Kazakhstan’s mining and metallurgical sector generated 9.7% of national gross domestic product and over 25% of total exports in 2025, driven by surging global metal prices despite overall export revenue declines. According to a latest industry ranking, total nominal output reached 20.5 trillion tenge (approximately $39.3 billion), representing a 20.2% real expansion propelled by double-digit price gains in gold, silver, and copper.
Kazzinc dethrones ERG as market leader
In a landmark shift, Kazzinc claimed top position in sector revenue for the first time in six years, pushing Eurasian Resources Group down to third place. Kazzinc generated a record 2.64 trillion tenge in revenue, up 37.3%, while net profit surged 85.4% to 402 billion tenge. Majority shareholder Glencore attributed the financial leap primarily to soaring world gold prices, offsetting physical production declines in zinc, lead, and silver. Ahead of reported ownership acquisition talks involving businessman Shahmurat Mutalip, Kazzinc disbursed a record $834.6 million in total dividend payouts.
KAZ Minerals climbs while ERG slides
KAZ Minerals rose to second place as consolidated revenue reached nearly 2.4 trillion tenge, up 30.6%, while net profit increased 22.4% to 739.5 billion tenge. Higher international copper prices compensated for lower physical sales volumes caused by early-year logistical bottlenecks. Following major asset expansions, the group distributed 818.5 billion tenge in dividends.
Conversely, ERG fell to third place with revenue growing just 5.9% to 2.3 trillion tenge. Sluggish growth stemmed from falling global ferrochrome prices affecting Kazchrome and ongoing revenue stagnation at SSGPO after secondary sanction risks severed deliveries to its primary Russian buyer. Meanwhile, ERG’s corporate structure shifted as Mutalip’s firm acquired a 39.3% stake in the group.
Restructuring at Kazakhmys and Qarmet’s rebound
Kazakhmys ranked fourth with 2.15 trillion tenge in revenue, up 49.7%. Financial disclosures revealed details of its $1.18 billion acquisition by Qazaq Acquisition Corp. Pre-sale restructuring included offsetting 398.3 billion tenge in dividends against parent group debt and transferring 317.8 billion tenge in non-core assets to Qaz Copper Group, shrinking equity 8.6-fold and straining short-term liquidity.
Steelmaker Qarmet ranked sixth with 1.1 trillion tenge in revenue after publishing financial statements following a four-year gap. Under new owner Andrei Lavrentyev, operating profit doubled to 143.9 billion tenge while capital expenditures jumped 64.4% to 294.8 billion tenge as part of a $3.5 billion modernization commitment.
