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Gold Copper Exploration Australian Joint Venture C29 Metals Limited

Gold and Copper Exploration in Kazakhstan Gets Boost from Australian Joint Venture

Australian mining firm C29 Metals Limited has entered into a joint venture agreement with Bask International Group Ltd, a company registered in Astana. The newly established joint venture (JV) aims to explore promising copper and gold deposits across Kazakhstan. C29 Metals is not a newcomer to Kazakhstan’s mineral sector. In the spring of 2024, the company obtained a geological exploration license for its Ulytau project, which includes several solid mineral deposits, notably uranium. It has since submitted two additional applications for uranium exploration. However, according to a recent company announcement, the new JV will focus exclusively on copper and gold and will not be involved in C29 Metals’ uranium interests in the country. The joint venture, registered at the Astana International Financial Center (AIFC), will concentrate on identifying and acquiring exploration projects with significant geological potential. According to the agreement, C29 Metals will hold a 75% stake in the venture, with Bask International Group retaining 25%. C29 will fully finance the geological exploration, thereby relieving its Kazakh partner of any financial burden. The board of directors will comprise two representatives from the Australian company and one from the Kazakh side. “The conclusion of this joint venture agreement marks another important milestone in our strategic growth plans,” said Shannon Green, Managing Director of C29 Metals. “The partnership with Bask International Group in Kazakhstan will give us access to opportunities beyond our typical reach. Bask’s network and capabilities will enable us to move at an unprecedented pace as we scale operations.” Yerlan Issekeshev, head of Bask International Group Ltd, emphasized Kazakhstan’s untapped mining potential: “Kazakhstan is on the cusp of a new era in resource development. While exploration slowed during the post-Soviet period, the country’s mineral wealth remains vast and underexplored.” As previously reported by The Times of Central Asia, Kazakhstan is set to auction off 50 gold and rare metal deposits in June 2025, offering electronic tenders for exploration and development rights.

Gold Deposit Kazakhstan Mining Gold Rare Earth Metals rare metal deposits auction Rare Metal

Kazakhstan to Auction 50 Rare Metal Deposits in June 2025

Kazakhstan will grant exploration and development rights for 50 deposits of gold and rare metals through an electronic auction scheduled for June 2025, the Ministry of Industry and Construction has announced. Almas Kushumov, Director of the Ministry’s Department of Subsoil Use, shared the details through MINEX Kazakhstan (Mining and Exploration Forum). “We will auction off deposits with confirmed balance reserves, gold, coal, rare metals, and polymetals,” Kushumov said. “The information will be published soon on the Unified Platform of Subsoil Use, and in June we plan to hold the electronic auction. All participants will be able to submit their documents online.” The auction will be hosted on the Unified Subsoil Use Platform: minerals.e-qazyna.kz. Licenses will be awarded for both exploration and production, with production licenses valid for 25 years. Companies from the United States, European Union, and China have already submitted applications, according to the ministry. The full list of the 50 deposits will be made public in the coming days. Kazakhstan has prior experience with this auction format, between 2023 and 2024, 117 deposits were awarded through electronic auctions, generating over KZT29 billion ($55.9 million) in signing bonuses. Kazakhstan currently holds over 9,000 registered deposits, including 987 classified as solid mineral sites. Many of these were surveyed more than three decades ago, which is why the government is now prioritizing not only production rights but also geological exploration, with strong interest from both domestic and foreign investors. Kushumov noted that the introduction of the Code on Subsoil and Subsoil Use in 2018 significantly improved the investment climate, tripling the volume of private capital in the sector. As previously reported by The Times of Central Asia, the state mining company Tau-Ken Samruk is advancing work at the Kuirektykol rare earth deposit, where exploration began in 2022. Recent studies have identified new promising zones which, if confirmed, could place Kazakhstan among the global leaders in rare earth metal reserves.

Kyrgyzstan Kumtor Reserve Gold

Kyrgyzstan’s Gold Reserves Could Last a Century, Says Top Geologist

Kyrgyzstan’s largest gold mining operation, Kumtor Gold Company, has identified an additional 147 tons of gold through recent geological exploration. These reserves have now been officially added to the balance sheet of the state-run enterprise, reinforcing expert forecasts that gold extraction in the country can continue for decades to come. The announcement was made by Minister of Natural Resources Meder Mashiev during a press briefing in Bishkek. Mashiev noted that previously unexploited reserves at Kumtor, a key contributor to the national budget, were estimated at 127 tons. Following the new exploration, total reserves now stand at 261 tons. Kumtor Gold Company was nationalized in 2022 after Canadian firm Centerra Gold withdrew from the project. At the time, industry experts predicted the mine would cease operations by 2027 due to depleted reserves at the main open pit. The prospect of investing in new infrastructure at adjacent sites was deemed economically unfeasible. This view was partly supported by production data: in 2015, ore yielded about 5 grams of gold per ton; today, it yields less than one gram. Local experts, however, have described this decline as temporary. According to official figures, Kumtor produced 17.3 tons of gold in 2022, 13.5 tons in 2023, and was projected to produce 12.2 tons in 2024, numbers not seen since 2012, when output fell below 10 tons. Back then, the company cited falling global gold prices and the limited viability of high-volume production. Under the 2022 agreement with Centerra Gold, the Kyrgyz Cabinet of Ministers assumed full management of the Kumtor mine. The Canadian company also agreed to pay over $60 million for environmental protection and transferred control of a $53 million reclamation fund to the Kyrgyz side. In return, it was released from future mine reclamation obligations. In an interview with The Times of Central Asia, Rozalia Djenchuraeva, a geologist at the National Academy of Sciences, stated that with proper management, Kumtor could continue producing gold for another hundred years. “Gold is not running out. There’s still a substantial amount at Kumtor. In the 1980s and 1990s, we recalculated potential reserves in the area and identified over a thousand tons,” Djenchuraeva said. “The entire strip where Kumtor is located is gold-bearing. It stretches along the mountains beneath glaciers, and we have enough gold to last a century. The key is to avoid harming nature.” She emphasized that much of the remaining gold lies beneath glaciers, making extraction without environmental damage particularly challenging. “The high-altitude ecosystem is very sensitive to human interference,” she said. Nonetheless, Djenchuraeva believes that modern exploration and mining technologies offer a path forward. “If we proceed responsibly and with care, gold extraction can continue for many years to come,” she concluded.

Gold buyer leader Gold Uzbekistan

Uzbekistan Leads Global Gold Purchases in January

Uzbekistan was the world’s largest gold buyer in January 2025, according to the World Gold Council (WGC). Global central banks continued their gold-buying spree at the start of the year, with net purchases totaling 18 tons for the month. The WGC notes that this sustained demand highlights gold’s strategic importance in central bank reserves, as many countries view it as a safe-haven asset amid geopolitical uncertainty. Uzbekistan Tops the List The Central Bank of Uzbekistan purchased 8 tons of gold in January, increasing the country’s gold reserves to 391 tons. Gold now accounts for 82% of Uzbekistan’s total international reserves. China was the second-largest buyer, adding 5 tons to its holdings. By the end of January, China’s total gold reserves had reached 2,285 tons, representing 6% of its total assets. Kazakhstan ranked third, purchasing 4 tons, followed by Poland and India with 3 tons each. The Czech Republic added 2 tons, while Qatar increased its reserves by 1 ton. Gold Sales and Market Trends While several countries increased their gold holdings, others reduced their reserves. Russia and Jordan each sold 3 tons, while Kyrgyzstan offloaded 2 tons in January. In 2023, Uzbekistan was the world’s second-largest gold seller, offloading over 25 tons, according to the WGC. Kazakhstan led global sales that year, selling nearly twice as much as Uzbekistan. Despite these sales, Uzbekistan’s gold exports generated $8.15 billion in 2023, nearly double the revenue from 2022. Meanwhile, China was the world’s top gold buyer last year, purchasing almost 230 tons. Other major buyers included Poland, Singapore, Libya, and the Czech Republic.

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Uzbekistan Ranked Second in Global Gold Purchases in November 2024

The Central Bank of Uzbekistan significantly increased its gold reserves in November, marking its first gold purchase since July 2024, according to Spot and data from the World Gold Council (WGC). Global central banks collectively made net gold purchases of 53 tonnes in November, continuing the strong buying trend observed throughout 2024. The WGC noted that the decline in gold prices, partly influenced by the U.S. presidential elections, may have further encouraged gold accumulation by regulators. Leading the list of gold buyers was the National Bank of Poland, which added 21 tonnes to its reserves, bringing its total to 448 tonnes. Poland also emerged as the largest buyer of precious metals in 2024, purchasing 90 tonnes over the year. The Central Bank of Uzbekistan ranked second globally in November, purchasing 9 tonnes of gold. This marked its first increase in gold reserves since the summer and brought its annual net gold purchases to 11 tonnes. As of the end of November, Uzbekistan’s total gold reserves stood at 382 tonnes. The Reserve Bank of India ranked third with 8 tonnes purchased in November and 73 tonnes accumulated throughout the year. Other notable buyers included Kazakhstan and China (5 tonnes each), Jordan (4 tonnes), Turkey (3 tonnes), the Czech Republic (2 tonnes), and Ghana (1 tonne). Singapore was the largest seller of gold during the month, offloading 5 tonnes. As previously reported by The Times of Central Asia, Uzbekistan’s international reserves experienced a decline in November. The Central Bank of Uzbekistan reported a $1.7 billion drop, or approximately 3.9%, reducing total reserves to $41.5 billion as of December 1.

Finance Economy Gold State Budget currency reserves

Uzbekistan’s Gold Reserves Drop by $1.7 Billion in December

Uzbekistan’s international reserves declined in November, with the Central Bank of Uzbekistan reporting a decrease of $1.7 billion, or approximately 3.9%, bringing the total reserves to $41.5 billion as of December 1. The country’s gold reserves, which form a significant part of its international assets, saw a decrease in value by $623 million—from $33.4 billion to $32.7 billion—despite a slight increase in the physical volume of gold to 12.3 million troy ounces. Meanwhile, assets in freely convertible currency dropped by $1.04 billion in November, reaching $8.2 billion. This decrease is mirrored in the cash held in foreign accounts by the Central Bank, which also fell by $1.04 billion to $8.08 billion. Of this, $370.1 million is held in accounts with other central banks and the International Monetary Fund (IMF), while the remaining $7.7 billion is distributed among foreign financial institutions. In contrast to the decline in gold and currency reserves, the value of securities purchased by the Central Bank rose slightly, increasing by $101.3 million during the same period. Uzbekistan’s international reserves had reached a record high of $39.15 billion as of September 1, a peak since the country began disclosing reserve data in 2018. While November’s decline marks a significant drop, the reserves remain above the levels recorded earlier in the year. The fluctuation in Uzbekistan’s reserves reflects changing global market conditions and highlights the dynamics of managing gold and foreign currency assets. As the Central Bank navigates these challenges, the stability and long-term outlook of Uzbekistan’s financial reserves remain areas to watch closely.