Key Facts:

  • Kazakhstan is the 9th largest country in the world
  • Independence from the Soviet Union since 1991
  • Population: 18.8 million
  • Unemployment rate: 6.1%
  • Literacy: 99.8%
  • 2021 GDP growth rate: 3.2%
  • Kazakhstan ranks 17th in the world for gold mining in volume terms

Kazakhstan Opportunity

Kazakhstan is an important power in Central Asia by virtue of its geographic location, large territory, ample natural resources.  Kazakhstan’s economy is the strongest in Central Asia.


  • ALTAIR signed a Binding Agreement for TWO GOLD PRODUCING OPEN PIT projects with more than 2.3 million ounces of gold.
  • JORC “MRE” report available.
  • Eastern Project JORC Resources:
    • Indicated 947,900 oz with an average grade: 1.23 g/t (COG @ 0.3 g/t).
    • Inferred Resource 892,000 oz with average grade: 1.50 g/t (COG @ 0.3 g/t).
    • Meters drilled in Eastern KAZ sulfide zone: 225,460m from 1,960 holes. Drilled in last 12 months: 21,643m from 154 holes, Average depth: 140m.
  • Central Project Resources (Historic):
    • 483,514 oz of Au Indicated + 28,610 oz of Au Inferred with average grade: 1.2 g/t.
    • Meters drilled in Central KAZ sulfide zone: 8,700m from 86 drill holes.


Altair’s Locations of Operation

Kazakhstan Opportunity

Overview of Eastern Kazakhstan Mines

  • Open-pit gold mine successfully operating from oxide zone in Eastern Kazakhstan since 2017.
  • Objective is to continue depletion of oxide zone using Heap Leach processing at 25,000 oz per year until 2026, in parallel, build plant capacity for average annual sulfide production in 2025 at average 81,000 oz per yr.

Overview of Central Kazakhstan Mines

  • Single open-pit gold mining successfully operating from the Oxide zone in Central Kazakhstan since 2016.
  • Improvements to the heap leach operation and installation of a gravity circuit will greatly improve recoveries and reduce costs.

Kazakhstan’s Mining Industry Attractiveness

  • World Bank ranked Kazakhstan 25th in 2020 for ease of doing business. Ahead of Japan & France. Canada ranks 23rd.
  • Kazakhstan nears best international standards in subsoil use regulations.
  • Solid production growth outlook due to the country’s vast untapped mineral reserves.
  • Access to local energy sources lowers mining operating costs.
  • Foreign mining presence supports investment outlook.
  • Crossroads of Europe & Asia, Kazakhstan received huge investments from China through its China’s Belt and Road Initiative program for modernizing transport infrastructure.
  • National Bank (NB) is growing its gold reserves by purchasing all gold produced in Kazakhstan.
  • Kazakhstan is 13th in gold reserves, 385 tons, 68% of total foreign reserves in gold per World Gold Council.
  • Kazakhstan is the 2nd largest recipient of FDI in the region, behind Russia. FDI totalled $164B in 2019.
  • E-GOV has simplified bureaucratic procedures removing trade & foreign investment barriers.
  • Highly qualified personnel match a wide variety of specialized jobs in the industry.

Altair’s Investment Rationale

Kazakhstan Opportunity