Recent events at "Kazakhmys" raise questions about how old power groups are losing control over large assets that can influence the political and economic situation in the country. In Almaty, for example, Qazaq Stroy, led by Nurlan Artykbaev, received a plot of land for the construction of a presidential library and an apartment hotel, which previously belonged to structures associated with Timur Kulibaev — the son-in-law of Nazarbayev. In 2023, this plot was returned to the state, and in 2024 it was handed over to Qazaq Stroy.
Artykbaev, who entered the ranking of the richest Kazakh entrepreneurs for the first time last year, acquired "Kazakhmys" from Vladimir Kim and Eduard Ogay, whose wealth significantly exceeded that of the new owner, estimated at 228 million dollars.
There are also rumors of a possible change of ownership at "Kaztsink" and Eurasian Resources Group, whose assets have long been controlled by oligarchs close to Nazarbayev. Shakhmurat Mutalip, who heads the construction company Integra Construction KZ, may become the new owner of these companies.
Some experts refer to these changes as "asset transit," which is linked to the political situation in the country.
— This is done to exclude old power groups from managing important assets that can influence the political and socio-economic situation in Kazakhstan, — notes economist Aidar Alibaev. — The change of owners in such large companies as "Kazakhmys" can significantly weaken the influence of old clans.
From Construction to Mining
Both new players — Nurlan Artykbaev and Shakhmurat Mutalip — have remained out of the public eye until recently.
Artykbaev previously managed Qazaq Stroy, founded in 2003, which was engaged in the construction of residential complexes and business centers in Almaty. After the events of Bloody January, he began to diversify the business by merging Qazaq Stroy with another developer and launching a new project for potash mining. As part of this project, Qazaq Kalium Ltd. was established in 2023.
Additionally, Qazaq Stroy began renovation work on the building of the National Academy of Sciences and received a plot of land in the center of Almaty for the construction of a presidential library.
In 2024, Artykbaev registered Telecom Systems Ltd. and acquired 8.1% of the shares of "Kazakhtelecom," as well as created Gas Solutions Ltd. to develop a gas field in the south of the country.
Negotiations for the purchase of "Kazakhmys" began on November 27, and by December 10, an agreement was signed to transfer control of the company. The value of the deal has not been disclosed.
Shakhmurat Mutalip, who also intends to acquire "Kaztsink" and ERG, has a modest background — he started his career at a factory as a mechanic. By the age of 30, he became the CEO of Integra Construction KZ and then its owner.
Mutalip has met with President Tokayev several times, but the details of their meetings have not been disclosed. In December, the Financial Times reported on his plans to acquire 40% of ERG shares, but negotiations have been delayed.
Investments in Copper
The public has begun to question the financing of the deals, considering the discrepancy between the wealth of the new owners and the value of the assets. Reports have emerged that Artykbaev will partially finance the purchase of "Kazakhmys" with a loan from the Swiss company Mercuria Energy Group amounting to 1.2 billion dollars, which he will repay with copper cathodes.
Economist Aidar Alibaev expressed doubts about such a deal structure, emphasizing that it may not align with Kazakhstan's interests.
Financial analyst Rasul Rysmambetov also noted the importance of transparency in managing such strategic assets as "Kazakhmys," which are of great significance to the country's economy.
It is worth noting that the value of the deal for "Kazakhmys" remains in question. The National Bank estimated it at 3.85 billion dollars, but this information was removed. Thus, the question of where Artykbaev's funds for the purchase come from remains open.
Requests for the value of the deal and the company's plans after the acquisition of "Kazakhmys" remain unanswered. It is also unclear under what conditions Mutalip plans to finance his deals.
Analysts note that in Kazakhstan, ERG's assets encompass numerous industrial enterprises, and in 2023, the government predicted significant growth in copper ore production.
As demand for copper grows, Kazakh projects are becoming increasingly attractive to investors. At the end of December, one of the Chinese-British enterprises announced an investment in a copper deposit in eastern Kazakhstan.
Thus, the new owners of "Kazakhmys" and other large projects may have a significant impact on the future of the country's mining industry.
