After a decade-long shutdown, the Lomonosov Mining and Processing Plant (GOK) is preparing to return to production. A Kazakh company is completing preparations to restart mining at the deposit in the Kostanay Region. The first ore is expected in 2029, while the operation is ultimately planned to reach a capacity of up to 22 million tonnes per year.
The project is effectively being restarted from scratch. Preparatory work is scheduled to be completed this year, while 2026–2028 will be devoted to overburden removal without ore extraction. The ramp-up will take time, but the project’s resource potential is substantial.
The State Reserves Commission has approved 177 million tonnes of iron ore resources at Lomonosov. An independent assessment by Mining Associates puts the potential resource base considerably higher, at 507.8 million tonnes. Over the planned mine life through 2046, the project is expected to produce 275.3 million tonnes of ore and 73.5 million tonnes of concentrate grading 67% iron.
The plant’s original design capacity was discussed at around 16 million tonnes of ore per year. It was later increased to 22 million tonnes. For comparison, the earliest plans envisaged a 2015 launch with annual production of approximately 6 million tonnes. The project ultimately faced delays of more than a decade.
After the project’s suspension during 2018–2020, it underwent a lengthy restructuring and rehabilitation process. Development plans were revised, a new feasibility study was prepared, and an environmental permit was obtained. In 2024, the reserves were brought into compliance with Kazakhstan’s KAZRC reporting standard. The financial model is based on an assumed iron ore price of $100 per tonne.
The Lomonosov project is now moving from the planning stage into physical development. The ten-year delay has come at a high cost, but the project now has updated geological data, a new feasibility study, and a clearer financial model. Unless market conditions deteriorate unexpectedly, the Kostanay Region could once again become one of Kazakhstan’s major iron ore producing centers.
Source: inbusiness.kz
Image: AI Atameken Business
