Critical Minerals - The Times Of Central Asia

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Investment

Kazakhstan Strengthens Position as Central Asia’s Investment Hub, AIFC Head Says

Central Asia is moving beyond its traditional role as a transit corridor and emerging as an investment destination in its own right, according to Renat Bekturov, Governor of the Astana International Financial Centre. He said investors increasingly value transparent institutions, predictable law and capital protection alongside geography and natural resources. Bekturov noted that Kazakhstan remains the European Union’s largest partner in Central Asia, accounting for more than 80% of the EU’s trade with the region. In 2025, trade turnover between Kazakhstan and the European Union reached $45.1 billion, while cumulative European investment since 2005 exceeded $200 billion. More than 4,000 companies with European participation operate in the country, including TotalEnergies, Siemens, Airbus and Schneider Electric. The AIFC chief stressed that an important element of this transformation has been Kazakhstan’s new financial infrastructure. Established in 2018 and operating under the principles of English common law, the AIFC, as of 2026, brings together more than 5,600 companies from 90 countries, including more than 730 from Europe. According to the AIFC, more than $21.8 billion in investment has been raised through its platform, and its ecosystem has created more than 10,000 jobs. Bekturov also highlighted the development of the Astana International Exchange, which he said has become a platform for launching new financial instruments, including the region’s first IPO in Chinese yuan, Kazakhstan’s first spot Bitcoin ETF, and what AIX describes as the world’s first spot Solana ETF with staking. Bekturov also emphasized the AIFC’s role in advancing sustainable finance. Through the AIFC Green Finance Centre, Kazakhstan introduced Central Asia’s first national green taxonomy, while about 70% of the country’s green bonds and loans are verified within the center’s ecosystem. Beyond the traditional financial sector, the AIFC is also developing initiatives in mining, Islamic finance, aircraft leasing, digital assets and the creative economy. In Bekturov’s view, Kazakhstan could become a key link between European capital and Central Asia’s growing opportunities in the coming years, particularly in critical minerals, clean energy, logistics and digital infrastructure. “In a world where uncertainty has become part of every deal, trust is becoming one of the most valuable assets,” Bekturov concluded.

Mining

S&P Global Energy Executive Says Kazakhstan Can Move Toward Mining’s Top Tier

Wesley Monteiro, Global Market Engagement Lead at S&P Global Energy/Platts, said Kazakhstan has one of the strongest chances among mining jurisdictions to move from tier-two toward tier-one, speaking to The Times of Central Asia on June 12 on the sidelines of the Astana Mining & Metallurgy Congress in Astana. “This is the country with a big chance to move from tier-two to tier-one,” Monteiro said. He developed that argument around five factors: mineral breadth, scalable copper production, uranium, legacy mining waste, and Kazakhstan’s diplomatic architecture. “Actually, this is the only country in the world that has this combination,” he said. Monteiro used Canada and Australia as reference points for established first-tier mining countries. Kazakhstan is not yet in that category, he said, but the combination he described gives the country a credible path toward it. Monteiro was speaking from the S&P Global Energy/Platts side of the company, which provides market information, price benchmarks, supply-demand analysis, and commodity-sector intelligence, rather than from S&P Global Ratings. Kazakhstan, in his view, is being reassessed as part of a new global commodity framework shaped by energy security and flexibility, and materials security and flexibility. In that environment, Kazakhstan’s position could help reduce investor risk perception and support new or increased investment in the region. “We can see in the short to medium term a reduction in the risk perception that can trigger new investments or can increase the investments in the region,” Monteiro said. He then expanded on each of the five factors. Mineral Breadth The first pillar was mineral breadth. Monteiro pointed to copper, aluminum, zinc, uranium, and other minerals. He described this range as “mineral breadth” or “mineral range,” distinguishing Kazakhstan from mining jurisdictions built around a single resource. For Monteiro, that range was the starting point for the tier-one argument. Scalable Copper Production Within that mineral breadth, Monteiro singled out copper as the second pillar. Copper is central to the infrastructure behind electrification, power grids, data centers, and AI computing, and Monteiro said the demand is not distant or theoretical. “Now everyone needs copper, not 15 years from now — yesterday, actually,” he said. For Monteiro, Kazakhstan’s copper position is therefore not only about reserves. He distinguished between having the resource, having the capacity to produce it, and being able to develop it quickly. “One thing is to have,” he said. “Another thing is the capacity to have the production. The third thing is how fast you can develop this.” Uranium Uranium was the third pillar in Monteiro’s account of Kazakhstan’s mining position. He framed it through the renewed global debate over nuclear power, saying the sector has returned to strategic relevance after years in which some governments moved away from it following the Fukushima accident in 2011. Germany, he said, became the clearest example of that retreat, while France maintained a large nuclear base and, in his view, emerged in a stronger position. “Nuclear is back in the game,” Monteiro said. He said the renewed interest in nuclear power is...

Mining

Azerbaijan Moves Into Uzbekistan’s Gold and Critical Minerals Sector

Azerbaijan has moved from preliminary mining talks to signed project agreements in Uzbekistan. On June 16, state-owned AzerGold signed an agreement to jointly develop a gold deposit in Uzbekistan. A separate document covered a critical minerals project with NEQSOL Holding. Azerbaijani Prime Minister Ali Asadov and Uzbek Prime Minister Abdulla Aripov attended the ceremony in Tashkent. AzerGold chairman Zakir Ibrahimov and Uzbekistan's First Deputy Mining Minister Feruza Hamidova signed the gold agreement. Public releases provide few details on either project, naming no deposits and disclosing no reserve estimates, ownership split, investment value, production target, or timetable. Three Years of Groundwork AzerGold's entry into Uzbekistan dates to February 24, 2023, when the company signed a memorandum and agreement with Uzbekistan's Ministry of Mining Industry and Geology. The documents covered geological exploration and the development of gold deposits. In August 2024, the two sides discussed projects in Uzbekistan, Azerbaijan, and third countries, and agreed to deepen cooperation. By May 2026, Uzbek officials were reviewing prospective areas and project documents. "We have begun active joint work with the Azerbaijani company AzerGold on geological exploration in the territory of the Republic of Uzbekistan," Deputy Mining Minister Ural Yusupov said. He added that a decision on joint gold and silver exploration was expected by the end of the year. Yusupov identified Kashkadarya and Surkhandarya as areas under study for precious metals, and Karakalpakstan and Jizzakh for critical minerals. The June signing followed six weeks later, but did not identify the selected deposit. A Much Larger Gold Market AzerGold was established in 2015 and began operations in 2016. The company develops gold, iron, and other metal deposits in Azerbaijan and has extracted ore at its Chovdar gold mine since 2017. In 2025, AzerGold sold 73,200 ounces of gold and 93,200 ounces of silver. Revenue reached 439.3 million manats, about $258 million, up 43% from 2024. Uzbekistan's gold industry operates on a much larger scale. Navoi Mining and Metallurgical Company produced 3.15 million ounces of gold in 2025. The country has set production targets of 120 tonnes for 2026 and 175 tonnes by 2030. The country plans to invest $2.2 billion across 90 mining projects this year. Across the broader mining and metallurgical sector, projects worth $22 billion are expected to create 38,000 jobs. In February, AzerGold identified Uzbekistan and Kazakhstan as possible locations for international expansion. The company prefers brownfield projects with existing infrastructure and production bases. NEQSOL's Critical Minerals Track The second document is broader, covering a joint critical minerals project involving NEQSOL Holding but naming neither the mineral nor the deposit. The group also operates in energy, telecommunications, construction, and high technology. NEQSOL had already established a wider framework with Tashkent. In July 2025, the group and Uzbekistan's Ministry of Investment, Industry and Trade agreed to develop projects in geology and mining, energy, telecommunications, chemicals, construction materials, and digital technology. NEQSOL entered mining in 2025 through its acquisition of UMCC Titanium in Ukraine. UMCC operates the Vilnohirsk and Irshansk mining and processing complexes, which...

Industrialization

Tajikistan Targets Industrial Growth as Share of GDP to Reach 30% by 2030

Tajikistan aims to increase industry’s share of gross domestic product to 30% by 2030 as part of its accelerated industrialization strategy, the State Committee on Investments and State Property Management said. The committee said the country has a strong raw materials base to support industrial development. According to the agency, Tajikistan has 10 of the 12 critical minerals most in demand for projects linked to the global green transition. More than 800 mineral and precious metal deposits have also been identified across the country, it said. The European Bank for Reconstruction and Development has also described Tajikistan as having more than 600 documented deposits of around 50 minerals, including silver, gold, lead, and zinc. The bank has said the country holds some of the largest antimony reserves in the region, though limited private investment has slowed development of the sector. Authorities say the focus is shifting beyond raw material extraction toward processing industries. Priority sectors include textiles, agricultural processing, construction materials, machine building, chemicals, and electrical equipment manufacturing. According to the committee, the strategy is designed to create investment opportunities across the full production cycle, from resource extraction to finished goods aimed at regional and international markets.

Tashkent International Investment Forum

Washington and Tashkent Deepen Economic Ties at TIIF

Uzbekistan and the United States launched a joint investment platform in Tashkent on June 16 as senior U.S. officials and corporate executives gathered for the fifth Tashkent International Investment Forum, advancing cooperation in energy, infrastructure, critical minerals, and advanced manufacturing. On the eve of the forum, Mirziyoyev hosted a delegation of leading U.S. companies and government financing institutions, a gathering he described as continuing a "good tradition" that reflects the growing appetite of U.S. businesses for a larger footprint in Uzbekistan. Among those present were John Jovanovic, president and chairman of the Export-Import Bank of the United States (EXIM), and Ben Black, chief executive officer of the U.S. International Development Finance Corporation (DFC), two officials whose institutions are emerging as principal channels for U.S. financing and investment support in the country. They were joined by Carolyn Lamm, chair of the American-Uzbekistan Chamber of Commerce, alongside executives representing Air Products, Cove Capital, Templeton Global Investments, Boeing, 77 Construction, BlackRock, Visa, JPMorgan, and Meta, among others, a roster spanning aerospace, finance, technology, and industrial sectors that underscores the breadth of U.S. commercial interest in the country. [caption id="attachment_50624" align="aligncenter" width="1943"] Black (DFC), Jovanovic (EXIM), Minister Laziz (MIIT), and Shukhrat Vafayev, Executive Director (UFRD); image: president.uz[/caption] President Mirziyoyev told the delegation that the economic agenda remains one of the key pillars of the strategic partnership between Uzbekistan and the United States, and laid out priority areas for deepening trade and economic cooperation. Particular emphasis was placed on projects in the development and processing of critical minerals, along with opportunities in energy, metallurgy, finance, artificial intelligence, and digital technologies. In response, the visiting executives thanked the president for the investment climate Uzbekistan has cultivated and outlined their proposals in a roundtable that culminated in a ceremony to exchange bilateral documents with participating U.S. companies. This broader engagement builds on a relationship Washington and Tashkent have been steadily formalizing over the past several years, as Uzbekistan has positioned itself as a more open and stable partner for foreign capital amid wider efforts to reform its economy and integrate more closely with global markets. The country's reserves of critical minerals, resources considered essential to U.S. technology, defense, and energy industries, have become a strategic priority for Washington, while Tashkent has sought to leverage U.S. expertise and financing to modernize sectors from energy to healthcare. That convergence of interests has increasingly framed Uzbekistan not merely as a bilateral partner but as a node in a larger U.S. strategy toward Central Asia. At the U.S.-Uzbekistan Business Forum in Tashkent on June 16, 2026, a curtain-raiser to the broader Tashkent International Investment Forum, panelists Ben Black, John Jovanovic, and Laziz Kudratov, Uzbekistan's minister of investment, industry, and trade, discussed Tashkent's proposal for a special economic zone tailored to U.S. companies. Minerals, fertilizer production, pharmaceuticals, and textiles were identified as the four priority sectors for deeper bilateral cooperation, alongside a new U.S.-Uzbekistan Joint Investment Platform building on earlier preliminary agreements. The forum drew the largest U.S. business delegation in the...

Tashkent International Investment Forum

Data, Minerals, and the New Tashkent: Uzbekistan Pitches Its Next Growth Phase at Investment Forum

Uzbekistan used the opening of this year’s Tashkent International Investment Forum to make a broader pitch than investment alone: the country is presenting itself as a platform for data-driven governance, value-added mineral processing, and large-scale urban development. The fifth Tashkent International Investment Forum is being held in the Uzbek capital from June 16-18, bringing together government officials, international financial institutions, business leaders, and investors as Uzbekistan seeks to reinforce its position as one of Central Asia’s leading investment destinations. Held under the theme “Investment Resilience: New Frontiers, New Partnerships,” TIIF 2026 comes as Uzbekistan continues to promote reforms aimed at attracting capital, expanding industrial production, developing digital infrastructure, and moving higher up global value chains. Mirziyoyev Sets Out Investment Priorities Addressing the forum on June 17, President Shavkat Mirziyoyev presented Uzbekistan’s recent economic performance as evidence of growing investor confidence. He said the country had attracted more than $150 billion in foreign investment in recent years, including $123 billion over the past five years. According to the president, nearly 4,000 foreign guests from more than 100 countries are attending this year’s forum, reflecting its expanding international profile. The event brought together heads of state, prime ministers, representatives of international financial institutions, and business executives from around the world. Mirziyoyev said Uzbekistan remained committed to creating a favorable investment environment through reforms designed to protect investors’ rights and broaden economic opportunities. He said GDP grew by 7.7% in 2025, foreign investment reached $43 billion, international reserves exceeded $70 billion, and Uzbekistan rose 14 places in the Index of Economic Freedom, joining the group of economies classified as “moderately free.” He also emphasized the pace of economic growth. Four years ago, he said, Uzbekistan set a target of reaching a $100 billion economy by the end of 2026; now, he said, GDP is expected to exceed $180 billion this year. Mirziyoyev also announced plans to establish the Tashkent International Financial Center, a tax- and customs-free zone operating under a special legal regime based on English common law principles. He said the center would offer zero rates on profit tax, value-added tax, property tax, and customs duties, while guaranteeing free capital movement and payments in any currency. Delta Y: A Data Infrastructure Startup Looks to Uzbekistan One of the companies drawing attention at the forum was Delta Y, a Lisbon-based data infrastructure startup seeking to help governments and cities turn fragmented information into practical decision-making tools. Founded in 2025, Delta Y describes itself as a “data infrastructure layer” for governments, institutions, and advisory firms. Its goal is to use data engineering and artificial intelligence to turn disconnected datasets into usable analysis. Co-founder Afonso Carvas said the idea emerged from his experience working with data teams in technology companies and from a broader question: whether governments and cities could gain access to the same quality of data infrastructure used by leading global companies. That question eventually led the company to Uzbekistan. Why Uzbekistan? Carvas said Delta Y first began looking at Uzbekistan after a...