The plant in Stepnogorsk, which previously belonged to Kazatomprom and Japan's Sumitomo, will gain new capacity under an Australian owner. Lindian Resources, through its subsidiary Silkway Metals, plans to modernise the enterprise and build a new workshop there. This was reported by Qazaqyia.kz citing Kursiv Media.

Timeline and financing

According to the akimat of Akmola Region, the project is designed for 2026–2028. Preparatory work has already begun. About $50 million will go towards upgrading the existing enterprise, and another $100 million towards building the new workshop.

The facility plans to produce mixed rare earth carbonate — an intermediate product that is then processed into materials for making permanent magnets.

Capacity and jobs

"The design capacity of the new production will be 12,500 tonnes per year, with planned output of 8,000 tonnes annually. The company will retain 228 jobs and create additional ones after the new capacity reaches its design level," the akimat said.

About Silkway Metals

Silkway Metals became a subsidiary of Lindian Resources in August 2026, according to the Australian group's annual report. Lindian acquired 100% of the SARECO plant complex in Stepnogorsk and related infrastructure for up to $20 million. The final payment was made on 4 September.

The deal included production assets, equipment, land and buildings.

Lindian Resources is a public company whose shares trade on the Australian Securities Exchange. Among its major shareholders are Regal Funds Management and L1 Capital.

Meeting between regional authorities and company management

Akim of Akmola Region Marat Akhmetzhanov met with Silkway Metals CEO Dinmukhammed Madzhanov. They discussed the project's progress, public hearings, and production and social issues.

"There are the necessary conditions in Stepnogorsk for implementing such a project – sufficient electricity and heat supply capacity, as well as developed industrial infrastructure. An industrial zone was recently opened in the city, which creates additional opportunities for locating and developing production facilities," Marat Akhmetzhanov noted.

According to the akim, the project corresponds to the president's instruction on the efficient use of Kazakhstan's resources and the development of the critical minerals sector. The regional akimat will accompany it at all stages of implementation.

Previously reported

Earlier, Kursiv wrote that the company Kyzyltu (a subsidiary of the Stepnogorsk Mining and Chemical Combine, whose ultimate owner is the Russian state corporation Rosatom) would receive the right to conduct gold exploration in the Yereimentau district of Akmola Region.