socially responsible investors who prioritize long-term value creation. With the mining industry playing a crucial role in global supply chains, Kazakhstan’s efforts to attract investment and promote sustainable practices will have far-reaching effects beyond its borders.