Kazakh construction magnates are expanding their business into mining: Shakhmurat Mutalip and Nurlan Artykbayev may buy Kazzinc and Kazakhmys
Shakhmurat Mutalip, owner of the railway and road company Integra Construction KZ, is negotiating the purchase of 70% of zinc and gold producer Kazzinc from Glencore Plc, informed sources who They wished to remain anonymous because the information is private. At the same time, Nurlan Artykbayev, founder of the Qazaq Stroy construction and development group, is seeking to acquire the Kazakhmys copper mining company, other people familiar with the matter said.
There are no guarantees that any of the transactions will take place, as the cost and settlement procedure have not yet been agreed, the sources said.
Artykbayev and Mutalip were both warmly received by the current administration and met with Tokayev this month to discuss construction projects.
Since 2022, when 35-year-old Mutalip fully consolidated Integra, his business has grown significantly. In the first 11 months of this year, the company's revenue from government orders amounted to about 206 billion tenge ($398 million) against 42 billion tenge in 2021, according to government procurement data.
Artykbayev, 50, ensured the growth of Qazaq Stroy, which participated in the construction of government-supported housing.
The entrepreneur's interests already go beyond construction. He controls Qazaq Kalium Ltd., which has been developing the Satimol potash deposit since 2023 and plans to invest 2.4 billion by 2035. In 2024, his company bought a 9% stake in state-owned Kazakhtelecom from Jusan Bank after a deal that one of the bank's co-owners entered into with a company associated with a foundation established by Nazarbayev.
