Kazakhmys is a leading mining company in Kazakhstan, with a history dating back to 1934.
The company was founded as a small mine in the Karaganda region and has since grown into one of the country's largest mining companies.
Kazakhmys has a diverse portfolio of mines, producing copper, gold, silver, and other metals.
Its operations are spread across the country, with major mines located in the East, Central, and South regions.
The company's headquarters is located in Nur-Sultan, the capital city of Kazakhstan.
Corporate Structure
The corporate structure of Kazakhmys is quite straightforward. Vladimir Kim holds a 70% ownership stake in the company, with Eduard Ogay owning the remaining 30%.
Vladimir Kim is not only a major shareholder but also the President of the company. Nurakhmet Nuriev serves as the Chief Executive Officer, overseeing the day-to-day operations.
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Ownership and Management
The ownership and management of the company are quite straightforward. Vladimir Kim holds a 70% ownership stake, while Eduard Ogay owns the remaining 30%.
The company's President is Vladimir Kim, who also happens to be the ultimate controller of the Group.
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Ministry Addresses Contract Violations
The Ministry of Industry and Infrastructure Development has been cracking down on contract violations in the corporate sector.
Kazakhmys has been notified by the ministry regarding breaches of obligations under multiple contracts.
The company was found to have failed to meet investment plans, taxes, financing for research and development, and extraction, resulting in a penalty of 71.2 million tenge in 2020 and 27.3 million tenge in 2021.
The ministry identified serious violations under contracts for gold-copper-poly-metallic ore exploration, copper exploration, and extraction in various regions, including the Karaganda region.
Kazakhmys Coal, a company spun off from Kazakhmys in 2018, was also subject to inspection and found to have violated its contract for coal mining at the Borly deposit in the Karaganda region.
Violations totaling over 260 million tenge for 2020-2022 and non-compliance with investments totaling over 300 million tenge were identified in the Karaganda region.
The company is required to rectify the violations within a month, or the ministry may take measures, including unilaterally terminating the contract.
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Other Attributes
Kazakhmys has a twenty-year plan to modernize its mines and build new ones to increase output.
The company plans to invest around $6.5 billion in fixed assets by 2040.
Kazakhmys aims to boost its annual ore production to 35 million tonnes by replenishing its mineral resource base.
Its Hadzhikongan mine is expected to reach its design capacity of 0.9 million tonnes by 2023.
The company's investment plan is a significant commitment to growth and development.
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