The Steppe & Yields

Kazakhstan Business & Investment Intelligence

[The Steppe & Yields @SteppeYields]

Ekibastuz GRES-2 Lists $341 Million Bond to Back Power Expansion

Kazakhstan’s Ekibastuz GRES-2 has listed a KZT152 billion ($341 million) 15-year bond issue on KASE’s private-placement market, with proceeds earmarked for the construction of Unit 4, related debt refinancing and reimbursement of previously incurred project costs.

The bonds carry a floating coupon linked to the TONIA Compounded Index plus a fixed margin of up to 1.5%.

GRES-2 currently has 1 GW of installed capacity. Its expansion calls for two new 540 MW units, targeted for commissioning in 2028 and 2030, bringing total capacity to 2.08 GW.

The expansion comes as Kazakhstan works to add generation capacity to a power system that has faced electricity deficits. Ekibastuz is also being developed as a location for energy-intensive digital infrastructure, including the planned Data Center Valley, which could add a new source of large-scale power demand.

#Kazakhstan #Energy #Bonds #KASE

[The Steppe & Yields @SteppeYields]

Freedom Lists $500 Million Bond Tranche on AIX at 8.5%

Freedom Finance SPC Ltd., the AIFC financing vehicle of Freedom Holding Corp., listed a $500 million bond tranche on the Astana International Exchange, with trading starting Sept. 21.

The dollar-denominated bonds carry an 8.5% annual coupon, paid quarterly, and mature on Sept. 21, 2029. The denomination is $100.

The tranche is issued under Freedom Finance SPC’s second $1 billion bond program, which runs through 2040. Payments on bonds issued under the program are unconditionally and irrevocably guaranteed by Freedom Holding Corp.

Freedom Finance SPC uses bond proceeds to provide financing to its parent company for debt refinancing, business expansion and general corporate purposes.

Source: Astana International Exchange / Freedom Holding Corp.

#Kazakhstan #AIX #Bonds #FreedomHolding #CapitalMarkets

[The Steppe & Yields @SteppeYields]

Kazatomprom Adds Uranium Exploration Asset With Estimated 10,000-Tonne Resource

Kazatomprom has secured exclusive subsoil rights to explore the Kyzylту uranium prospect in Kazakhstan’s Kyzylorda region for six years, adding a new wholly owned asset to its resource pipeline.

Preliminary estimates put uranium resources at about 10,000 tonnes, though the figure remains subject to exploration and further geological assessment.

The license comes as the world’s largest uranium producer works to replenish its mineral base. Kazatomprom reported that proved and probable ore reserves held through its subsidiaries fell 4.9% in 2025, while mineral resources declined 3.3%. The company had planned to seek exploration rights for seven new sites in Kazakhstan in 2026.

Kyzylту is therefore an exploration-stage addition rather than a new production project; no development capex or production timeline has been announced.

Source: Kazatomprom

#Kazakhstan #Uranium #Kazatomprom #NuclearEnergy

[The Steppe & Yields @SteppeYields]

Kazakhstan Tightens Biometric Checks for Bank Customers

Kazakhstan’s financial regulator has tightened KYC and anti-fraud requirements for banks, expanding the use of biometric authentication for non-residents and remote banking.

Banks must conduct biometric checks when opening accounts or issuing payment cards under the country’s e-Residency program. Customers represented under a power of attorney will also face biometric verification before transactions can be processed.

Remote account opening and changes to a customer’s registered mobile number require two-factor authentication, with biometric verification through the National Bank’s identification-data exchange system.

Banks must retain biometric images or video-session records for at least five years after the customer relationship ends.

Higher-risk non-residents face enhanced due diligence and transaction monitoring, including additional restrictions on remote onboarding and card issuance.

Source: Kazakhstan Agency for Regulation and Development of the Financial Market

#Kazakhstan #Banking #Fintech #KYC

[The Steppe & Yields @SteppeYields]

Uzbekistan Targets $4.2 Billion Critical Minerals Buildout

Uzbekistan plans 120 critical-minerals projects worth $4.2 billion through 2030 as it seeks to move beyond raw-material exports into processing and higher-value manufacturing.

The government sees potential to establish industrial production of 28 critical minerals and expand sector output to $2 billion by 2030. Twelve projects worth $166 million are targeted for launch in 2026, including production of high-purity selenium, tellurium and rhenium.

For tungsten and molybdenum, the strategy calls for a full raw material-to-finished-product chain, including metal powders, alloys, rods, wires and industrial components.

South Korea is emerging as a potential technology partner. Seoul and Tashkent agreed this month to expand critical-minerals cooperation, with Korea seeking to combine its processing and manufacturing technologies with Uzbekistan’s resource base.

The two sides are also establishing a Korea-Uzbekistan critical minerals hub.

#Uzbekistan #CriticalMinerals #Tungsten #molybdenum

[The Steppe & Yields @SteppeYields]

Kazakhstan Faces FAA Safety Assessment as U.S. Flight Plans Advance

The U.S. Federal Aviation Administration is conducting its International Aviation Safety Assessment (IASA) in Kazakhstan from Sept. 21–25, a key step toward the country securing Category 1 status.

Category 1 is required for Kazakh carriers to launch direct services to the U.S. under FAA rules. Kazakhstan passed a preliminary IASA technical assessment in August 2024 and has since amended aviation legislation as part of preparations for the full review. 

The assessment focuses on whether Kazakhstan’s civil aviation oversight system complies with ICAO safety standards.

#Kazakhstan #Aviation #FAA #AirAstana

[The Steppe & Yields @SteppeYields]

UAE’s BHM Capital starts market making for Kazatomprom on AIX

UAE-based BHM Capital has begun providing liquidity for Kazatomprom shares and GDRs on the Astana International Exchange, becoming the first UAE financial institution to operate as an AIX market maker through Abu Dhabi Securities Exchange’s Tabadul platform.

The development moves the UAE-Kazakhstan exchange link beyond cross-border trading access into direct liquidity provision.

BHM first connected to AIX through Tabadul in August. Its newly launched mandate covers Kazatomprom ordinary shares and GDRs (KAP and KAP.Y)

The move gives a UAE financial institution a direct role in supporting trading liquidity for the world’s largest uranium producer and marks another step in linking Kazakhstan’s capital market with Gulf investors.

Source: BHM Capital / Astana International Exchange

#Kazakhstan #UAE #AbuDhabi #Kazatomprom #Uranium

[The Steppe & Yields @SteppeYields]

Zijin plans $910 million expansion after $1 billion Kazakhstan gold acquisition

China’s Zijin Gold International produced 3.3 tonnes of gold at Kazakhstan’s Raygorodok mine in H1 2026, its first full half-year since acquiring the asset in October 2025.

The company is now advancing a $910 million expansion that would add 10 million tonnes of annual ore-processing capacity, taking Raygorodok from 6 million to about 16 million tonnes per year by Q3 2028. The feasibility study and project approval have been completed, with pre-construction work underway.

Raygorodok’s all-in sustaining cost was $1,560/oz in H1. CIL throughput reached 3.38 million tonnes, while heap-leach throughput rose 47.5% year-on-year to 522,000 tonnes.

Zijin completed the acquisition for approximately $1 billion last year after closing adjustments.

Source: https://t.co/VeToi4RbGO / Zijin Gold International / HKEX

#Kazakhstan #Gold #Mining #China #Investment

[The Steppe & Yields @SteppeYields]

Kazakhstan plans to expand access to Islamic insurance through “Islamic windows,” allowing conventional insurers to offer Sharia-compliant products without setting up separate legal entities.

The framework is included in a new draft insurance law published Sept. 15, with market participants expecting Islamic insurance products could launch as early as January 2027, according to https://t.co/dm3jHmqQ0q.

Halyk-Life, one of Kazakhstan’s major life insurers, is already preparing to enter the segment and says it will be ready to launch products once the necessary legislation takes effect.

The model could lower barriers to entry for insurers and broaden the range of Islamic financial products available in Kazakhstan, including policies combining insurance and investment components.

The initiative comes as Kazakhstan develops a broader Islamic-finance ecosystem. KASE has also introduced Sharia screening of listed securities.

Source: https://t.co/dm3jHmqQ0q

#Kazakhstan #IslamicFinance #Insurance

[The Steppe & Yields @SteppeYields]

Kazakhstan plans to delay a new royalty regime for solid minerals by two years, easing the near-term tax burden on new mining projects.

Government officials backed moving the effective date to Jan. 1, 2029, from Jan. 1, 2027, as authorities continue work on royalty rates and the tax base.

The royalty is set to apply to mineral raw materials and solid minerals extracted under licenses issued after Dec. 31, 2026 in areas where subsoil-use rights had not previously been granted.

The Industry Ministry said the regime needs further calibration to reflect the capital intensity and economics of new mining projects.

The delay could be particularly relevant for investors evaluating greenfield projects in Kazakhstan from 2027 onward.

Source: Government of Kazakhstan

#Kazakhstan #Mining #Tax

[The Steppe & Yields @SteppeYields]

South Korea’s YPP advances $2 billion green hydrogen project in Kazakhstan

South Korea’s YPP Corporation has signed an MoU with Kazakhstan’s Energy Ministry and East Kazakhstan region to advance a proposed $2 billion Green Energy Complex.

The project under consideration would combine about 1 GW of renewable power with production capacity of up to 55,000 tonnes of green hydrogen or 310,000 tonnes of green ammonia a year.

The proposal has become more defined since YPP first unveiled the concept in 2025, when it envisaged up to 2 GW of renewables and investment of as much as $3.1 billion.

The latest MoU remains an early-stage step: Kazakhstan’s Energy Ministry says the roughly $2 billion cost applies if the project is ultimately deemed feasible.

If developed, the project could give YPP a Kazakhstan production base for green hydrogen and ammonia, with the original concept targeting both domestic use and exports.

Source: Ministry of Energy of the Republic of Kazakhstan

#Kazakhstan #SouthKorea #GreenHydrogen #GreenAmmonia

[The Steppe & Yields @SteppeYields]

Kazakhstan turns to Chinese tech as it rolls out AI-native cities nationwide

Kazakhstan is moving from standalone Smart City projects toward a nationwide AI-Native Cities & Regions model, creating potential demand for urban AI, data infrastructure, intelligent transport and digital utility technologies.

The government’s new framework calls for common digital architecture across regions, with core infrastructure rolling out through 2027 and AI functionality through 2028.

As implementation begins, Kazakhstan’s AI and Digital Development Ministry and representatives from 11 regions visited Hangzhou, Hong Kong and Shenzhen, holding talks with Alibaba, H3C, Dahua Technology, Unitree Robotics and other Chinese technology groups.

The ministry signed a cooperation agreement with Zhejiang Gaoxin Technology covering AI, digital transformation and AI-native cities, while regional agreements were also signed. The next step is to develop pilot projects in Kazakhstan with local IT companies before potential wider deployment.

Source: Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan

#Kazakhstan #AI #SmartCities #China #DigitalInfrastructure

[The Steppe & Yields @SteppeYields]

Canada eyes role in Kazakhstan’s nuclear buildout as Astana weighs SMRs

Canada has offered to share its experience with Kazakhstan on small modular reactors, including Ontario’s Darlington SMR project, and CANDU technology, Kazakhstan’s Ministry of Trade and Integration said.

The two sides also discussed potential participation by Canadian companies in Kazakhstan’s expanding nuclear program.

The talks come as Kazakhstan moves beyond its first large nuclear power project. Its nuclear strategy through 2050 calls for at least three nuclear plants and envisages up to 1.2 GW of SMR-based capacity.

Canada’s Darlington project offers a relevant reference: its first GE Vernova Hitachi BWRX-300 is under construction, with plans for four SMRs totaling about 1.2 GW.

No Canadian technology or supplier has been selected. But the talks put Canadian nuclear expertise on the radar as Kazakhstan evaluates technologies and international partners for its longer-term nuclear buildout.

Source: Ministry of Trade and Integration of the Republic of Kazakhstan

#Kazakhstan #Canada #NuclearEnergy #SMR

[The Steppe & Yields @SteppeYields]

Qatar-registered investor set to take 65% control of Kazakhstan coal giant Bogatyr Komir

Kazakhstan’s state-owned Samruk-Energy is exiting Bogatyr Komir, a major coal producer with annual capacity of about 42 million tonnes, in a deal that will leave Qatar-registered Primet LLC with a controlling stake.

Primet entered the asset in September 2025, acquiring 30% of Forum Muider, the holding company that owns Bogatyr Komir. That diluted Samruk-Energy and Rusal-linked Miradore Enterprises from 50% to 35% each.

Under a December 2025 sale agreement, Samruk-Energy is transferring its remaining 35% to Primet in 2026, taking the Qatar-registered investor to 65%, while the Rusal-linked shareholder retains 35%.

The buyer remains unusually opaque. Forbes Kazakhstan reports that Primet was incorporated in the Qatar Financial Centre in July 2025 with $10,000 in capital, while its ultimate beneficial owners have not been publicly disclosed.

Source: Forbes Kazakhstan / Samruk-Energy

#Kazakhstan #Qatar #Investment #Energy #Coal

[The Steppe & Yields @SteppeYields]

AM Best upgrades Kazakhstan’s Eurasia Insurance to A−

AM Best has raised Eurasia Insurance Company’s financial strength rating to A− (Excellent) from B++ (Good), with a Stable outlook, citing stronger balance-sheet resilience and operating performance.

Kazakhstan’s largest (re)insurer maintained risk-adjusted capitalization at AM Best’s strongest level under its BCAR model. Its combined ratio improved to 71.2% in 2025 from 85.3% in 2024, while return on equity reached 22%.

Eurasia has also built a sizable international reinsurance business: premiums from its overseas inward reinsurance portfolio accounted for roughly half of total premiums written in 2025.

The upgrade follows S&P Global Ratings’ move last week to raise Eurasia to BBB+, giving the insurer two rating upgrades within days.

Source: AM Best

#Kazakhstan #Insurance #Reinsurance

[The Steppe & Yields @SteppeYields]

Kazakhstan moves to streamline investment approvals under single government system

Kazakhstan is preparing the next stage of its investment-policy overhaul, with the government considering a “single investment vertical” to coordinate projects from initial investor interest through launch, expansion and reinvestment.

The proposed changes are intended to shorten approval times, accelerate project commissioning and expand digital investor services. The Economy Ministry has been tasked with drafting a concrete action plan.

The move builds on reforms already underway, including the National Digital Investment Platform and plans for a Kazakhstan Investment House one-stop center. Kazakhstan is also shifting toward more proactive investor targeting rather than relying primarily on incoming proposals.

For foreign companies, the test will be whether the new structure materially reduces the time and number of government interfaces required to move projects from commitment to operation.

Source: Government of Kazakhstan

#Kazakhstan #Investment #FDI #EmergingMarkets

[The Steppe & Yields @SteppeYields]

EU targets €12 billion investment push for Middle Corridor linking Central Asia to Europe

The European Union plans to mobilize up to €12 billion in public and private investment to develop the Middle Corridor connecting Central Asia and the South Caucasus directly with European markets.

European Commission President Ursula von der Leyen announced the initiative in her 2026 State of the Union address, saying the project will be backed through the EU’s Global Gateway program.

The EU aims to triple trade flows and sharply reduce freight transit times along the corridor by 2030, strengthening an alternative east-west trade route between Central Asia and Europe.

The initiative builds on rapidly growing traffic along the Trans-Caspian route. The European Commission said earlier this year that trade along the corridor had quadrupled since 2022 and could triple again by 2030 with sufficient infrastructure investment.

The EU will also organize a Regional Connectivity Summit with Bulgaria to advance the project.

For Kazakhstan, the initiative could bring additional investment into the infrastructure underpinning the Middle Corridor, including railways, Caspian ports, border crossings and logistics networks.

Source: 2026 State of the Union Address by European Commission President Ursula von der Leyen

#Kazakhstan #MiddleCorridor #EuropeanUnion #Logistics #Infrastructure

[The Steppe & Yields @SteppeYields]

Flydubai to launch Almaty–Dubai cargo service as UAE-Kazakhstan air freight expands

Flydubai plans to launch weekly cargo flights between Almaty and Dubai on Oct. 2, adding capacity to a rapidly developing air-freight corridor between Kazakhstan and the UAE.

The service will use Boeing 737-800F freighters, carrying both import and export cargo, according to Kazakhstan’s Transport Ministry.

Flydubai will join Emirates SkyCargo, which launched weekly Boeing 777F service between Dubai and Almaty on June 16. The route — Emirates SkyCargo’s first dedicated freighter service to Central Asia — provides more than 100 tonnes of cargo capacity per week.

The addition of a second UAE carrier strengthens Almaty’s role as an emerging air-cargo gateway linking Central Asia with Dubai’s global logistics network.

#Kazakhstan #UAE #AirCargo #Dubai

[The Steppe & Yields @SteppeYields]

Air Astana to resume Dubai flights from Almaty and Astana in October

Air Astana plans to resume scheduled flights to Dubai from Kazakhstan’s two largest cities in October 2026, restoring service from both Almaty and Astana.

Almaty–Dubai flights will resume on Oct. 1, starting with four weekly services and gradually increasing to 12 flights per week by the end of the month.

Astana–Dubai service will restart on Oct. 2, initially with three weekly flights before rising to 10 flights per week by month-end.

The ramp-up will bring Air Astana’s combined Dubai schedule from the two cities to as many as 22 weekly flights by the end of October.

#Kazakhstan #AirAstana #Dubai

[The Steppe & Yields @SteppeYields]

🇰🇿 Kazakhstan targets higher-value rare earth production with POSCO

Kazakhstan’s Tau-Ken Samruk and South Korea’s POSCO Holdings have agreed to cooperate on developing a domestic value chain for higher-value rare earth products, moving beyond raw-material extraction.

The partnership will focus on high-purity REE separation, refining and metallization, as well as the development of finished products. The companies will also explore recovering rare earths from industrial by-products and secondary materials.

The agreement fits Kazakhstan’s broader push to capture more value from its critical-mineral resources by bringing advanced processing technologies and production stages onshore.

The two companies will now conduct joint research to identify potential projects. Investment, capacity and timelines have not yet been disclosed.

#RareEarths #Kazakhstan #POSCO