Copper Exploration Group, which holds licenses for copper ore exploration and mining in the Pavlodar region, reported a loss of 2.5 million tenge for 2025. Its exploration expenses exceeded 1 billion tenge. One of the co-owners is a relative of prominent businessman Galimzhan Yessenov and former head of Kazphosphate, Maksutbek Yessenov, according to infohub.kz.
According to Copper Exploration Group's report, the company's loss for 2025 amounted to 2.5 million tenge. In the previous year, it posted a small profit of 175,000 tenge. The company has no revenue and apparently has not yet started mining operations. Administrative expenses stood at 1.6 million tenge, and other expenses at 3.5 million tenge.
However, the company's actual expenses are not limited to these amounts. Most of the real costs for exploration of deposits, for which the company holds licenses, are classified under "exploration and evaluation assets" rather than as losses or profits. Actual spending on geological, geochemical, laboratory, and other work in 2025 exceeded 1.1 billion tenge.
Copper Exploration Group specializes in mineral exploration and mining, as well as copper production. The company holds eight licenses, obtained between 2022 and 2024, each valid for six years, for exploration of various copper deposits in the Pavlodar region.
The company has multiple owners. 25% is owned by Adil Alshinbayev, son of businessman Askar Alshinbayev, who was listed among the richest Kazakhs in 2014.
Another 25% is held by Maksutbek Yessenov. For many years, he served as chairman of the management board of Kazphosphate. According to media reports, he is the brother (note: they share the same surname and patronymic) of well-known businessman Galimzhan Yessenov, who owned Kazphosphate until 2021.
The remaining shares belong to members of the Zhanasov family – Yermek (25%), Akbota and Amina (2.5% each), and Ruslan Feld (2.5%).
Earlier it was reported that the company of the Assaubayev family would extract tons of gold at the former Semipalatinsk test site.