Who Profits From A Nazarbayev-Linked Mining Project In Russia’s Arctic?

Orda.kz was contacted by investigators from Arctida, who investigated the construction of the Baimsky mining and processing plant, a major copper and gold project in Russia’s Chukotka region.

The project was previously linked to KAZ Minerals and its main shareholders, Vladimir Kim and Oleg Novachuk. After sanctions were introduced, it was formally transferred to a closed Russian fund. However, according to investigators, links to Kazakhstan may have remained. Orda.kz examined the details.

The Baimsky mining and processing plant is one of the largest industrial projects in the Russian Arctic. It is being built at the Peschanka deposit in Chukotka, where copper and gold are mined. Total investment in the project is estimated at more than one trillion rubles.

According to Arctida’s investigation, the Baimskoye deposit belonged to Roman Abramovich and Alexander Abramov until 2018. KAZ Minerals then bought the project.

After sanctions were introduced, owning a Russian asset through foreign companies became more difficult. According to investigators, the assets of the Baimsky project were first transferred to the Kazakh company Trianon Limited, associated with Kim and Novachuk. In spring 2024, the project was transferred to the Russian closed-end fund Palmyra of the North.

Formally, the Baimsky project is no longer directly owned through the former Kazakhstan-linked chain. However, according to Arctida, connections to Kazakh business figures may have remained through contractors and intermediaries.

One such company is Vega Development LLC, which managed construction of the plant. According to Arctida, in 2024–2025 the company received more than 10 billion rubles from GDK Baimskaya LLC, the project company behind the mining plant. Another 2.5 billion rubles later went under an agency agreement to Odin Consulting FZE, a company registered in the UAE.

According to investigators, Vega Development’s founder was Dubai-based Nord Rim DMCC. Arctida links the company to Vladimir Kim through Bank RBK, which he controls.

Orda.kz checked some of these links through Kompra.kz. According to the data, Vladimir Kim and Oleg Novachuk are listed among the founders of Trianon Limited. Orda.kz also checked the list of affiliated persons of the Bank RBK holding on the Kazakhstan Stock Exchange. Trianon Limited and Nord Rim DMCC are indeed listed there, with the basis given as joint control with the bank by a third party.

Another line, according to Arctida, leads to Northern Engineering Solutions LLC. The company builds infrastructure for mining projects in Chukotka. Its founder is Nomad Construction Limited. According to Kompra.kz, Kazakh businessman Alain Baigazin is linked to this company. Arctida calls him Oleg Novachuk’s business partner.

Baigazin’s name has previously appeared in Orda.kz materials. Earlier, Orda.kz wrote about his connection to a hydropower plant project on the Koksu River in the Zhetysu region, which sparked criticism from public figures, athletes, and archaeologists.

Baigazin was also linked to the Altai Technopark case in the East Kazakhstan region. According to Kompra.kz, he was among the founders of DIM Stroy LLP, which owned a large stake in the technopark.

Arctida’s investigation and Orda.kz’s checks show that after the formal transfer of the project to a Russian closed-end fund, contractors, intermediaries, and companies linked to Kazakh businessmen and their partners remained around the Baimsky mining project.

Earlier, Orda.kz wrote about possible links between the Baimsky project and Vladimir Kim’s circle. Those publications also noted that Kim has repeatedly been described as a confidant and “wallet” of Nursultan Nazarbayev.

Original author: Alexander Zhdanov

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