Swiss trader Glencore is continuing talks on selling a controlling stake in Kazakhstan’s zinc and gold producer Kazzinc. This was disclosed by the company’s CEO, Gary Nagle, at a closed-door Goldman Sachs conference. A decision on whether to proceed with the deal is expected within two months, and analysts value the asset at up to $5 billion at most.
Back in late February, Bloomberg reported that Glencore was discussing the sale of a 70% stake to businessman Shakhmurat Mutalip, owner of the construction group Integra Construction. At the time, the deal was valued at $4–4.5 billion, and Glencore itself was ready to provide financing for the purchase.
This is not Mutalip’s first major deal this year. In May, his company Nature Energy Solutions bought 39.3% of ERG’s shares from Patokh Shodiev and the heirs of Alexander Mashkevich. In addition, the entrepreneur is in the process of buying 100% of Altynalmas, one of Kazakhstan’s three largest gold producers.
Kazzinc is a profitable asset. In 2025, the company earned $771.3 million, 67% more than a year earlier. High metal prices contributed to the growth. Besides zinc, the enterprise produces lead, copper, gold, silver, and other precious metals.
At the end of 2025, the ownership structure looked like this: 45.37% belonged to Kazastur Zinc AG, 29.82% to Tau-Ken Samruk, 10.91% to Best Invest, 8% to Center Capital Investment, and 5.46% to Pasar Holdings Incorporated AG. The ultimate controlling party in the reporting is listed as Glencore International AG, with a 69.74% stake.
Glencore as a whole is selling off major assets. The company may sell 40% in projects in the Democratic Republic of Congo, valued at about $9 billion including debt. According to one investor, this would make the business more compact and potentially simplify a large merger with another mining company. Talks with Rio Tinto at the start of the year ended without result.
The sale of Kazzinc fits Glencore’s strategy of simplifying its structure and concentrating on core areas. For Kazakhstan, the deal would mean the country’s largest zinc producer moving under local control, provided the parties agree on price and financing in the coming weeks.
Source: Financial Times
Image: kazzinc.com
