Altynalmas Reports Terms of Maykainzoloto Acquisition

Joint-Stock Company Altynalmas, which acquired JSC Maykainzoloto earlier this year, has disclosed the financial details of the transaction, Orda.kz reports.

According to the company’s 2024 financial statements published on June 11 on the KASE website, the total cost of the acquisition amounted to 5.8 billion tenge. This includes the direct purchase of the mine for just over 6 billion tenge and a settlement related to prior contractual obligations valued at 229.9 million tenge.

Maykainzoloto’s total assets were valued at 24.5 billion tenge, with liabilities amounting to 6.6 billion tenge. Based on these figures, Altynalmas acquired the company for roughly one-third of its asset value.

The resulting gain from the acquisition was recorded at 11.8 billion tenge.

In total, Altynalmas posted a net profit of 175.6 billion tenge for 2024, reflecting a 120.5% increase compared to the previous year’s 79.6 billion. The main shareholders of Altynalmas are the Dutch firm Gouden Reserves BV, which holds a 67.5% stake, and businessman Vladimir Dzhumanbayev, who owns 22.5%.

The Maykainzoloto mine was the site of a fatal incident in early 2024 when the ground collapsed beneath a vehicle carrying rescuers from TOO RTSSh PVASS. Four people were killed.

In February 2025, a court in Pavlodar Region sentenced two former employees of the industrial safety department for failing to address violations committed during mining operations at the site.

In December 2024, another fatality occurred at the same mine — an employee of the gold mining company was struck by equipment.

Original Author: Nikita Drobny