The corporation "Kazakhmys," one of the leading mining companies in Kazakhstan, has undergone a change of ownership. Now, instead of billionaire Vladimir Kim, who made his fortune during the era of Nursultan Nazarbayev, control of the company has passed to a developer who was previously not listed among the richest people in the country. Similar changes may soon occur in the companies "Kaztsink" and Eurasian Resources Group, reports Azattyk Asia.
How is the transition of assets associated with "old Kazakhstan" to new players explained in the context of the changed political situation? Considering that the value of the acquired assets is measured in billions of dollars, the question arises as to how the new owners, whose fortunes are significantly smaller, can carry out such transactions.
In Almaty, near the city akimat and Republic Square, the construction company Qazaq Stroy is building a presidential library and an apartment hotel. Previously, this attractive piece of land belonged to private companies linked to Timur Kulibayev, the son-in-law of former president Nursultan Nazarbayev. In 2023, the land was returned to the state, and in 2024 it was transferred to Qazaq Stroy, owned by Nurlan Artykbaev. This previously little-known businessman first appeared on Forbes' list of the richest Kazakhstanis last year when he completed the acquisition of "Kazakhmys."
The assets of "Kazakhmys" passed to Artykbaev from Vladimir Kim, who was close to Nazarbayev and whose fortune was estimated at $5.7 billion, as well as from oligarch Eduard Ogay ($761 million). Meanwhile, Artykbaev's fortune is only $228 million, and his business has focused on development.
Ownership of "Kaztsink," which belongs to the Swiss company Glencore, and Eurasian Resources Group (ERG), long associated with oligarchs close to Nazarbayev, may soon change as well. ERG's assets include Alexander Mashkevich (who died in March 2025), Patokh Shodiyev, and Alidjan Ibragimov (who died in 2021). The construction group Integra Construction KZ, led by Shakhmurat Mutalip, plans to acquire these companies.
Some analysts view the change of ownership of large mining companies as a "transit of assets," closely linked to the political situation in the country.
— The change of owners is happening to eliminate old power groups from significant assets that could influence the political and socio-economic situation in the country, — claims economist Aidar Alibaev. — This could significantly weaken the clan of the old power.
TRANSITION FROM CONSTRUCTION TO EXTRACTION
Until 2025, Nurlan Artykbaev and Shakhmurat Mutalip were virtually unknown to the general public.
Artykbaev's main asset was the company Qazaq Stroy, founded in 2003. It was engaged in the construction of residential complexes, business centers, and hotels, acquiring plots in the most prestigious areas of Almaty.
In 2023, after the events of Bloody January, which weakened the influence of the first president and his entourage, Artykbaev began diversifying his business. He merged with another large developer — Exclusive Qurylys, and also created the company Qazaq Kalium Ltd. for the extraction and production of potassium fertilizers in the West Kazakhstan region.
Additionally, Qazaq Stroy began renovating the building of the National Academy of Sciences in Almaty at its own expense. Soon it became known that the company also became an investor in the presidential library project and received a plot of land worth 6 billion tenge near the akimat free of charge.
In June 2024, Artykbaev registered Telecom Systems Ltd. At the end of that year, this company acquired 8.1% of shares in "Kazakhtelecom" from Jusan Bank. The size of the deal was not disclosed.
In March 2024, the company Gas Solutions Ltd. was established, through which in 2025 Artykbaev obtained a 75% stake in Taiqonyr Energy, which is developing a large field in southern Kazakhstan.
“The dominant share in the development of the Pridorozhnoe gas field was obtained by Gas Solutions without a competition, following direct negotiations,” reported the business publication Inbusiness.kz. Estimates suggest that Pridorozhnoe is one of the largest gas fields in Kazakhstan.
Information about negotiations to purchase "Kazakhmys" appeared on November 27, and on December 10, agreements were signed regarding the change of control over the company with Qazaq Acquisition of Nurlan Artykbaev. The amount of the deal has not been disclosed.
Shakhmurat Mutalip, who is 35 years old, has never appeared on the Forbes list. It is known that he began his career at 18 as a locksmith and achieved the position of first vice president at the plant in seven years. He then became an advisor to the chairman of the board of the Kazakhstani agricultural machinery holding "Kazakhselmash" and later headed one of the largest construction companies in Kazakhstan — Integra Construction KZ.
Before the start of negotiations to purchase the mining giants, Artykbaev and Mutalip met twice with President Kassym-Jomart Tokayev, who was informed about their companies' plans.
At the end of December, the Financial Times reported that Mutalip had applied to acquire 40% of ERG shares, but negotiations were prolonged as the current CEO had not yet relinquished his rights to purchase shares from other shareholders. The potential value of the deal is estimated at $1.4 billion, while 70% of "Kaztsink" is valued at $3.5 billion.
STRATEGY IN COPPER EXTRACTION
The discrepancy between the financial condition of the new owners and the value of the companies they are acquiring has raised questions in society: “Where is the money from?”
It turned out that Artykbaev will partially pay for "Kazakhmys" with a loan from the Swiss Mercuria Energy Group Ltd. The loan amounts to $1.2 billion for eight years, but Artykbaev will pay not with money, but with raw materials: 200,000 tons of copper cathodes per year for the first four years, and then a percentage of production volumes.
— I believe that such schemes are unprofitable for Kazakhstan and should be banned. This deal contradicts the interests of our country, — says economist Aidar Alibaev. — As a result, money goes to the previous owners, and Kazakhstan simply loses its resources.
Financial analyst Rasul Rysmambetov emphasizes the importance of a thoughtful approach to transactions involving strategic assets, as successes or failures in management can lead to serious social consequences.
The value of the deal for "Kazakhmys" remains unclear. The National Bank reported its valuation at $3.85 billion, but then the information was deleted. The question of where Artykbaev got the funds for the purchase remains open.
Aidar Alibaev notes that:
— It can be confidently said that Artykbaev did not have his own funds to purchase "Kazakhmys." The question “Where is the money from?” remains relevant.
The editorial office of Azattyk Asia sent a request to Qazaq Acquisition regarding the value of the deal and future plans after the purchase of "Kazakhmys," but no response was received.
It is unknown how Shakhmurat Mutalip intends to finance his deal. In October, ERG signed a contract with Mercuria for copper supply, receiving an advance of $100 million for the development of fields in Congo.
ERG's assets include enterprises such as "Kazchrome," Sokolovsko-Sarbayskoye Mining and Processing Plant, "Aluminum of Kazakhstan," and others.
There is also no information about the deal for "Kaztsink." In early January, it was reported that Glencore is negotiating a merger with Rio Tinto, focusing on copper extraction.
At the end of the year, Glencore and Mercuria bet on copper due to rising prices. Over the year, the price of refined copper increased from $9,000 to $13,000 per ton.
Considering the rise in copper prices and optimistic expectations regarding its value, interest in Kazakhstani resources is increasing. For instance, in December, a Chinese-British company announced an investment of $65 million in the Upper Uba copper deposit in East Kazakhstan.
Last year, the government stated that it expects more than a twofold increase in copper ore extraction in the country by 2030, which will be possible with the new owner of "Kazakhmys," who controls two major projects — the Aydarly and Koksai deposits.
