| | JUNE 20248IN FOCUSAnew $1.5 billion copper factory is slated for construction in Kazakhstan, with China Nonferrous Metal Industry's Foreign Engineering and Construction Co. (Nonferrous China) and NFC Kazakhstan partnering to undertake the project for KAZ Minerals Smelting. The contract was formalized in the presence of Prime Minister Olzhas Bektenov. Expected to commence operations by 2028 near Aktogay in the Abay region, the plant aims to annually produce 300,000 tons of copper and generate over 1,000 job opportunities.The facility will process copper concentrate from the Bozshakol and Aktogay mining complexes and enrichment facilities of Vostoktsvetment, positioning itself as a major player in high-value-added copper products. With plans to cater to domestic demand for processed copper products and cathode copper, the factory will also produce gold, silver, and sulfuric acid.Prime Minister Bektenov emphasized the project's alignment with the nation's goal of sustainable economic growth, citing the significance of dynamic development in the copper production sector for Kazakhstan's industrial landscape. Nonferrous China, a state-owned entity listed on the Shenzhen Stock Exchange, has extensive experience in global mining and nonferrous metal processing. Its collaboration with KAZ Minerals in prior projects such as Bozshakol, Aktogay, and Bozymchak underscores its expertise and reliability as a partner.Vladimir Kim, a prominent Kazakhstani businessman, holds a controlling stake of 63.5% in KAZ Minerals. With a net worth of $3.6 billion, he ranks fourth among Kazakhstan's wealthiest individuals, following Vyacheslav Kim, Timur Kulibayev, and Dinara Kulibayeva. In 2023, KAZ Minerals achieved a production milestone of 403,000 tons of copper, marking a 6% increase from the previous year, attributed to the successful operation of the second sulfide ore enrichment facility in Aktogay. KAZ MINERALS, TO CONSTRUCT $1.5 BILLION COPPER PLANT IN KAZAKHSTAN
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