Kazakhstan kicks off construction of new foundry

Polymet Solutions Corporation LLP, a Kazakhstani manufacturer of rubber, rubber-metal and steel linings made from chromium-molybdenum alloy, has launched construction of a new foundry in the Karaganda region.

With total investments exceeding $23 million, the project is expected to reach full operational capacity by 2029. Once completed, the facility will be capable of producing up to 10,000 tons of steel linings, grinding balls and other products used in the mining, metallurgy and mechanical engineering industries.

According to Yermek Alpysov, deputy governor of the Karaganda region, the project is expected to become one of the region’s most important industrial facilities. Authorities expect it to create 257 new jobs, attract more than $23 million in investment and strengthen the region’s industrial potential.

The official also noted that the project will expand industrial cooperation in the region, support domestic suppliers and boost export potential.

«This means we’re not just building a plant; we’re strengthening the region’s industrial resilience and creating added value domestically,» Alpysov said.

Polymet Solutions Corporation CEO Kuandyk Kazangapov stated that the project will be implemented in four stages. During the first stage, the company plans to create around 50 jobs, with the total expected to increase to 250 after construction is completed.

Polymet Solutions Corporation LLP is controlled by Kazakhstani entrepreneur Aibar Tokzhumanov. Although there is no publicly available information about his personal income or net worth, the company’s annual tax payments range from $679,375 to $798,266.