Business lines
Five business lines connect every stage of the gold life cycle: exploration defines the resource, mining sustains output, processing lifts recovery, trading secures the route to market, and investment replaces what is mined. Each stage is run by our own teams to our own technical standards, and critical operations are never outsourced.
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Business lines
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Value-chain stages
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Overall gold recovery
Business portfolio
Each line can win work in the market on its own account, yet all five interlock from upstream to downstream: exploration results set the mine plan, metallurgical performance constrains ore blending at the pit, and trading and investment convert capacity and resources into sustainable cash flow.
Working from regional metallogenic controls to turn prospective areas into reportable Mineral Resources.
See detailsPredominantly open-pit and supported by underground mining, with production organised around safety, cost and dilution.
See detailsBuilt around carbon-in-leach, managing recovery and reagent consumption as a single set of metrics.
See detailsConnecting refineries, banks and end buyers so that every gram of gold has a compliant route to market.
See detailsLicence acquisition, joint ventures and a sector fund that keep the resource pipeline replenished.
See detailsUpstream · Resource acquisition
Exploration is the first gate in the value chain, and the only stage at which the fate of a project can still be changed at low cost.
The Group holds six valid exploration licences in central and eastern Kazakhstan and in the Torgai Trough, covering 1,280 km² in total and concentrated on known gold anomalies along the Kokshetau–Balkhash metallogenic belt. All licences are within their validity periods, with a complete record of minimum annual expenditure commitments and payments.
Programmes advance in sequence — regional reconnaissance, geochemical survey, geophysical traverses, trenching and drill testing — with surface mapping tightened from 1:50,000 to 1:2,000. Drill core is sampled on one-metre intervals and assayed by independent ISO 17025-accredited laboratories; standards, blanks and duplicates are inserted at no less than 10% of the sample stream, closing a three-tier QA/QC loop.
Mineral Resources are estimated using geostatistical methods, with grade interpolation run by domain on a 3D geological model, and the report is signed off by a Competent Person under the KAZRC Code (aligned with JORC). The result is a technical basis for feasibility studies, licence valuation and offshore financing that international investors can accept.
Highlights
Key metrics
1,280 km²
Licensed exploration area
68,000 m
Metres drilled to date
Key facts
Midstream · Mining and stripping
Competitiveness in mining is not measured in tonnes, but in the durability of unit costs, dilution and the safety record.
The Group operates three mines with a combined annual mining capacity of 1.8 Mt. Ore bodies consist mainly of shallow to intermediate oxide material and the transition zone into primary ore, mined by open pit on 10 m benches, with slope angles held between 42° and 50° according to rock mass quality.
Production is planned on three linked horizons: life-of-mine plan, quarterly blending schedule and daily dispatch. A grade control model defines the dig boundaries, ore is stockpiled and blended by type, and mill head grade variability is held within ±8% to avoid disturbing the plant. A feasibility study for underground mining of the deeper zones is under way, based on cut-and-fill.
Safety management combines slope stability radar, graded control of blast vibration and certified-to-operate rules for every role. Major fleet units carry GPS truck dispatch and fatigue monitoring, while tonnes moved, equipment hours and fuel use are uploaded to the production platform every shift, keeping the full cycle traceable.
Highlights
Key metrics
1.8 Mt/a
Annual mining capacity
3
Operating mines
Key facts
Midstream · Processing and recovery
Every percentage point of recovery adds resource without drilling a single additional metre.
The Group runs two gold processing plants on a flowsheet of crushing, SAG and ball milling, gravity concentration, cyanidation by carbon-in-leach (CIL), elution and electrowinning, and doré pouring. Combined design throughput is 1.8 Mt/a, with gold recovery holding steady at around 93.5%.
Because oxide and primary ore differ in leach kinetics, the plants have separate blending bins and switchable grinding circuits. Gravity recovery of coarse free gold ahead of leaching lowers the cyanide load, while tie-in points for flotation and pressure oxidation are reserved on the sulphide side, leaving process headroom for the deeper primary ore.
Tailings pass through cyanide destruction (SO₂/air) before being filtered and dry-stacked in the tailings storage facility, with more than 85% of process water recycled. Reagent stores and the cyanidation area operate under two-person dual-lock control, continuous gas monitoring and a programme of emergency drills, benchmarked against the International Cyanide Management Code.
Highlights
Key metrics
93.5%
Gold recovery
2
Processing plants
Key facts
Downstream · Product and distribution
Trading delivers more than metal; it delivers a chain of custody that withstands scrutiny.
Doré produced by the Group is refined into standard bullion by LBMA-accredited refineries in Kazakhstan and sold mainly through two channels: the National Bank pre-emptive purchase right and over-the-counter agreements. Annual gold volume is around 4.2 t, settled across six markets and channels.
Pricing is referenced to the LBMA Gold Price, with refining charges, freight and insurance built into the settlement price. Price exposure is hedged under a programme reviewed each quarter; as a matter of policy the Group hedges only to protect operating margin and holds no speculative positions.
A full chain-of-custody procedure runs from mine to refinery, covering armed transport, weight verification, re-assay of fineness and provenance due diligence. Responsible gold supply chain management follows the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, so that the product is accepted without friction by international buyers.
Highlights
Key metrics
4.2 t/a
Annual gold volume
6
Settlement markets and channels
Key facts
Full cycle · Corporate finance
A mining company lives as long as its pipeline; the investment team exists to keep the resource base half a step ahead of production.
The investment line is responsible for licence acquisition and equity partnerships, with nine transactions completed to date and around USD 210 million of assets under management. Screening favours mid-scale gold projects that meet three tests: systematic exploration already completed, infrastructure and grid power within reach, and stable community and regional relationships.
Due diligence runs in parallel across five dimensions — geological, technical, legal, environmental and social. The geological workstream requires independent review of Mineral Resources and the grade model, while the legal workstream focuses on licence validity, payment records, surface rights and any history of environmental penalties.
Deal structures rely on staged payments, milestone consideration and joint ventures to contain early capital exposure. After completion the Group applies a single set of technical standards, safety systems and ESG frameworks, integrating operations, finance and compliance within 100 days.
Highlights
Key metrics
9
Transactions completed
USD 210M
Assets under management
Key facts
End-to-end capability
From defining a prospective area to delivering doré, the Group keeps its own teams, its own standards and an auditable record of work at every stage, avoiding the cost, schedule and quality risk that comes with outsourcing critical operations.
Prospective areas defined from metallogenic belt studies, followed by surface mapping and soil geochemical surveys.
Core holes drilled on the planned drill spacing, with systematic sampling under three-tier QA/QC.
3D geological models built and Mineral Resources estimated under the KAZRC / JORC codes.
Feasibility study and ESIA completed, followed by roads, power, water supply and the processing plant itself.
Load and haul directed by the grade control model to stabilise mill feed tonnage and head grade.
Carbon-in-leach produces doré, refined by LBMA-accredited refineries before delivery.
Technology and equipment
Technical investment serves three ends: estimate the resource accurately, mine the ore precisely, and recover the gold completely. Every digital system we build exists to make those three measurable, day after day.
Integrated interpretation of geophysical and geochemical data feeds 3D ore body models; geostatistics drives grade interpolation and resource classification, with models updated quarterly as new holes are completed.
GPS truck dispatch issues digging instructions from the grade control model, electronic detonators deliver precise delay sequencing, and slope stability radar tracks movement on high, steep walls to millimetre accuracy.
Our own metallurgical laboratory runs testwork and leach kinetics optimisation, finding the economic optimum between recovery, reagent consumption and leach time.
A single production data platform links mining, processing and sales: tonnes moved, head grade, recovery and cost are reconciled daily, giving mine planning and investment decisions one shared set of figures.
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Core samples assayed per year
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Production and safety monitoring points
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Critical equipment availability
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Six licence projects are spread across five regions of Kazakhstan and cover the operating, development and exploration stages; resources, average grade and licence area are published for each one.