The investigation by "Sistema" revealed connections between the largest private project in the Russian Arctic and the entourage of Nursultan Nazarbayev. The project includes 46 facilities, such as a floating nuclear power plant, a new port, and 400 kilometers of roads. According to plans, the Baima Mining Complex is expected to increase copper production by 25% and gold production by 4%.
“Initially, the project was in the hands of Roman Abramovich and his partners, but in 2018 it was acquired by the Kazakh corporation KAZ Minerals. After the start of the war, the asset fell under U.S. sanctions and was transferred to a closed-end mutual investment fund, the composition of which is not disclosed,” the publication states.
According to the investigation, the project continues to be linked to Vladimir Kim, who is often mentioned as a trusted person of the first president of Kazakhstan. The materials reference his involvement in Nazarbayev's election campaign in 2005 and possible funding of family foundations. It is also reported that companies associated with Kim may have purchased aircraft for Nazarbayev, although these facts were denied by the structures themselves.
The biographies of the managers of the Baima project indicate a connection with Kim. In 2024, the holding was headed by Elena Raskoshnaya, a citizen of Kazakhstan who previously held managerial positions in the companies "2Kom," "Tsifra Odin," and "Setel," which are linked to the "Almatel" group, owned by Vladimir Kim.
Georgy Fotin continues to serve as the project's general director; he is the former head of the Moscow LLC "Kaz Minerals." He also leads the company "Vega Development," which managed the construction of the mining and processing plant. This company is owned by the Dubai-based Nord Rim DMCC, which journalists associate with Kim's bank.
The Russian authorities provided the project with tax benefits, including zero rates on property, profit, and land for the first five years. The state corporation VEB plans to invest about one trillion rubles, while "Rosatom" is engaged in the construction of the floating nuclear power plant. Although Nazarbayev stepped back from politics after the events of 2022, he continues to meet with Vladimir Putin, with the last meeting taking place in May 2025. Representatives of the former president claim that the meeting was unofficial and based on long-standing friendly relations. There has been no response from Nazarbayev, KAZ Minerals, and other mentioned entities to journalists' inquiries.
KAZ Minerals and "Kazakhmys" are under the control of Vladimir Kim, who owns 63.5% of KAZ Minerals and 70% of "Kazakhmys." The profits of both companies remain high, with figures exceeding $2.15 billion for 2023. The Aktogay and Bozshakol mines also showed significant profits, but the company faces tragedies in production; five people died at KAZ Minerals' mines in late August and early September 2024.
Moreover, questions regarding the state of assets linked to the family of the first president often become a topic of discussion. According to several sources, Nursultan Nazarbayev controls several large funds through which he manages real estate, media, banks, and commercial assets. Journalists estimate the total value of these assets to be such that it could place him among the richest people in Kazakhstan; however, Forbes does not include him in its rankings, considering him a statesman rather than a businessman.
