The Gornyak Artel, a gold mining company operating in Kazakhstan’s Abay region, reported 8 billion tenge ($15.4 million) in profit in 2025, up 2.3% from the previous year. The company is owned by Liechtenstein citizen Adrian Roman Rheinberger.
Gornyak is a subsidiary of gold mining company Akzhal Gold Resources. Its revenue from sales of its primary products totaled 37.6 billion tenge, a 47% increase from the previous year.
The company generates revenue by selling gold-bearing flotation concentrate and sulfide gold ore to Kazakhmys Corporation at a fixed price. At the same time, the cost of sales rose 24% to 15.8 billion tenge.
Expenses and debt
The company’s profit was partly offset by a 2.7-fold increase in administrative expenses, which reached 4 billion tenge, as well as a rise in other expenses to 3.7 billion tenge. In previous reporting periods, the company recorded revenue in this category.
Currently, Gornyak holds licenses to develop the Karazhal, Akshkola and South Akzhal deposits in the Abay region.
The company also has significant debt. In September 2022, it entered into a long-term credit facility agreement with Bank RBK for a total amount equivalent to $70 million. At the end of 2025, its liabilities to the bank totaled 3.7 billion tenge.
Ownership and dividends
In 2025, the company declared and paid 1.2 billion tenge in dividends to its shareholder, Akzhal Gold Resources.
Gornyak is ultimately owned by Adrian Roman Rheinberger through Akzhal Gold Resources and Dutch company International Private Equity Initiative B.V.
Akzhal Gold Resources, the parent company of Gornyak, reported 7.9 billion tenge in profit in 2024.
