On 17 September 2025 in Almaty, within the framework of the 30th anniversary exhibition Mining & Metals Central Asia 2025 (MMCA), the Kazakhstan Chamber of Mines held an open panel discussion “The Future of Kazakhstan’s Mining Industry: An Open Dialogue and a United Voice” in partnership with PONEN and with financial support from AQS.
The session attracted significant attention from exhibition participants and Chamber members, becoming an important event for the country’s mining sector. Diverse perspectives on the current state of the industry, its challenges, and its prospects were presented openly on one platform.
In his speech at the exhibition’s plenary session, Chamber President Ruslan Baimishev outlined the main concerns of investors working in Kazakhstan. He noted that a few years ago, Kazakhstan was considered one of the most attractive jurisdictions for exploration. Today, however, stability and predictability—both in sectoral and tax legislation—have become key issues.
“The devil is in the details. Companies want to see clear rules of the game that allow them to plan projects. That is what ensures investment attractiveness,” stressed Mr. Baimishev.
Among the key concerns he highlighted were: proposed amendments to the Subsoil Code currently under discussion in Parliament, which risk rolling back to outdated approaches in regulation and reserves accounting; increased fiscal pressure, including higher land lease payments and uncertainty around royalty application; and communication challenges with local executive authorities.
At the same time, the Chamber President emphasised that Kazakhstan still has a window of opportunity: active dialogue between the Chamber, investors, Parliament, and the government provides a foundation for improving the entire regulatory framework.
For the first time, it was openly stated that Kazakhstan is losing ground in investment attractiveness rankings: five years ago the country was among the global leaders in attracting exploration investment, while today it is considered only “average.” The Chamber’s task is to prevent regression and support reforms that will make the market attractive again for both international and Kazakh companies.
The session brought together experts representing different segments of the industry: Ruslan Baimishev (Chamber President) underlined the importance of a united business voice in advancing reforms; Said Sultanov (Aurora Minerals Group) stressed the need for consistent policies and dialogue, highlighting the role of junior companies and Chinese investment; Tim Barry (Arras Minerals) outlined how the Chamber strategically contributes to shaping the sector’s development priorities and noted Kazakhstan’s competition with other exploration jurisdictions; Almat Daumov (Grata International) analysed land relations and royalties, showing what progress has been achieved and what challenges remain; Nikolay Enshin (PONEN) presented on the promotion of international CRIRSCO standards and the role of competent persons in strengthening investor confidence. The session was moderated by Tatyana Sedova.
The discussion made clear that despite serious challenges, the industry is oriented towards constructive solutions. The Chamber has established itself as a platform not only for identifying problems but also for proposing concrete actions — from contributing to the refinement of the Tax Code to supporting the adoption of international reporting standards.
The Chamber’s session at MMCA 2025 demonstrated that the future of Kazakhstan’s mining industry is being shaped today — with the active participation of the Kazakhstan Chamber of Mines, which has become the platform for the industry’s united voice.
