The company has made its way from almost bankrupt to one of the largest gold producers in Kazakhstan

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Created as a republican industrial giant and uniting all the gold mining enterprises of Kazakhstan at the beginning of its history, Altynalmas has come a long and thorny path from monopoly to almost bankruptcy. After 15 years of difficult recovery, search for investments, financial risks, search and implementation of the best technologies, today it is one of the largest gold producers in the country, a trendsetter in the industry, the largest taxpayer, and a reliable social partner for the team and regions of presence.

The same age with KZT

For three decades now, AK Altynalmas JSC, the gold mining company, has been contributing to strengthening the national economy of Kazakhstan. Today, Altynalmas is one of the top 3 largest gold producers in the country both in terms of production volumes and the size of the resource base.

On January 21, 1993, on the basis of enterprises and organizations of Kazzoloto, the republican production association, as well as the Kazakh state consortium - Kazalmazzoloto, the Alma-Ata jewelry factory and the institute Kazginalmazzoloto, Altynalmas National Joint-Stock Company was created. At the dawn of Kazakhstan’s independence, Altynalmas united all the country’s gold production sites.

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Overcoming difficulties

The crisis years in the history of independent Kazakhstan affected the work of gold mining enterprises. In order to save the company, its shares were sold at an investment tender and it became private.

The international economic crisis of 2008 stimulated a review of management approaches, and a course was taken to modernize production. Altynalmas began active development of the only production site Akbakai at that time in the Zhambyl region. In 2011-2015, a transition was made here from manual labor technology to a highly efficient mechanized underground mining method with an increase in productivity by 600%.

In 2011, the company’s assets included the Pustynnoe deposit in the Karaganda region. In 2018, the Mine to Mill program was launched here, which made it possible to optimize production processes from mining to processing. The company was the first in Kazakhstan to use this algorithm.

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Acquisition of assets

The next step towards scaling up the company was the acquisition in 2021 of a 100% stake in the oldest gold mining and processing enterprise in the country - Kazakhaltyn MMC JSC, which owned the Aksu, Bestobe and Zholymbet mines in the Akmola region.

In 2021, the Aksu-2 gold-processing plant was built and put into commercial operation with a capacity of 5 million tons of ore per year and the final product - gold-silver Doré bead. The volume of investments amounted to 278.6 million US dollars. The gold-processing plant has become one of the largest and most advanced plants in Kazakhstan for the production of gold. This is the fifth plant built and put into operation by AK Altynalmas JSC over the past 10 years.

As part of its sustainable business development initiatives, in June 2021 Altynalmas acquired a 100% stake in the authorized capital of AAEngineering Group LLP, a leader in the design, construction and reconstruction of industrial facilities in the mining and metallurgical sector both in Kazakhstan and abroad.

As a result, Altynalmas is a diversified group of companies with a full geological, mining and gold processing cycles, also engaged in the construction of industrial facilities and infrastructure, with more than 10,000 employees.

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Growth Projects

Digital transformation has become a priority in the development strategy of Altynalmas. In 2017, the Digital Mine program was launched to automate, digitalize business processes and introduce elements of Industry 4.0, aimed at increasing operational efficiency, reducing production costs, and improving personnel performance.

Among the promising projects of the company is the construction of a plant for the production of sodium cyanide in the Zhambyl region, which will fully provide the domestic market with an important reagent for the gold mining industry in Kazakhstan and replace imports from Russia and China. The enterprise will introduce the best international technologies and standards of safety, health protection of employees and the environment.

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Sustainable development

Altynalmas operates in accordance with international ESG standards and is in the top 10 Kazakhstani companies in the rating of sustainable development reports.

The company strives to minimize its impact on the environment. Over the past three years, about 3 million US dollars has been allocated for the implementation of environmental protection measures. Labor protection, development and training of personnel, creation of better conditions for work and life are the priorities of Altynalmas.

The development of the regions of presence and support of local communities are of particular importance for the company. In 2021 alone, more than 1.6 billion KZT was invested in this area, including deductions for the socio-economic development of the regions under contractual obligations, the implementation of socio-economic projects in agreement with local Akimats, and targeted support for the population.

The further development strategy of Altynalmas is aimed at increasing productivity and providing even greater opportunities for its employees and regions of presence, guided by the mission to transform the potential of the subsoil into golden opportunities for everyone.

You can learn more about the company's achievements and development plans of Altynalmas at the 13th International Mining and Metallurgy Congress - Astana Mining & Metallurgy - AMM 2023, which will be held on June 1-2 in Astana, where the company acts as a “gold partner” of the congress.


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