ASTANA, Kazakhstan, March 11. Foreign investments amounting to 12 billion tenge (approximately $24 million) have been attracted to geological exploration over the past five years in Kazakhstan, informed the Ministry of Industry and Construction of Kazakhstan, Trend reports.
In accordance with the ministry, in recent years, Kazakhstan has attracted major global international investors such as: Rio Tinto Mining and Exploration Limited, FMG International Exploration, Arras Minerals Corp., FQM Kazakhstan Limited, Skyfall LTD, Sarytogan Graphite Limited, Pallas Resources Limited, Bartosz Tomasz Karykowski, Hidden Owl Pty Ltd, Ivanhoe Mines Limited, East Star Resources PLC, IG Asia LLC, and Esan.
“These foreign investors are implementing geological exploration projects for the subsequent development of mineral deposits. In this regard, the investors have obtained relevant licenses for the exploration of solid minerals. Based on the reporting data from subsoil users, the total volume of investments by these investors in geological exploration is about 12 billion tenge (approximately $24 million): in 2021, 3.4 billion tenge (approximately $6.8 million), in 2022, 4.6 billion tenge (approximately $9.2 million), and in 2023, 4.0 billion tenge (approximately $8 million). Information for 2024 is unavailable, as reporting from subsoil users is submitted until April 30, 2025,” the ministry explained.
In line with Kazakhstan’s Ministry of Industry and Construction of Kazakhstan, junior companies and global giants have also entered Kazakhstan, such as Fortescue, Barrick, BHP, and First Quantum Minerals, and existing players like Rio Tinto, along with domestic companies, have expanded exploration areas. Currently, Rio Tinto and Fortescue are jointly exploring an area of 13,000 sq. km, with approximately 9 billion tenge (approximately $18 million) already invested in geological exploration.
Moreover, the Korean Institute KIGAM, together with Tauken Samruk (a mining company and subsidiary of Samruk-Kazyna), has begun studying the lithium potential of the Aral region. Barrick, BHP, Teck, and First Quantum are also actively conducting exploration work to identify internationally significant deposits.
“Ten foreign companies have planned investments totaling around 41 billion tenge (approximately $82 million) in geological exploration, which will cover research areas exceeding 25,000 sq. km,” the ministry highlighted.
Meanwhile, as a result of the auctions held in 2024, the total amount of budget revenues exceeded 5.7 billion tenge (approximately $11.4 million).
Earlier, President of Kazakhstan Kassym-Jomart Toakyev called for attracting investments and advanced technologies in the field of mining and processing of rare and rare-earth metals, including lithium, for which global demand is growing, focusing on both foreign investors and domestic entrepreneurs.