Kazakhstan-based Resurs 2018 plans to develop the Bayan tungsten deposit in the Aiyrtau district of the North Kazakhstan region, with production of up to 1 million tons of tungsten ore per year expected to begin in 2027.
The project’s ultimate beneficial owners include several individuals, including Mukadaskhan Ibragimova and billionaire Patokh Chodiev.
In late June, North Kazakhstan region officials, the founder of China’s Shandong Xinhai Technology and a representative of Resurs 2018 discussed plans to develop the deposit, including construction of a mining and processing plant. The project is expected to require an investment of about 100 billion tenge. The regional authorities, however, did not disclose the terms of the parties’ involvement in the project.
Mining plan calls for 10-year operation
According to the Bayan deposit mitigation plan reviewed by Kursiv.media, KazTechProject Engineering LLC developed an updated mining plan in 2026 for open-pit extraction of tungsten ore at the deposit.
Read also: Tungsten titan: China’s Boguty project made Kazakhstan a top producer.
The plan is based on the Bayan deposit’s reserves approved by Kazakhstan’s State Reserves Committee on Dec. 29, 2020. Taking into account the planned development and eventual cessation of mining operations, the open pit is expected to operate for 10 years, from 2027 through 2036.
The Bayan deposit is located in the Aiyrtau district, about 105 kilometers southwest of Kokshetau and 40 kilometers south of the district center, Saumalkol. Resurs 2018 holds the subsoil-use rights.
Open-pit mining planned
The company’s 2023 nontechnical summary and mining plan called for maximum annual tungsten ore production of 1 million tons. Production would start at a minimum of 2,820 tons in the first year and increase as the project ramps up.
The nearest villages are Karlovka and Naslednikovka. The eastern side of the deposit borders Kokshetau State National Nature Park.
The ore would be extracted using open-pit mining methods, with the planned pit reaching a depth of 260 meters. Mined ore would then be transported to a stockpile near the processing plant.
Tungsten and bismuth reserves
The Bayan deposit’s approved wolframite ore reserves include 13.174 million tons in the C1 category, 5.279 million tons in the C2 category and 7.552 million tons classified as off-balance reserves.
Tungsten trioxide (WO3) reserves total 50,000 tons in the C1 category, 18,612.4 tons in the C2 category and 5,700 tons in off-balance reserves.
The deposit also has approved bismuth reserves of 1,645.2 tons in the C1 category and 390.4 tons in the C2 category.
Resurs 2018 plans to develop the tungsten reserves located outside Kokshetau State National Nature Park. It remains unclear how much of the deposit’s reserves lie within the protected area and what reserves, if any, would remain undeveloped there.
Ownership structure
The Resource 2018’s sole founder is Wolfex Mining. Its owners include Kirill Pavlov and Astana-based Volfram Resurs Group (VRG), which Pavlov also heads.
VRG’s owners include Almaty-based Kazakhstan Mineral Resources Corporation Investment (KMRCI), Ilya Kaganer and Artashes Manuchariants.
KMRCI is owned by UAE-based Central Asian DMCC, Mukadaskhan Ibragimova and billionaire Patokh Chodiev, one of the three original founders of Eurasian Resources Group (ERG). In March 2026, Chodiev was ranked No. 1,374 on China’s Hurun Global Rich List, up 80 places from the previous year, with an estimated net worth of $3 billion. He remained an ERG shareholder until May 2026.
Mukadaskhan Ibragimova is the widow of Alijan Ibragimov, another member of the trio that founded ERG. Ibragimov died in Belgium in 2021. His family inherited his stake in the company, and his son, Shukhrat Ibragimov, joined ERG’s board of directors in 2021 and later became CEO of ERG S.a.r.l.
