Kazzinc brought its co-owners, including Swiss trader Glencore, which owns 70% of the zinc giant, $771.3 million in profit for 2025, according to its financial statements. This was reported by Qazaqyia.kz citing Kursiv Media. Year-on-year, profit increased by 67%.
In 2024, Kazzinc earned $462.3 million in profit. The significant profit growth in 2025 was driven by rising prices for the metals the company produces. In addition to zinc, the company produces lead, copper, gold, silver, and other precious metals.
Kazzinc's revenue increased to $5.07 billion from $4.1 billion in 2024. From the sale of metals and concentrates, the company earned $5 billion (24% more than the previous year). At the same time, the cost of metal production rose less significantly — by 12% to $3.8 billion.
Kazzinc's retained earnings at the end of 2025 amounted to $2.36 billion.
At the end of 2025, the book value of construction in progress for ore deposit development was $37.7 million, and for the expansion of Altyntau Kokshetau (transition from open-pit to underground mining) — $90 million.
At the end of 2025, the total value of the group's evaluation and exploration assets was $52.9 million, including the Kokshetau area — $15.4 million, the Shuba area — $9.4 million, the Vasilkovskoye deposit — $8.4 million, the Karazhal deposit — $7.2 million, the Revnyushin ore cluster in Zyryanovsk — $5.1 million, and the Dzhumba deposit — $2.5 million.
At the end of 2025, the group's inventories were valued at $1.03 billion. At the end of last year, Kazzinc held $470.2 million in deposits. At the end of 2025, the mineral extraction tax payable amounted to $82.7 million (a year earlier — $66.7 million).
In 2025, the group sold its 100% stake in Orman Sharuashylygy (forestry and hunting) for $13.9 million. The company Maleevskoye was created by the group to efficiently manage assets in Altai, including the Maleevsky mine, the Altai Mining and Processing Plant, and auxiliary assets.
Kazzinc has a number of subsidiaries: Shaimerden (exploration and extraction of mineral raw materials) — 100%, Prominvest (consulting services) — 100%, Kormin (purchase of materials for the group, RF) — 100%, Altyntau Kokshetau (mining gold-bearing ore and processing it into gold concentrate) — 100%. JV Vasilkovskoye Zoloto (industrial development, exploration, extraction, and processing of natural resources) — 100%, Zhairem GOK (exploration and extraction of polymetallic and barite ores) — 99.91%, and others.
The group's main production sites are the Ust-Kamenogorsk metallurgical complex (includes five production facilities) and the Ridder metallurgical complex (concentration plant and zinc production). The company operates the Maleevsky, Ridder-Sokolny, Tishinsky, and Orlovsky mines, extracting polymetallic ores with high content of zinc, lead, copper, as well as associated gold and silver.
At the end of 2025, a 45.37% stake in Kazzinc belonged to Kazastur Zinc AG, 29.82% to the national company Tau-Ken Samruk, 10.91% to Best Invest, 8% to Center Capital Investment, 5.46% to Pasar Holdings Incorporated AG, and 0.44% to other participants. The ultimate controlling party of Kazzinc is Glencore International AG (69.74%).
In 2025, Kazzinc's co-owners announced the payment of $800 million based on 2024 results and from retained earnings of previous years (the money was fully paid) — in 2024, declared dividends amounted to $200 million, while actual payments were $156.1 million.
The company has significant contracts with Glencore for the sale of lead, zinc, copper, and silver.
"Termination of business relations with Glencore International AG could have a significant negative impact on the group's activities, however, since Glencore International AG is the parent company, the Group's management considers this risk unlikely," the financial statements also note.
Remuneration to the group's key management personnel in 2025 amounted to $32.5 million (in 2024 — $47.2 million).
In January 2026, a cassation court ruling came into force in the case of collecting debt from Kazzinc to the Settlement and Financial Center for Support of Renewable Energy Sources (owned by the Ministry of Energy) for services provided to ensure electrical capacity for 2023-2024. Under it, Kazzinc must pay the SFC 2.9 billion tenge or $5.8 million.
In recent months, the market has actively discussed the possible sale of Glencore's stake in Kazzinc. According to Bloomberg, among potential participants in the deal is Kazakh businessman Shakhmurat Mutalip, who is allegedly considering the possibility of acquiring Glencore's stake. The possible deal was estimated at $3.5 billion.
Tau-Ken Samruk, in turn, stated in January 2026 that they do not intend to divest their stake in Kazzinc.
Notably, in January 2026, it became known that businessman Mutalip registered two new structures in the AIFC — KazZinc Group Ltd and Central Asia Resources Holding Ltd. However, there has been no official confirmation of the Kazzinc deal so far.
Shakhmurat Mutalip is the owner of the construction company Integra Construction KZ, president of the Boxing Federation of Kazakhstan since 2024, and vice-president of the NOC RK since 2025. Mutalip ranks 22nd in the list of the richest Kazakhs according to Forbes with a fortune of $482 million.
On May 5, 2026, an explosion of a dust collection device occurred on the territory of Kazzinc's Ust-Kamenogorsk metallurgical complex. As a result of the incident, two workers died, and four more people were hospitalized.
Kazakhstan's Prime Minister Olzhas Bektenov interrupted a government meeting and ordered a thorough investigation into the causes of the accident, as well as providing all necessary assistance to the victims and families of the deceased.
On June 2, Minister of Emergency Situations Chingis Arinov reported that the preliminary cause of the explosion was a violation of the technological process. At the same government meeting, Prime Minister Olzhas Bektenov addressed the company's management, stating that their reports on the state of industrial safety look too optimistic in light of what happened.