Beyond oil: Kazakhstan seeks Canadian partners for $40 trillion resource opportunity

Kazakhstan is eyeing a mining boom and seeking partners in Canada. During a recent visit to Toronto, Renat Bekturov, governor of the Astana International Financial Centre (AIFC), estimated the value of Kazakhstan’s untapped mineral resources at $40 trillion. He invited Canadian companies to play a role in developing these resources.

«Kazakhstan is counting on its estimated $40 trillion mineral wealth to spark a mining boom […] To attract investors, state-backed AIFC is offering a clear, modern regulatory system and easier processes for investors,» the Mining.com news platform reported.

Since its founding in 2018, more than 3,600 companies have registered with the AIFC, according to Bekturov. The center took 4.5 years to register its first 1,000 companies, two years for the next 1,000 and just one year to add another 1,000.

«We are open for business. I urge all investors and miners in Canada to come and explore Kazakhstan,» Bekturov said during the annual Prospectors and Developers Association of Canada (PDAC) convention in Toronto.

In an interview with The Northern Miner’s western editor Henry Lazenby, Bekturov highlighted Kazakhstan’s vast reserves of uranium, copper, titanium, chromium and other critical minerals. He noted that the country potentially holds 5,000 undiscovered mining deposits, worth an estimated $40 trillion, but needs significant investment to unlock them.

As an example of successful collaboration, Bekturov pointed to Canadian uranium producer Cameco, which operates in southern Kazakhstan. He also mentioned growing interest from global mining giants BHP and Rio Tinto in exploring local deposits. Additionally, gold mining company Polymetal International plc, recently rebranded as Solidcore Resources plc, transitioned its listing from the U.K. to the Astana International Exchange (AIX).

According to the AIFC governor, Canadian investors and mining companies may consider cooperating with Kazakhstan not only through direct investment but also by supporting the development of junior mining companies. One potential avenue is through structures such as special purpose acquisition companies (SPACs), which are permitted in Kazakhstan’s local market. A SPAC is a shell company created specifically to merge with a private company seeking to go public, bypassing the standard IPO process. This structure enables retail investors to invest in promising companies, sometimes even using leverage.

Junior mining companies, typically in the early stages of geological exploration, hold exploration licenses but do not yet generate revenue from production. As a result, they are actively seeking financing to conduct exploration and validate their reserves.

In late February, Kazakhstan’s then-Minister of Industry and Construction Kanat Sharlapaev, who was replaced days later by Yersaiyn Nagaspayev, told Kursiv.media that companies from the U.S., the EU and China could gain access to Kazakhstan’s rare earth and rare metal deposits through dedicated auctions. He noted that competition among major players in the critical materials market — used in dual-purpose technologies, renewable energy and electric vehicles — could help Kazakhstan attract higher levels of investment.