Critical Minerals - The Times Of Central Asia

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Kazakhstan-Canada Relations

Beyond Resources: Ambassador Kussainov on Kazakhstan and Canada’s Partnership in AI, Education, and Innovation

For decades, Kazakhstan and Canada built their partnership around natural resources. Today, that relationship is expanding into new territory. From artificial intelligence and innovation to education and workforce development, both countries are increasingly looking beyond traditional sectors to shape the next phase of cooperation. This trend is already reflected in economic indicators. More than 160 Canadian-linked enterprises operate in Kazakhstan, Canadian investment has exceeded U$ 6 billion since 1994, and bilateral trade reached approximately U$ 458 million in 2025. At the same time, sectors that will shape the competitiveness of both economies in the coming decades are gaining greater importance. “I believe Kazakhstan-Canada relations are entering a new and dynamic phase,” said Dauletbek Kussainov, Kazakhstan’s Ambassador to Canada, in an interview with The Times of Central Asia. According to him, changes in the global economy are creating new opportunities for cooperation between the two countries. “Canada brings world-class expertise, technology and investment, while Kazakhstan offers significant resource potential, industrial capacity, and a strategic position connecting major markets,” the ambassador said. Although mining and energy remain central to bilateral cooperation, the scope of engagement is expanding into areas linked to technology, innovation and workforce development. This shift is also visible in the practical agenda of bilateral relations. In June, Astana hosted several major events involving Canadian business representatives. The Astana Mining & Metallurgy Congress brought together representatives of around 70 companies from 15 countries, including Canada, while the seventh meeting of the Kazakhstan-Canada Business Council brought together more than 100 participants, including senior representatives of Kazakhstani government agencies, the business communities of Kazakhstan and Canada, experts and academics. “This year also marks the 30th anniversary of the Inkai joint venture, a lasting example of successful cooperation between Canadian and Kazakh partners,” Kussainov noted. Three decades after the creation of one of the most successful joint projects in the uranium sector, bilateral cooperation is gradually moving beyond the traditional resource-based partnership and expanding into new areas, from education and technology to innovation and workforce development. From Extraction to Value Creation Critical minerals remain one of the key areas of cooperation between the two countries. As Western economies seek to diversify supplies of strategic raw materials, Kazakhstan is attracting growing attention because of its mineral resources. Canada, in turn, has one of the world’s strongest areas of expertise in geological exploration, mining engineering and sustainable resource development. According to Kussainov, the greatest potential lies in three areas: geological exploration, mineral processing, and human capital development and knowledge transfer. Processing is becoming especially important. “Today, the key challenge for many resource-rich countries is not simply extracting minerals, but creating more value from them domestically,” the ambassador said. This point reflects a broader shift in Kazakhstan’s economic strategy. In recent years, the country has been placing greater emphasis on developing processing industries and localizing technological processes. In this context, Canadian expertise in engineering, metallurgy, processing technologies and industrial project management is particularly relevant. The discussion is not limited to traditional industrial competencies. “The same applies...

EU-Kazakhstan Cooperation

Tokayev Heads to Brussels as Kazakhstan and EU Seek Progress on Trade, Minerals and Transport

President Kassym-Jomart Tokayev arrived in Brussels on June 22 seeking to advance cooperation with the European Union on critical minerals, transport connectivity, investment, and visa facilitation, as Kazakhstan and the EU move from framework agreements toward implementation. Tokayev’s official visit brings him together with the European Union's two senior institutional leaders and Belgium's prime minister. Tokayev is scheduled to meet European Council President António Costa at 7 p.m. on Monday. A joint meeting with Costa and European Commission President Ursula von der Leyen is set for Tuesday. His program also includes Belgian Prime Minister Bart De Wever and a Kazakhstan-EU roundtable with senior European business executives. The announced agenda covers the enhanced partnership, bilateral ties and international issues. The business roundtable will focus on investment, trade and joint projects. Ahead of the meetings, Tokayev set out three priorities for the next phase of relations: “strengthening resilience, expanding connectivity of all kinds, and creating new opportunities for citizens.” He linked them to energy and food security, critical raw materials, the Middle Corridor, artificial intelligence, easier travel, education and research. The visit follows a year of closer ties. The EU and the five Central Asian states raised their relationship to a strategic partnership at the Samarkand summit in April 2025. Costa then visited Astana in December. Those meetings placed critical minerals, transport, energy, digital links and easier travel at the center of cooperation. A Partnership Built on the EPCA The Enhanced Partnership and Cooperation Agreement gives the relationship its legal basis. Kazakhstan and the EU signed it in 2015, and it entered into force on March 1, 2020, making Kazakhstan the first Central Asian country to conclude such an agreement with the EU. The EPCA covers 29 policy areas, including trade, investment, energy, transport, climate, research, justice, and human rights. The broad range allows both sides to pursue commercial and political work through one framework. The agreement reached its tenth anniversary in December 2025. Before his Astana visit, Costa set a clear goal for the coming years. “The next decade must be defined by implementation: stronger value chains, modernised infrastructure, deeper technological cooperation, and tangible joint projects,” Costa said. Large Volumes, Limited Diversification The EU remained Kazakhstan's main trade and investment partner in 2025. Two-way goods trade totaled €41.4 billion, down 10.7% from 2024. EU imports from Kazakhstan reached €30.8 billion, while EU exports were €10.6 billion. The mix is less balanced. Fuel and mining products accounted for 92% of Kazakh exports to the EU. Machinery, transport equipment and chemicals led European sales to Kazakhstan. That gives the Brussels business roundtable a clear economic focus. Kazakhstan wants more European capital in processing, manufacturing, infrastructure and technology, while European companies want reliable access to energy and raw materials, along with clear investment rules. “We see great opportunities to venture in energy efficiency, critical minerals, digital technologies, and transport connectivity,” Tokayev said after meeting Costa in Astana in December. Critical Minerals Move Closer to Investment The EU and Kazakhstan signed a strategic partnership on...

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.