Bapy Metals, an iron ore mining company in the Karaganda region, reported a net profit of 461.3 million tenge for 2025, up from 344.9 million tenge in 2024, according to its financial statements. The profit rose 33.7%, infohub.kz reports.
The company's revenue increased 1.5 times to 7.6 billion tenge from 5.1 billion tenge in 2024. Retained earnings reached 3.5 billion tenge by the end of 2025.
Bapy Metals is owned equally by academician Kanat Chokin and entrepreneur Arman Serikbayev, each holding a 50% stake. Kanat Chokin is the son of Kazakh scientist Shafik Chokin, who, alongside Kanysh Satpayev, played a key role in establishing the Academy of Sciences of Kazakhstan.
Entrepreneur Arman Serikbayev also co-owns the Federation of Sport Fishing, the Association of Amateur Pilots of Kazakhstan, and Bozoba Petroleum, all registered in Almaty.
Bapy Metals is registered in the village of Akzhal, Shet district, Karaganda region. The company holds a contract to extract iron-bearing ores at the Bapy area in the Karaganda region. Previously, Bapy Metals discovered iron deposits at Zhuantobe, Karaulken, Akchagyl, and East Bapy. Mining at Zhuantobe began in August 2021. The company had planned to complete mining at Zhuantobe in 2026 and then focus on remediation.
The previous contract for Zhuantobe was extended until February 12, 2025, but had expired by the time the 2025 financial statements were approved. The company completed all field work at Karaulken, Akchagyl, and East Bapy. According to the financial report, the company was preparing documents to return part of the Bapy contract area to the state.
In 2025, Bapy Metals secured all approvals for mining licenses at Karaulken, Akchagyl, and East Bapy. Mining at Akchagyl was planned to start in 2026.
Previously, Bapy Metals announced plans to increase ore production at Zhuantobe in the Shet district of Karaganda region to 3.225 million tons per year starting in 2025. The company had previously produced up to 3 million tons of ore annually. In 2023, the company posted a small loss of 33 million tenge, but in 2022 it earned 2.25 billion tenge in net profit.
The company planned to start work in May 2025 and finish by December 31, 2027. The ore will be delivered for processing to Bapy Mining, which produces iron ore concentrate with iron content of 52% and 62%.
Bapy Mining has reported a production capacity of up to 3 million tons of ore per year at Bapy. The deposit was discovered in 1940, with exploration in the 1960s and 1970s, and detailed exploration in 2005-2006. The State Reserves Committee (GKZ) approved balance reserves of 30 million tons of ore. The ore can be supplied to Qarmet, China, and other customers.