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Kazakhstan Mining, Power & Chemicals
Kazakhstan, the largest land-locked country in the world, is sparsely populated and mostly covered by flat steppe. Yet in the last two decades, the country has come to play an outsized role in the global economy due to its abundant reserves of oil and gas. Unsatisfied to languish as a petrol-state, Kazakhstan is now looking to grow and diversify its economy and escape the middle-income trap and the mining, power, and chemical industries offer strong opportunities for the government to achieve this goal. Of these three, the mining industry offers the strongest prospects and is the focus of this report, but power and chemicals should not be overlooked in their own right, not least because they are intertwined with Kazakhstan’s mining and oil and gas industries.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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