Australian company Lindian Resources plans to invest $150 million in developing a former Kazatomprom plant in Stepnogorsk. The facility, previously owned by the Kazakh operator and Japan's Sumitomo Corporation, will gain new capacity under its Australian owner: through its subsidiary Silkway Metals, the company plans to modernize existing production and build a new workshop, infohub.kz reports.
According to the Akimat of Akmola Region, the project is scheduled for 2026–2028, and preparatory work has already begun. About $50 million will go toward upgrading the existing plant, with another $100 million earmarked for construction of the new workshop.
The new workshop is expected to produce mixed rare earth carbonate — an intermediate product that is subsequently processed into materials for manufacturing permanent magnets.
"The design capacity of the new production facility will be 12,500 tonnes per year, with planned output of 8,000 tonnes annually. The company will retain 228 jobs and create additional ones once the new capacity reaches its design level," the akimat said.
Silkway Metals became a subsidiary of Lindian Resources in August 2026, according to the Australian group's annual report. Lindian acquired 100% of the SARECO plant complex in Stepnogorsk and related infrastructure for up to $20 million. The final payment was made on September 4. The deal included production assets, equipment, land and buildings.
Lindian Resources is a public company whose shares trade on the Australian Securities Exchange. Among its major shareholders are Regal Funds Management and L1 Capital.
Akim of Akmola Region Marat Akhmetzhanov met with Silkway Metals CEO Dinmukhammed Madzhanov. They discussed the project's progress, public hearings, and production and social issues.
"Stepnogorsk has the necessary conditions to implement such a project – sufficient power and heat supply capacity, as well as developed industrial infrastructure. An industrial zone was recently opened in the city, creating additional opportunities for locating and developing production facilities," Marat Akhmetzhanov noted.
According to the akim, the project aligns with the president's directive on the efficient use of Kazakhstan's resources and the development of the critical minerals sector. The regional akimat will support it at every stage of implementation.
Earlier, Kursiv wrote that Kyzyltu — a subsidiary of the Stepnogorsk Mining and Chemical Combine, whose ultimate owner is Russia's state corporation Rosatom — will receive the right to conduct gold exploration in the Yereimentau district of Akmola Region.