TMX POV - Central Asia: The Next Frontier For Critical Minerals?

Geography, geology, and evolving reforms may position the region as a strategic hub for global resource development.

By Graham Dallas, Head of Business Development, EMEA

Central Asia's geography and geology place it at the heart of the global race for critical minerals. This vast region, comprising Kazakhstan, Turkmenistan, Uzbekistan, Kyrgyzstan, and Tajikistan, is increasingly capturing the attention of mining bankers, investors, and industry participants worldwide. This heightened interest may be well-founded, as Central Asia harbours some of the most valuable, interesting, and globally significant assets on Earth in the uranium mining industry. Given its immense aggregate land area, which is greater than Canada's, a focused look at the most relevant jurisdictions reveals compelling insights.

Kazakhstan: A Growing Pillar of the Global Mining Sector

While Kazakhstan is widely recognized for its Baikonur Spaceport and its long history as a major producer and exporter of oil and gas, with international companies like Total, Chevron, and Shell present, its relevance in critical mineral production is arguably even more impressive and important. Major global players such as Glencore, Rio Tinto, ArcelorMittal, Fortescue, and Ivanhoe Mines (TSX:IVN) are actively engaged in Kazakhstan. Their assets span from exploration to production stages and cover a diverse range of metals and minerals, including chromium, manganese, tin, zinc, and lead.

A standout example of Kazakhstan's dominance in the critical minerals industry sector is the majority state-owned Kazatomprom, which went public with an IPO at the end of 2018. As the world's largest uranium producer, it commands approximately 40% of the global market share. Kazatomprom's significance in the uranium mining industry has also been cemented by joint ventures with global powerhouses such as France's Orano and Canada's Cameco (TSX:CCO).

What's more, Kazakhstan has made significant strides in creating a more investor-friendly environment for the mining sector:

• The adoption of a new mining code in 2018 shifted the country to a licensing regime, notably modelled after well-established Canadian and Australian mining laws
• The establishment of the Astana International Financial Centre (AFIC), a dedicated financial hub, provides an English Common Law legal framework, an arbitration centre, and an independent court

These reforms have set the stage for potentially increasing interest from mining companies and their investors.

At the 15th Astana Mining and Metallurgy Congress in April 2025, which included participation from Canadian issuers like B2Gold (TSX:BTO), mining companies relayed positive sentiments about doing business in Kazakhstan, highlighting a surprisingly open and collaborative environment for mining investment in the country. Much like the Kingdom of Saudi Arabia, Kazakhstan's embrace of the mining sector as a key economic pillar, complemented by financial and legislative reforms, may effectively draw the attention of the international mining community.

Uzbekistan: A Rising Star with World-Class Assets

Uzbekistan has also emerged as a significant player, particularly in gold production. Many visitors to PDAC in Toronto in 2023 were surprised to discover Navoi Mining, a company with an annual gold production of almost 3 million ounces, yet most attendees had never heard of it. This truly world-class output places Navoi Mining in a very exclusive peer group alongside industry giants like Barrick Mining Corporation (TSX:ABX) and Newmont Corporation (TSX:NGT). Navoi Mining, based in Uzbekistan, has been producing for over 60 years, with its flagship asset, Muruntau, being the largest open pit gold mine in the world, boasting a resource of over 100 million ounces and a mine life of more than 40 years. While currently state-owned, Navoi Mining has embarked on its journey into international capital markets by issuing international bonds and has publicly stated its intention to privatize via an IPO.

Beyond gold, Uzbekistan holds significant reserves of copper, uranium, and other metals, and is already a productive mining nation. The Almalyk Mining and Metallurgical Combine (AGMK) is another example of a producer, extracting copper, zinc, molybdenum, and lead in Uzbekistan. A well-established government initiative aimed at privatizing, opening up, developing, and modernizing the industry is gaining substantial momentum. In a notable development, the Uzbekistan National Investment Fund (UzNIF) announced in May that Franklin Templeton was selected to manage and prepare for the potential IPO of approximately US$1.7 billion worth of Uzbek state assets across various sectors.

A Rewarding Future in Central Asia

While this brief overview focuses on Kazakhstan and Uzbekistan, it is clear that there is far more to this story across the entire Central Asian region, with numerous potential opportunities in other jurisdictions. The consistent engagement from international exchanges such as TSX and TSXV, who participated in industry events in Central Asia, and built networks, underscores the growing global interest.

Central Asia is not just rich in resources—it is rapidly becoming an essential node in the global mining value chain. With increasing international engagement and reform-driven momentum, the region may offer long-term opportunities for investors, producers, and policymakers alike.

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