Company of Berik Kaniev's wife to start gold mining in Abai region

Nordgold EK, a company co-owned by Bayan Kanieva, plans to start gold mining at the Tsentralny Mukur deposit in the Abai region. The enterprise intends to develop oxidized gold-bearing ores using open-pit mining over seven years. This was reported by Qazaqyia.kz citing Kursiv Media.

According to published documentation, the company recalculated the deposit's reserves as of January 1, 2025, based on exploration and exploitation materials from 1999-2012, as well as its own geological exploration work conducted in 2023-2024.

Probable reserves of the deposit are estimated at nearly 1.9 tons of gold with an ore volume of 2.1 million tons. Identified mineral resources amount to 2.2 tons of gold in 2.2 million tons of ore. The average metal content in reserves reaches 0.89 grams per ton.

Mining is planned to begin in 2026. According to the financial model, production volume will increase from 210 thousand tons of ore in the first year to 350 thousand tons annually in 2027-2031, and decrease to 140 thousand tons in 2032.

Plans also include the construction of a gold recovery plant with a capacity of 500 thousand tons per year for heap leaching, producing Dore alloy.

Total costs for mining and processing are estimated at $44.4 million, while revenue from gold sales could reach $72.6 million at a metal price of $1,947 per ounce. The company expects to achieve a net profit of $7.6 million, with an internal rate of return of 16%.

According to Adata.kz, the founder of Nordgold EK is Whiterock Holding Ltd, registered in the AIFC. Its co-owners include GRATA law firm partner Almat Daumov, Baurzhan Yerkeyev, Berik Kaniev's wife Bayan, as well as Bulat and Timur Mergenov.

Berik Kaniev ranks 25th in Forbes' ranking of the most influential businessmen in Kazakhstan. He is a shareholder and chairman of the board of directors of Lancaster Group, which includes oil service company Er Sai Caspian Contractor, Ersay Sea Port, Zhandig-S, and others.

Previously, the Tsentralny Mukur deposit was operated by GRK Andas-Altyn, and Kazakhmys also worked on the site.