Kazakhstan is set to welcome an investment from China’s Zijin Mining Group, a leading global player in the mining and metallurgy industry, the Ministry of Foreign Affairs of Kazakhstan reported.

During a recent meeting in Kazakhstan, Deputy Minister of Foreign Affairs Alibek Kuantyrov and Chairman of the Board of NC Kazakh Invest Yerzhan Yelekeyev discussed with Zijin’s Chairman, Chen Jinghe, the prospects of a new investment project aimed at developing gold, copper, and polymetallic deposits within the country.

Zijin Mining Group, known for its extensive global operations, plans to invest $100mn in Kazakhstan to construct a processing plant for non-ferrous and precious metal concentrates. These concentrates are expected to be processed further at local metallurgical plants, contributing to Kazakhstan’s industrial growth.

The project is poised to create at least 1,000 jobs, providing a boost to local employment and supporting the development of small and medium-sized enterprises. Furthermore, Zijin Mining has expressed interest in conducting geological exploration in new areas, which would help expand Kazakhstan’s mineral resource base, further strengthening the country’s position in the global mining sector.

Deputy Minister Kuantyrov emphasized the strategic importance of the mining industry to Kazakhstan’s economy. He assured Zijin Mining of the government’s support, highlighting the favorable investment climate and the various incentives available to investors in the metallurgical sector. 

“We attach great importance to the mining industry. The concept of development of the geological industry of the Republic of Kazakhstan notes the special importance of exploration and production of minerals for the country’s economy. We are ready to provide comprehensive assistance in the successful implementation of your project in the territory of the Republic of Kazakhstan,” he stated.

Zijin Mining representatives expressed their appreciation for the warm reception and reiterated their commitment to advancing joint investment projects in Kazakhstan. The company, which boasts a market capitalization exceeding $47bn as of 2022, is recognized as one of the most significant players in the global mining industry, with operations spanning 12 countries and 14 regions within China. As of the end of 2023, Zijin’s copper resources totaled 96mn tons, with annual production figures reaching 720,000 tons of cathode copper and 250 tons of refined gold.