Kazakh construction tycoon buys gold miner Altynalmas

One of Kazakhstan’s most prominent construction tycoons agreed to buy gold producer JSC AK Altynalmas and its units as he continues to expand his business interests.

Shakhmurat Mutalip’s Central Asia Resources Holding Ltd. signed a purchase agreement with majority owner Gouden Reserves BV and eight other shareholders, the company said in an emailed statement, without giving a value for the transaction. A representative of Altynalmas confirmed the deal.

“The acquisition of JSC AK Altynalmas is an important step in the implementation of the Holding’s long-term investment strategy,” Mutalip said in the statement Thursday. “This transaction reflects our confidence in the Group’s potential and its future development.”

Altynalmas is one of Kazakhstan’s largest gold producers, with output totaling 15.9 metric tons of gold in 2024.

Mutalip and Nurlan Artykbayev, who bought copper producer Kazakhmys in December, have emerged as prominent members of a business elite that’s become more influential since President Kassym-Jomart Tokayev consolidated power in the wake of riots in 2022. Since then, there has been a noticeable shift of wealth and authority away from circles that flourished during Nursultan Nazarbayev’s long-term rule.

Mutalip, the owner of infrastructure building group Integra Construction KZ, is in discussions with Glencore to purchase the miner’s 70% stake in zinc and gold producer Kazzinc Ltd., Bloomberg reported last month, citing people familiar with the matter. Mutalip is also in discussions to buy 40% of Eurasian Resources Group from the families of two of the Kazakh mining group’s founders, the people said.

(By Nariman Gizitdinov)