What AK Altynalmas does

AK Altynalmas is a Kazakhstani joint-stock company engaged in the extraction and processing of gold-bearing ores and the production of Doré alloy for downstream refineries and offtake partners. The company operates four mining complexes — Akbakai (~1.2 Mt/y), Pustynnoye (~2.62 Mt/y), Zholymbet (~0.5 Mt/y), and Aksu (~5 Mt/y) — representing combined ore throughput of approximately 9.32 million tons per year, and is supported by a workforce of more than 9,000 employees. It is headquartered in Almaty, Kazakhstan, and operates without a public equity ticker.

The company's core product is Doré alloy, an unrefined bullion composed of approximately 90% gold and silver with 10% residual impurities, which is sold to third-party refineries. Processing is built around a diversified metallurgical stack including pressure oxidation (POX), bioleaching, gravity concentration, cyanidation, and carbon-in-pulp/carbon-in-leach (CIP/CIL) circuits, allowing the company to treat both refractory and free-milling ore bodies across its four sites. Operational and procurement activities are organized through dedicated subsidiaries: Altynalmas Technology, Aksu Technology, Kazakhaltyn Technology (centralized procurement), and Altynalmas Reagents (planned sodium cyanide production).

AK Altynalmas generates revenue by selling Doré alloy at prices linked to prevailing LBMA gold and silver benchmarks, with margins determined by ore grade, recovery rates, reagent and energy costs, and realized byproduct credits. The company is also pursuing vertical integration via a planned 25,000-ton-per-year sodium cyanide plant in the Zhambyl region targeted for 2025, intended to internalize a key reagent input. Operational governance is reinforced by an enterprise risk management system adopted in 2018 and a Business Continuity Management System approved in December 2024 for the 2025–2026 horizon.

Name

AK Altynalmas

Legal name

АО "АК Алтыналмас"

Website

http://www.altynalmas.kz

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AK Altynalmas is a Kazakhstani gold miner operating four mining complexes with ~9.32 Mt/y combined ore throughput, producing Doré alloy for refineries via POX, bioleaching, and cyanidation processing.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Metal Ore Mining (2122)

SIC

Gold And Silver Ores (1040), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Precious Metals Smelting & Refining (IMAKAEAE)

Keywords

• Gold mining
• Ore processing
• Doré alloy
• Gold extraction
• Refractory ore processing

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure

Revenue model

1. Gold Mining and Production: Primary revenue from mining and processing gold ore to produce Doré alloy (gold-silver alloy) and refined gold. The company operates four main mining complexes producing approximately 9+ million tons of ore annually.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

AK Altynalmas (АО «АК Алтыналмас») is a primary gold producer operating four mining and processing complexes across Kazakhstan — Akbakai, Pustynnoye, Zholymbet, and Aksu — with a combined ore processing capacity of approximately 9.32 million tons per year. The company extracts gold and silver from both oxide and refractory sulfide ores using advanced metallurgical technologies including POX, bioleaching, CIP/CIL, gravity concentration, and flotation, and produces a gold-silver Doré alloy (90% gold and silver content, 10% impurities) that is sold directly to refineries and offtake partners for further purification.

Product overview

AK Altynalmas is a gold mining company operating multiple mining and processing complexes across Kazakhstan. The company operates four main gold mining complexes: Akbaqai (underground and open-pit, 1.2M tons/year), Pustynnoe (open-pit, 2.62M tons/year), Zholymbet (combined method, 500K tons/year), and Aksu (5M tons/year, producing Dore alloy). The company also has a planned sodium cyanide production plant project. These operations span Zhambyl, Karaganda, and Akmola regions, with gold extraction using various methods including cyanide leaching, gravity concentration, and flotation processing at gold recovery plants.

Differentiator

Problem solved

Functional benefit

Products and services

• Akbakai Mining Complex Gold mining complex in Moyynkum District, Zhambyl Region, using combined underground and open-pit methods with annual capacity of 1.2 million tons of ore.
• Pustynnoye (Aktogai) Mining Complex Open-pit gold mining complex in Aktogay District, Karaganda Region with annual capacity of 2.62 million tons of ore and average gold content of 1.23 g/t.
• Zholymbet Mining Complex Gold mining complex with combined open-pit and underground extraction methods in the Aksu-Zholymbet structural zone with annual capacity of 500,000 tons of ore.
• Aksu Mining Complex Gold mining complex in Akmola Region with annual capacity of 5 million tons of ore, producing final Doré alloy (gold-silver alloy) product.
• Doré Alloy (Сплав Дорé) Gold-silver alloy produced at gold mining operations containing 90% gold and silver with 10% impurities, sent to refining facilities for further purification.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Standard ComexminorChannel Partner/ Reseller/ DistributorElectronic procurement platform used by the company for conducting competitive tenders and sourcing goods and services from suppliers.
• Reestr NadlocminorChannel Partner/ Reseller/ DistributorElectronic procurement registry platform used by the company for tender management and supplier registration.
• Altynalmas Reagents (TOO)coreStrategic or Co-development PartnerSubsidiary company implementing the sodium cyanide production plant project in Zhambyl region with capacity of 25,000 tons/year to ensure strategic security of the gold mining industry and replace imports from Russia and China.

Scale indicators3 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• NORDGOLD: London-listed gold producer with multiple operating mines including assets in Kazakhstan (Suzdal, Zholymbet area) and Russia. Closely comparable to AK Altynalmas as a regional mid-to-large gold miner using similar refractory-ore processing routes and Doré output.
• Centerra Gold: Canadian gold miner with the historic Kumtor mine in Kyrgyzstan and Mt. Milligan in BC. Closely comparable as a Central Asia-focused mid-cap gold producer dealing with similar Kyrgyz/Kazakh-style regulatory and operational conditions.
• Polymetal International: London/Jersey-listed precious metals producer with gold and silver mines across Russia and Kazakhstan. Comparable because it produces gold/silver Doré, processes refractory ores via bioleaching/POX, and shares the same Central Asian regulatory and offtake ecosystem.

Broad incumbents

• Kinross Gold: Canadian senior gold producer with operations across the Americas and West Africa. Comparable as a senior gold benchmark for processing-technology choices, offtake structures, and Doré/refined gold sales models.
• Pan American Silver: Major silver and gold producer with mines across Latin America. Comparable as a large-cap silver/gold producer selling refined and Doré product, useful for benchmarking by-product silver contribution to revenue.
• Hochschild Mining: London-listed precious metals miner producing gold and silver from underground operations in the Americas. Comparable as a mid-tier gold/silver Doré producer using similar CIP/CIL and other hydrometallurgical flows.

Regional players

• Eurasian Resources Group (ERG): Kazakhstan-headquartered diversified miner (chrome, copper, cobalt, ferroalloys) with operations across the country. Comparable as a large incumbent mining platform competing for the same subsoil rights, labor pool, and infrastructure in Kazakhstan.
• Kazzinc (Glencore): Major Kazakhstan-based integrated zinc, lead, copper and silver smelter/miner owned by Glencore. Comparable because it is a regional polymetallic operator with refining capacity that competes for Doré feedstock and downstream processing slots.
• Tau-Ken Samruk: Kazakhstan's national mining company focused on solid minerals exploration and development. Comparable as a domestic peer pursuing gold and base-metal assets under the same subsoil use regime.

Others

• Aluminum of Kazakhstan / KAS Aluminium mining arm: Large Kazakhstani industrial group involved in bauxite, alumina and ancillary mining activities. Adjacent peer because it shares the Kazakh regulatory and energy/infrastructure footprint relevant to AK Altynalmas's operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@jscakaltynalmas6461
• LinkedInlinkedin.com/company/%D0%B0%D0%BE-%D0%B0%D0%BA-%D0%B0%D0%BB%D1%82%D1%8B%D0%BD%D0%B0%D0%BB%D0%BC%D0%B0%D1%81-jsc-ak-altynalmas
• Instagraminstagram.com/altynalmas.kz

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AK Altynalmas