Altyndara acquires Koktaszhal site, plans $500 million investment
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Kazakhstan's Altyndara has acquired the Koktaszhal and Kyzylshoky sites in Karaganda region. The company plans to restart operations, addressing past financial and environmental issues. This comes as the project aims to expand and enhance local processing.
New Investment and Ownership
Altyndara, a Kazakhstan-based company registered at the Astana International Financial Centre, has taken over the Koktaszhal and Kyzylshoky mining sites. The project had previously faced financial and operational difficulties. Altyndara plans to restart production and tackle environmental issues that have led to fines and local complaints.
Development Plans and Economic Impact
Altyndara intends to implement a new investment model, including building a mining and processing plant at the Kyzylshoky site. The project is expected to create over 800 jobs and involve investments exceeding $500 million. Estimated ore reserves are over 50 million tonnes, with more than 500,000 tonnes of proven copper reserves.
What's Next
The project's next phase focuses on scaling up extraction and processing within Kazakhstan. It remains unclear how quickly these plans will address past environmental concerns.
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Altyndara acquires Koktaszhal site, plans $500 million investment
