Altynalmas Board Members Receive KZT 2.5 Billion in 2024

One of Kazakhstan’s largest gold mining companies, Altynalmas JSC, paid over 2.5 billion tenge to its board members in 2024, Orda.kz reports.

According to data published on the Kazakhstan Stock Exchange (KASE) website, the total compensation for the company’s executive body last year amounted to 2,535,432,800 tenge.

The board is composed of five individuals: Balamir Makhanov, Rustem Karakesov, Roman Vodopshin, Dauren Orazayev, and Bakhrom Dzhalolov. Excluding potential bonuses — such as additional payments to Chair Balamir Makhanov — each member received an average of 507 million tenge over the year, or about 42.2 million tenge per month.

The Altynalmas website lists only the board as part of the executive body. It is unclear whether the disclosed figure includes payments to managing directors (five people) or members of the board of directors (four individuals, including Vladimir Dzhumanbayev and Balamir Makhanov).

JSC AK Altynalmas remains a major player in Kazakhstan’s gold mining sector. Its main shareholders are the Dutch company Gouden Reserves BV (67.5%) and businessman Vladimir Dzhumanbayev (22.5%), who ranks 21st on Kazakhstan’s Forbes list with an estimated net worth of $472 million.

The company continues to expand its operations in the country. Dzhumanbayev is currently involved in launching new projects and acquiring additional assets.

In late June, Altynalmas distributed over 33.2 billion tenge in dividends to its co-owners.

Original Author: Nikita Drobny