Private Investment Surge
Private investment in mineral exploration has grown from $400 million to over $1 billion in five years, supported by post-2018 legislative reforms.
MINEX Kazakhstan Forum 2026
Takeaways of the Concluding Session of the
MINEX Kazakhstan Forum 2026
Executive Summary
The concluding session of the MINEX Kazakhstan Forum 2026 provided a comprehensive synthesis of the discussions held across multiple thematic sessions. Drawing on contributions from the moderators, the panel highlighted Kazakhstan’s strong position as a resource-rich jurisdiction with growing geopolitical relevance. However, the overarching conclusion was that macro-level interest must be matched by commercially viable projects, effective regulation and practical execution. The discussion reflected a balanced perspective: while the country’s potential is significant, realisation will depend on coordinated action across government, investors and industry participants.
Strategy Session 1
Strategic Investment Climate
The discussion on investment climate emphasised that Kazakhstan is benefiting from heightened global attention driven by geopolitical tensions and the increasing importance of critical raw materials. Nevertheless, it was made clear that such external factors alone are insufficient to secure sustained capital inflows. Investors continue to prioritise the fundamentals of mining projects, including resource quality, economic robustness and execution capability. While geopolitical positioning can create momentum, it does not override the need for strong project fundamentals. Kazakhstan’s success in attracting investment will therefore depend on its ability to consistently present high-quality, bankable projects.
Investment Lens
“Geopolitical attention creates momentum, but bankable projects remain the decisive factor.”
Regulation and Bureaucracy
The role of the regulatory environment was identified as a critical determinant of sector growth. Participants acknowledged that while Kazakhstan has made progress in improving its investment framework, bureaucratic complexity continues to present challenges. Excessive administrative burden can delay project development and reduce overall attractiveness to investors. At the same time, there was recognition that regulation must not only facilitate investment but also ensure accountability. Mechanisms are needed to motivate licence holders to develop their assets instead of holding them passively. A more efficient and balanced regulatory approach would therefore support both investment inflows and sector productivity.
Kazakhstan’s Mining Sector is Levelling Up
Industry and Construction Vice Minister Iran Sharkhan delivered a detailed address outlining Kazakhstan’s ambitious roadmap for the development of its resource sector. His remarks highlighted a clear state priority: modernise legislation, deepen investor confidence and accelerate the practical conversion of geological potential into industrial growth.
The reforms introduced in 2018 are already generating measurable results. Private investment in mineral exploration has increased by roughly two-and-a-half times over the past five years, growing from $400 million to more than $1 billion. At the same time, major international players are increasingly establishing local offices, signalling growing confidence in Kazakhstan’s legislative stability and its commitment to international reporting standards such as CRIRSCO.
State Commitment
Kazakhstan plans to commit $500 million to geological exploration over the next three years - nearly double the total state investment made over the previous thirty years of independence.
The Vice Minister also emphasised that the government is not limiting itself to regulatory reform alone. Kazakhstan is transitioning to highly detailed 1:50,000 scale geological mapping, creating a much stronger information base for investors. Importantly, these newly mapped areas are not intended to be ring-fenced for state-owned enterprises. Instead, they are expected to be offered to private investors through transparent and competitive auction procedures.
Bureaucratic inefficiency is also being addressed directly. A new single-window digital portal for subsoil users has been launched, centralising 22 state services. This platform is designed to remove outdated two-stage approvals and significantly reduce the time required to obtain or transfer subsoil rights. In parallel, regulatory barriers have been cleared to enable the commercial extraction of historical mining waste and tailings, including in areas that were previously constrained by buffer-zone restrictions.
Another major priority is the expansion of midstream processing and domestic value addition. Kazakhstan has revived previously dormant agreements for the processing of solid minerals and is offering targeted preferences to investors who build or modernise processing facilities. According to the Ministry, this mechanism could attract around $10 billion in investment and create approximately 10,000 new jobs in the short term.
When asked whether investors should focus primarily on geopolitics or on raw project economics, Iran Sharkhan argued that the two are inseparable. However, he made it clear that the essential foundation remains a stable and predictable legal framework. Without reliable legislation, neither geopolitical positioning nor private investment logic can produce lasting results.
State-Backed Exploration
The government plans to invest $500 million in geological exploration over the next three years, with detailed 1:50,000 scale mapping as a new baseline.
Digital De-Bureaucratisation
A new single-window portal centralises 22 state services, aiming to accelerate approvals, transfers and access to subsoil rights.
Midstream Ambition
Revived mineral-processing agreements are expected to attract around $10 billion in investment and create approximately 10,000 jobs in the short term.
Policy Dialogue
Balancing
Control and Investment
Strategy Session 2
This session chaired by Samat Daumov, Partner, GRATA International, highlighted the delicate balancing act between state control and the need for foreign direct investment.
Kazakhstan is currently navigating a dual-track regulatory shift. On one hand, the government is aggressively modernising its mining sector by transitioning from an upfront Mineral Extraction Tax to a more favourable royalty-based model, adopting international KAZRC reporting standards, and digitising decades of geological data.
On the other, the state is tightening its grip, favouring “strategic investors” who commit to full-cycle domestic processing rather than simply exporting raw materials.
Central Idea
Kazakhstan is navigating a dual-track regulatory shift — modernising incentives while tightening control over how value is captured at home.
Strategic Investors
Domestic Processing & Priority Subsoil Rights
This push for domestic value creation introduces a complex dilemma for the industry. Kazakhstan is facing the rapid depletion of its mature assets, with some large-scale mines having only a few years of operational life remaining. Consequently, there is an urgent need to stimulate early-stage exploration today to secure the production pipelines of tomorrow.
To incentivise this, the government is offering priority subsoil rights, bypassing standard public auctions, to strategic investors who pledge significant capital towards local processing facilities and technology transfers.
However, industry representatives on the panel emphasised that such policies must be implemented with absolute transparency and caution. Whilst the desire to move up the value chain is understandable, enforcing strict domestic processing obligations or export restrictions could inadvertently deter the very capital the country seeks to attract.
Panellists warned that local operations must remain internationally competitive, particularly when rival markets like China offer extremely favourable terms for raw concentrates.
The private sector stressed that regulatory stability is paramount — investors cannot afford to have new, non-core obligations added to their programmes years after their initial capital deployment.
— The Consensus —
Predictable Rules, Patient Capital
Ultimately, the session underscored a classic challenge for resource-rich jurisdictions. The Kazakhstani government understandably wishes to maximise the domestic economic benefits of its critical minerals in a rising era of resource nationalism. Yet, to unlock the billions in global capital required to find and develop these remote resources, it must ensure that its rules remain stable, transparent, and globally competitive.
The consensus is clear: capital is available, but it will only flow into environments where the long-term rules of the game are predictable.
Strategic Insight
Value Addition and
Industrial Development
Strategy Session 3
The Forum addressed Kazakhstan’s strategic objective of developing value-added production within the mining and metallurgical sectors. Given the country’s landlocked geography and associated transport costs, exporting raw materials is less economically advantageous than producing higher-value products domestically. The concept of developing integrated industrial clusters was therefore seen as both logical and necessary.
With 2030 targets approaching, strategic intent must now translate into tangible industrial progress.
Kazakhstan’s access to relatively low-cost energy provides a competitive advantage in this regard. However, implementation remains challenging due to the need for technology, capital and coordinated policy support. With 2030 targets approaching, the discussion stressed the urgency of translating strategic intent into tangible progress.
Energy Transition
Uranium Sector and Energy Positioning
The discussion of the uranium sector reflected a broader shift in how certain mining companies position themselves within the global energy landscape. Major producers are increasingly aligning their identity with the energy sector rather than traditional mining, reflecting the strategic importance of nuclear power in the energy transition.
While Kazakhstan holds a dominant position in uranium production, moving further downstream into processing and enrichment presents challenges. These include geopolitical sensitivities, technological barriers and resistance from established market participants. As a result, while opportunities exist, progress in this area is likely to remain gradual and complex.
From Risk to Revenue — Investment Session 1
Navigating the Future of
Mining in Kazakhstan
Fireside Chat with Vitaly Nesis
The fireside chat offered a deep dive into the strategic evolution of Solidcore Resources following its pivotal shift to the Astana International Exchange (AIX). Led by CEO Vitaly Nesis and moderated by AIFC’s Zhanbolat Kakishev, the discussion underscored the company’s commitment to Kazakhstan as its primary hub for growth.
A central theme was the company’s ambitious roadmap to reach 1 million ounces of gold equivalent by 2029, supported by the landmark Ertis Hydrometallurgical Plant (Ertis POX) project, which aims to ensure full processing independence within the region.
The session also highlighted the launch of the AIFC Kazakhstan Junior Mining Platform — an important initiative aimed at addressing the funding gap in early-stage exploration. By leveraging the AIFC’s Common Law framework, the platform is focused on building an ecosystem for interaction between investors and projects, including the formation of a pool of relevant projects and investors aligned with their respective investment preferences.
The dialogue with the CEO of Solidcore Resources reinforced a clear message: the future of Kazakhstan’s mining industry should be shaped through a combination of advanced technological infrastructure, the implementation of modern sustainability standards, and a transparent, investor-friendly regulatory environment.
In Partnership with
Organised in partnership with the Astana International Financial Centre (AIFC) and with the support of Solidcore Resources.
Strategic Framing
Kazakhstan is taking steps to de-risk geological exploration. The government operates under a modern, rules-based subsoil code and complements it with financial incentives, including a 100% tax deduction for exploration expenditures. At the same time, a $1 billion financing programme is being implemented to support projects in the extraction and processing of rare, rare earth and critical materials, which indirectly stimulates exploration activity.
But the core question remains: Who actually takes on the early-stage exploration risk?
Traditional Debt & PE Stay Late-Stage
Both KfW IPEX-Bank and Orion Resource Partners were candid — their mandates are built for late-stage project finance (PFS / BFS), M&A, and construction.
“Mining is the highest asset risk class on a commercial bank’s balance sheet. Exploration requires venture equity, not traditional debt.”
Multilateral Banks are Bridging the Gap
Recognising this severe capital void, the EBRD highlighted its JUMP (Junior Mining Program). Armed with €150 million, the EBRD is taking up to 25% minority equity stakes in junior miners — evaluating risk through an equity lens to get early-stage projects moving.
The Operator’s Perspective
Vitaly Nesis, CEO of Solidcore Resources, reminded the room that exploration accounts for only 10–15% of a mine’s total capex. His call to action: fix the backend infrastructure — custodians, brokers, and direct exchange links — at the AIFC Exchange (AIX).
“Once the plumbing is in place, retail and institutional equity will flood the market.”
— The Consensus —
Capital Is Out There
The ultimate consensus? Capital is out there — but unlocking it requires high-quality geological data, predictable permitting, strong off-take agreements, and proactive outreach from project owners to the global investor base.
01
Geological Data
02
Predictable Permitting
03
Off-Take Agreements
04
Investor Outreach
Diplomatic Perspective
A Summary of the
Ambassador Panel
Strategy Session 4
The Ambassadors discussed the world-class mineral endowment and regulatory conditions that have enabled international investment in exploration.
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Ambassador Simkic commented that transparency and good governance are no longer optional.
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Ambassador Axworthy described Kazakhstan as a regional leader in mining governance and noted that EV sales in the UK have risen since the war in the Middle East.
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Ambassador Stafft of the United States said that economic and national security are at risk when supply chains become too linear, and explained how the multilateral strategic alliance FORGE aims to bring practical solutions.
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Japanese Ambassador Iijima outlined his aim to expand trade with Kazakhstan beyond uranium and chromium in order to strengthen mineral security.
Strategic Framing
The panel framed Kazakhstan not only as a mineral supplier, but as a strategic partner in diversified and resilient supply chains.
Technical Insight
Technology and
Artificial Intelligence
Technical Session 1
The integration of artificial intelligence and advanced digital tools emerged as a prominent theme across technical sessions.
It was widely agreed that these technologies are significantly improving the speed and efficiency of data analysis, modelling and operational planning. However, the session underscored that AI does not replace human expertise; rather, it enhances it.
Experienced engineers, geologists and scientists remain essential for interpreting results and making informed decisions. Notably, the adoption of AI may increase the overall volume of work by revealing inefficiencies and new optimisation opportunities.
Central Idea
AI does not replace expertise — it amplifies it.
Future of Work
Implications for the Future Workforce
The discussion suggested that the future workforce will require both deep technical expertise and the ability to utilise digital tools effectively. As mining operations become more data-rich and model-driven, competitive advantage will depend not only on access to technology, but on the quality of interpretation, judgement and execution.
- Deep technical expertise
- Effective use of digital tools
- Judgement, interpretation, execution
Investment Perspective
Scaling Up Discovery in Kazakhstan’s New Mineral Era
Investment Session 2
Global exploration practice indicates a continuing trend whereby major discoveries are increasingly being made by junior companies.
The 2018 reform opened Kazakhstan’s territory to investment in high-risk exploration activities. International industry leaders, alongside domestic exploration companies, have since begun committing their own capital to exploration programmes.
As a result, companies have developed strong expertise in selecting prospective areas and applying modern exploration techniques, fostering confidence in future discoveries across Central Asia.
2018
Reform Opening
Kazakhstan’s Territory
Kazakhstan’s Territory
10
Companies in
Active Programmes
Active Programmes
CA
Central Asia
Discovery Pipeline
Discovery Pipeline
Discovery Pipeline
A new generation of exploration companies is reshaping Kazakhstan’s discovery pipeline.
Case Studies
Practical Pathways to World-Class Discoveries
The session provided an opportunity to review projects being advanced in Kazakhstan by members of the Kazakhstan Chamber of Mines. The exploration programmes of ten companies, including Arras Minerals, Aurora Minerals Group, FQM and others, are now shaping a new wave of geological exploration in the country.
Discussion of real-world case studies on scaling up discoveries was highly practical in nature. While junior companies continue to face a number of challenges, the exchange of experience on how these issues can be addressed within the Forum contributes to greater investor attractiveness and brings Kazakhstan closer to achieving world-class discoveries.
Environmental Perspective
Environmental Governance and
ESG Priorities
Technical Session 2
Although only briefly captured in the transcript, the environmental discussion referenced the increasing importance of ESG frameworks, environmental departments within mining companies and the need to avoid superficial compliance or greenwashing.
This indicates a maturing approach to sustainability within Kazakhstan’s mining sector, where environmental performance is becoming integrated into investment decisions and corporate strategy.
The implication is that companies operating in the market will increasingly need to demonstrate measurable environmental outcomes, credible governance systems and transparent reporting standards.
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Environmental Measurable outcomes & transparent reporting.
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Social Communities, workforce and stakeholder trust.
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Governance Credible systems, oversight and accountability.
Central Idea
ESG is moving from reputation management to operational and investment discipline.
Implications
What This Means for Mining Companies
As investor scrutiny increases, environmental performance can no longer be treated as a peripheral reporting exercise. Companies will need stronger internal environmental teams, clearer governance structures and more rigorous systems for measuring outcomes.
Beyond policy commitments alone, credibility will depend on evidence: transparent reporting, measurable impact and the ability to show that sustainability is embedded in strategic and operational decision-making.
Technical Perspective
Exploration Effectiveness
Technical Session 3
The exploration-focused session addressed the declining rate of major discoveries despite sustained investment in exploration activities.
This trend suggests that traditional approaches may be insufficient in identifying new deposits. The discussion emphasised the importance of integrating multiple data sources, including geophysics, geochemistry and historical geological information, to improve targeting accuracy.
Re-evaluating existing resource models was also identified as a potential means of unlocking overlooked opportunities.
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Geophysics Subsurface signals & structural targeting.
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Geochemistry Trace-element pathways & alteration mapping.
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Historical Data Re-interpretation of legacy geological records.
Central Idea
Better discovery outcomes depend on smarter integration, not simply higher expenditure.
Methodology
Why Methodology Matters More Than Volume
Overall, the session concluded that improving the quality and sophistication of exploration methods is more important than simply increasing expenditure.
As geological targets become harder to identify, competitive advantage will increasingly depend on how effectively companies combine datasets, reinterpret historical information and refine their targeting models.
Strategic Perspective
How Can Kazakhstan Derive the Highest Benefit
from International Critical Mineral Interest
Strategy Session 5
The panel discussed the importance of ensuring that critical mineral investment delivers the highest possible benefit to Kazakhstan.
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Kazakh Invest
Azat Kabdrashitov spoke about the country’s attractive mining regulatory regime and tax incentives designed to encourage in-country mid-stream processing.
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Baiterek National Investment Holding JSC
Aidyn Akan described the role of Baiterek in financing mining and mid-stream development.
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Dala Resources
Farkhat Yergaliyev spoke about Dala Resources’ strategy of working with international investors to support diversity in lithium supply.
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Reid Geophysics
Tim Archer discussed the opportunity to understand the geology of the large part of the country that has not yet been mapped.
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KfW IPEX-Bank
Michael Waitz described how the German Minerals Fund is securing European supply of essential minerals through mid-stream financing and off-take.
Central Idea
The greatest long-term value lies not only in extraction, but in financing, mapping, processing, and securing downstream relevance.
National Advantage
From Investor Interest to National Advantage
The discussion suggested that Kazakhstan’s opportunity is not simply to attract capital, but to shape the terms under which international interest is converted into industrial capability, financing depth and strategic resilience.
This means that regulatory incentives, geological intelligence, processing capacity and structured financing must work together if the country is to capture more value domestically and strengthen its position in global critical mineral supply chains.
- 01 Regulatory Incentives
- 02 Geological Intelligence
- 03 Processing Capacity
- 04 Structured Financing
Investment Perspective
Financing Challenges for
Junior Mining Companies
Investment Session 3
A key issue raised during the session was the structural difficulty faced by junior exploration companies, particularly those at the pre-resource stage.
While capital appears to be available across much of the development lifecycle, early-stage companies remain significantly constrained due to stringent listing requirements and limited access to financing.
This creates a circular challenge — companies cannot raise funds without defined resources, yet cannot define resources without funding.
Central Idea
Without earlier-stage capital, promising licences can remain technically viable but commercially dormant.
Market Structure
Unlocking the Early-Stage Bottleneck
The consequence is a large number of underdeveloped licences with limited exploration progress. The discussion suggested that regulatory adjustments and more flexible capital market frameworks could help unlock this bottleneck and stimulate earlier-stage exploration activity.
The strategic challenge is not only how to finance success, but how to finance the search for it.
Technical Perspective
Project Development and
Time Efficiency
Technical Session 5
The session on project development focused on reducing the time required to bring mining projects into production.
It was noted that development timelines can extend to nearly two decades, significantly affecting project economics. A key recommendation was to adopt a more integrated approach from the earliest stages of project planning, ensuring that operational requirements are considered from the outset.
By aligning feasibility studies with end-stage operational needs, companies can reduce delays and improve overall project value.
Concept
Feasibility
Engineering
Production
Central Idea
Even modest reductions in development timelines can produce substantial gains in project value.
Integration
Why Integration Must Begin Early
The discussion suggested that project value is not determined only by resource quality or scale, but also by how efficiently a project moves from concept to production.
When feasibility work is disconnected from operational realities, delays accumulate and economics deteriorate. Early integration between design, engineering, and execution planning can therefore become a decisive competitive advantage.
Time efficiency is not merely a scheduling issue — it is a strategic and financial variable.
Fiscal Perspective
Taxation and
Fiscal Policy
Strategy Session 6
Taxation was discussed in terms of both burden and predictability.
While Kazakhstan is perceived as broadly supportive of investment, there remain areas requiring further development and clarification. The transition from mineral extraction taxes to royalty-based systems was viewed positively, as it aligns with international norms and enhances transparency for foreign investors.
However, issues such as transfer pricing, currency controls, dividend repatriation and VAT refunds continue to present practical challenges.
- Transfer pricing
- Currency controls
- Dividend repatriation
- VAT refunds
Central Idea
For investors, fiscal attractiveness depends not only on tax levels, but on clarity, predictability, and administrative confidence.
Stability
Why Fiscal Stability Matters
Above all, the need for stability and clear forward guidance was emphasised, as investors require confidence in the long-term fiscal framework.
Where tax regimes are opaque or operational frictions remain unresolved, investment decisions can be delayed even when underlying project potential is strong.
Predictability is itself a form of competitiveness.
Closing Reflections
Skills and
Human Capital
Concluding Chapter
SRK Consulting (UK)
MINEX Kazakhstan Forum 2026
Human capital development was identified as an important, though not critical, constraint on sector growth.
Kazakhstan benefits from a skilled workforce, but there is a clear need for continued investment in education and training. In particular, the discussion highlighted the importance of developing critical thinking skills and fostering greater integration across technical disciplines. The persistence of siloed approaches can limit efficiency and innovation.
Strengthening the education pipeline and encouraging interdisciplinary collaboration will be essential to support the increasing complexity of modern mining operations.
Central Idea
Long-term competitiveness depends on balance: between domestic priorities and foreign capital, between technical depth and interdisciplinary capability.
Collective Panel Reflection
Policy Direction and Investment Balance
A notable strategic observation concerned the cyclical nature of Kazakhstan’s policy environment, particularly the balance between encouraging foreign investment and supporting domestic industry.
While some degree of policy adjustment is natural, excessive shifts can create uncertainty and deter investment. The discussion suggested that Kazakhstan may currently be experiencing a partial shift towards domestic prioritisation, which could risk undermining its competitive position if taken too far.
Maintaining a balanced and predictable policy framework will therefore be critical, especially as the country approaches a potential period of significant mining sector growth.
— End of Report —
Conclusion
The concluding session of the MINEX Kazakhstan Forum 2026 reinforced the view that Kazakhstan is entering a pivotal phase in the development of its mining sector.
The country possesses substantial natural advantages, including resource endowment, strategic positioning and improving infrastructure. However, realising this potential will depend on addressing practical challenges related to regulation, financing, skills and policy consistency.
The forum’s discussions highlighted a clear path forward, centred on efficiency, collaboration and innovation. If these elements are effectively aligned, Kazakhstan is well positioned to emerge as a leading global mining jurisdiction in the coming years.
- 01 Efficiency
- 02 Collaboration
- 03 Innovation
