The corporation "Kazakhmys," one of the leading mining companies in Kazakhstan, has changed ownership. Now, instead of billionaire Vladimir Kim, who amassed his fortune during the era of Nursultan Nazarbayev, the company is headed by a developer who was recently not among the most influential businessmen in the country. Similar changes may soon occur with "Kaztsink" and Eurasian Resources Group, as reported by Azattyq Asia.
What has led to the change of ownership of assets that have long been associated with "old Kazakhstan," and how is this possible if the value of these assets amounts to billions of dollars, while the declared wealth of the new owners is significantly less?
In Almaty, in the city center, near the akimat and Republic Square, the company Qazaq Stroy is constructing a presidential library and an apartment hotel. This land, previously owned by private entities linked to Timur Kulibaev, the son-in-law of former President Nursultan Nazarbayev, was seized in 2023 and returned to state ownership. In 2024, the plot was transferred for free use to Qazaq Stroy, owned by Nurlan Artykbaev, who first made it onto Forbes' list of the richest Kazakhstanis at the end of last year after completing the acquisition of "Kazakhmys."
The assets of "Kazakhmys" passed to Artykbaev from Vladimir Kim, associated with "Nazarbayev's wallet," whose fortune was estimated at $5.7 billion, as well as from oligarch Eduard Ogay, whose wealth amounts to $761 million. Meanwhile, Artykbaev's capital, previously focused on development projects, is only $228 million.
It is possible that the owner of "Kaztsink," which belongs to the Swiss company Glencore, as well as Eurasian Resources Group (ERG), which has long been under the control of oligarchs close to Nazarbayev, may also change soon. The construction group Integra Construction KZ, led by Shahmurat Mutalip, is targeting the purchase of these assets.
Some analysts view the ongoing changes in the ownership of large mining companies as a "transit of assets," closely linked to political changes in the country.
— In my opinion, this is a step aimed at reducing the influence of old groups that could affect the political and economic situation in the country. "Kazakhmys" is one of the largest assets, and its transfer signifies a significant weakening of the economic and political power of the old group, — stated economist Aidar Alibaev, adding that there is a redistribution of assets, likely under pressure from the new authorities.
TRANSITION FROM CONSTRUCTION TO EXTRACTION
Nurlan Artykbaev and Shahmurat Mutalip were not known to the public until 2025.
Artykbaev founded Qazaq Stroy in 2003, which was engaged in the construction of residential complexes and business centers in Almaty. In 2023, following the events of Bloody January, he began diversifying his business by merging Qazaq Stroy with Exclusive Qurylys and creating Qazaq Kalium Ltd. in partnership with a Singaporean company for the extraction and production of potash fertilizers.
At the same time, Qazaq Stroy began renovating the building of the National Academy of Sciences in Almaty at its own expense and became an investor in the construction of the presidential library, receiving a land plot worth 6 billion tenge near the akimat.
In June 2024, Artykbaev registered Telecom Systems Ltd., and at the end of 2024, TSL acquired 8.1% of the shares of "Kazakhtelecom." In March 2024, he established Gas Solutions Ltd., through which he acquired a 75% stake in Taiqonyr Energy in 2025 to develop a large field in southern Kazakhstan.
Information about negotiations to purchase "Kazakhmys" emerged on November 27, and on December 10, an agreement was signed to transfer control from Kim and Ogay to Artykbaev. The amount of the deal was not disclosed.
Shahmurat Mutalip, who is also seeking to acquire "Kaztsink" and ERG, was not listed in Forbes. He began his career at 18 at the "Bent" factory and later became an advisor to the chairman of the board of directors of the Kazakhstani agricultural machinery holding. By the age of 30, he headed Integra Construction KZ and subsequently became the sole owner of the company.
Before starting negotiations to purchase the mining companies, both businessmen met with President Kassym-Jomart Tokayev and informed him about their projects. However, the press release did not contain information about the possibility of purchasing large mining companies.
Mutalip met with Tokayev twice in September and November: the first time as the head of the Boxing Federation of Kazakhstan, and the second as part of the presidential delegation in Washington at the "Central Asia - USA" summit.
At the end of December, the Financial Times reported that Mutalip had applied to purchase 40% of ERG shares, but negotiations are dragging on as the group's CEO has not yet waived his right to purchase shares from other shareholders. The estimated value of this deal is $1.4 billion, while 70% of "Kaztsink" shares are valued at $3.5 billion.
STRATEGY ON COPPER
The difference between the financial status of the businessmen and the price of the assets they are acquiring has raised questions about the sources of financing.
As a result, it became clear that Artykbaev would partially pay for "Kazakhmys" with a loan from the Swiss Mercuria Energy Group Ltd. The loan amount is $1.2 billion for eight years, and Artykbaev will deliver 200,000 tons of copper cathodes annually for the first four years, followed by a percentage of production volumes for the remaining four years.
— I believe that such buy-sell schemes contradict the interests of Kazakhstan and should be prohibited. The sale of "Kazakhmys" under this scheme is disadvantageous for our country, — notes economist Aidar Alibaev, emphasizing that the funds are going to the previous owners.
Financial analyst Rasul Rysmambetov also emphasizes the importance of a transparent approach to transactions involving strategic assets, as they can have a significant impact on regions and the economy of the country.
The value of the deal for "Kazakhmys" remains unclear. The National Bank reported that an audit estimated it at $3.85 billion, but later removed this information. If the price is indeed so, then questions arise about where Artykbaev obtained the funds for the purchase.
Aidar Alibaev emphasizes that:
— It can be confidently said that Artykbaev could not have had his own funds to purchase "Kazakhmys." The question remains: "Where did the money come from, Zin?"
The editorial office of Azattyq Asia sent a request to Qazaq Acquisition regarding the value of the deal and the company's plans after acquiring "Kazakhmys," but no response was received.
Information about the financing by Shahmurat Mutalip is currently unknown. In October, ERG signed a three-year copper supply contract with Mercuria, receiving an advance of $100 million to accelerate the development of deposits in Congo.
In Kazakhstan, ERG owns enterprises such as "Kazchrome," the Sokolovsko-Sarbayskoye mining and processing plant, and others.
As of January 10, information emerged about negotiations between Glencore and Rio Tinto regarding a merger with a focus on copper extraction.
At the end of the year, Glencore and Mercuria placed their bets on copper, as a price increase is expected. Over the year, the price of refined copper rose from $9,000 to $13,000 per ton.
Against the backdrop of rising prices and positive forecasts, interest in Kazakhstani raw materials is increasing. At the end of December, a joint Chinese-British venture announced an investment of $65 million in launching the Upper Uba copper deposit in East Kazakhstan.
The government reported that by 2030, copper ore production in the country will more than double. This will be possible with the new owner of "Kazakhmys," who controls two important projects — Aydarly and Koksai, the launch of which is expected in the coming years.
