Ak Metal, a company led by an Almaty-based entrepreneur, is gearing up to commence iron ore mining at the Kuzinskoye deposit in East Kazakhstan. The site, located in Shemonaikha District near the village of Poperechnoye, spans 2.84 hectares and boasts two promising ore formations awaiting further evaluation.
Initial plans include pilot industrial mining, scheduled to start in 2025. During the first two years, the company expects to extract 110,000 tons of ore annually, scaling down to 44,000 tons in 2027. This will involve 144,000 cubic meters of stripping operations, with the ore transported for processing via rail from Shemonaikha station.
Ak Metal has been actively investing in geological exploration, with 2023 expenditures reaching 39.8 million tenge, far exceeding the required 7.9 million tenge. The company has shown steady growth, reporting 2023 revenue of 589.1 million tenge, a significant rise from 340.9 million tenge in the previous year, while net profit increased to 101.8 million tenge.
The start of industrial mining marks a significant milestone for Ak Metal, solidifying its position in the iron ore market and driving further development.
