Private Investor to Allocate Funds in Modernization of Karagandy Metallurgical Plant

ASTANA – A private investor will allocate approximately $1.3 billion at the first stage to modernize and enhance safety at the Qarmet Karagandy metallurgical plant, previously known as the ArcelorMittal Temirtau mining company.

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During a working trip to the Karagandy Region, First Deputy Prime Minister Roman Sklyar highlighted President Kassym-Jomart Tokayev’s acknowledgment of the transfer of the Karagandy metallurgical plant into the ownership of a Kazakh company.

Sklyar’s delegation was presented with an underground positioning and radio communication system, which is planned to be implemented at all mines. This system enables dispatchers to monitor the location and movement of personnel within the mine, enhancing situational awareness and facilitating prompt responses when needed.

Qarmet management reported serious problems in the technical equipment of the mines and the plant, as well as on the potential for introducing modern production technologies.

Andrey Lavrentyev, a 44-year-old entrepreneur who bought the company for $286 million, is set to invest another $3 billion in modernizing production and addressing the region’s environmental challenges. Of this amount, $1.3 billion will be invested in the coming year.

Qarmet will focus on addressing environmental issues in Temirtau, ensuring a high level of labor protection in mines, and fulfilling social responsibilities to the country. The company has initiated efforts in these areas.

The changes brought new optimism to plant workers, who hope that existing problems with worn-out equipment and unsuitable working conditions will be solved.

The August fire at the Kazahstanskaya mine and the tragic Oct. 29 fire at the Kostenko mine, prompted President Tokayev to direct the government to suspend investment cooperation with ArcelorMittal Temirtau and transfer ownership to Kazakhstan.

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