One of Kazakhstan’s Wealthiest Businessmen Launches New Gold Mining Project

A major new gold mining project is underway in Kazakhstan’s Qaraganda region. Altynalmas, one of the country’s largest gold producers—controlled by billionaire Vladimir Dzhumanbayev—has secured a license to develop a new deposit, Orda.kz reports.

According to a document published on the KASE website on May 13, Altynalmas AK JSC has been granted the rights to explore and develop the Baktay ore field in the Aqtogay district. The exploration zone covers about seven square kilometers (the total area of ​​the entire ore field is 206 square kilometers). The license is valid for five years.

Under the terms of the agreement, Altynalmas is required to invest at least 6,783 MCI (equivalent to 26.67 million tenge in 2025) annually. In addition, the company must source at least 50% of all work and services locally, contribute 1% of its profit to scientific research, and allocate 10,000 MCI each year toward the region’s socio-economic development.

Altynalmas is owned by Dutch-registered Gouden Reserves B.V. and Vladimir Dzhumanbayev, who ranks 21st on Forbes Kazakhstan’s 2025 rich list with a net worth of $472 million. The company was previously part of Timur Kulibayev’s business group.

Though the Baktay deposit hasn’t been developed before, earlier geological surveys suggest the site contains over 1.2 million tons of ore, from which more than 2.3 tons of pure gold can be extracted. Estimated, but yet unexplored, reserves could yield another 700 kilograms of gold.

Earlier, Orda.kz reported on Altynalmas's acquisition of the Maykainzoloto mine, the site of a tragic accident in 2024 that claimed the lives of four rescuers.

Original Author: Nikita Drobny