Maxim Kononov
First Deputy Executive Director
Republican Association of Mining and Metallurgical Enterprises (AGMP)
Maxim Kononov has more than 15 years of experience in active engagement with mining and metallurgical enterprises on a wide range of issues, as well as in advocating for the industry’s interests before the government authorities of the Republic of Kazakhstan. He is an expert in Government Relations (GR), industry legislation, and macroeconomic analysis.
He was directly involved in the development of the two most recent Tax Codes of the Republic of Kazakhstan and state sectoral programs. He has participated in a number of cooperation projects in the mining and metals sector implemented jointly with the Eurasian Economic Commission (EEC), the World Bank, the European Bank for Reconstruction and Development (EBRD), the German Agency for International Cooperation (GIZ), and the Euromines association. He represents the industry’s interests in cooperation with international organizations, including EITI and ICMM.
The New Tax Code: Seeking a Balance Between State and Investor Interests
The new Tax Code of the Republic of Kazakhstan, adopted in mid-2025, became an important milestone for the mining and metals sector. The government introduced several measures aimed at supporting investors, including incentives for geological exploration and the processing of technogenic mineral formations.
At the same time, the broader trend of increasing the tax burden on the industry remains, while clear fiscal incentives for the development of deeper domestic processing of raw materials - one of the key priorities of Kazakhstan’s current industrial policy - are still lacking. This challenge was expected to be addressed through the introduction of royalties to replace the current mineral extraction tax (MET). However, the proposed royalty mechanism, which is scheduled to come into effect in 2027, has already raised serious concerns among both operating companies and potential investors.
