Kazakhstan’s Kazakhmys Corporation has announced the signing of a framework agreement initiating the transfer of ownership to a new shareholder, according to a statement from the company’s press service.

The agreement was reached jointly by Kazakhmys President Vladimir Kim and Chairman of the Board of Directors Eduard Ogai. It sets in motion the procedures for a share transfer, with a formal purchase and sale agreement to follow once all obligations are fulfilled in accordance with legal requirements.

The corporation emphasized that the process will be conducted in strict compliance with the law. In Kazakhstan’s mining and metallurgical sector, such transactions require authorization from the Ministry of Industry and Construction as well as the Agency for the Protection and Development of Competition.

Kazakhmysalso confirmed that notification procedures for partners, creditors, minority shareholders, and other stakeholders have begun.

“According to the signed document, the upcoming change of shareholder will not affect production or operations. All contractual obligations and employee social guarantees will remain intact, and job stability will be fully maintained. Kazakhmys will continue to operate normally, with current and planned projects implemented in line with its strategic roadmap,” the company stated.

This announcement follows reports that Kazakh businessmen Shakhmurat Mutalip and Nurlan Artikbayev are in talks to acquire stakes in two of the country’s largest industrial players, KazZinc (500 th. tons of zinc annually) and (440 th. tons of copper annually) . Mutalip, who owns Integra Construction KZ, has reportedly been offered a 70% stake in KazZinc by Glencore. Artikbayev, majority shareholder of Qazaq Stroy, is negotiating a stake in Kazakhmys.

Both entrepreneurs recently met with President Kassym-Jomart Tokayev to discuss the role of private business in infrastructure development. Artikbayev, ranked 44th on the Forbes Kazakhstan 2025 list, met with the president on November 4, followed by Mutalip on November 21.

Analysts view the potential transactions as part of a broader effort to consolidate domestic control over Kazakhstan’s strategic industrial assets.