Gold mining company Shugyla Gold ended 2025 with a profit of KZT 4.76 billion, compared with a loss of KZT 4.8 billion in 2024, according to the company's financial statements, infohub.kz reports.
Revenue reached KZT 9.7 billion in 2025, up from KZT 281.1 million a year earlier. In both 2024 and 2025, all revenue came from sales of Doré alloy, which must contain at least 70% gold and silver. The uncovered loss shrank to KZT 3.06 billion at the end of 2025 from KZT 7.77 billion a year earlier.
Shugyla Gold, registered in the village of Akzhal in the Abai region, is wholly owned by Shugyla Kent. Yergalym Sadakov heads both entities. Shugyla Kent, in turn, is owned by KST Production. KST Production's co-owners are Abzal Nuriyev and Taslima Sarsebayeva. Abzal Nuriyev also owns Azit, a company based in Aktobe.
Shugyla Gold holds two licenses for geological exploration of solid minerals and two extraction contracts. Its main activity is listed as mining of precious metals and rare metal ores.
Shugyla Gold's ultimate owners were previously Kazakh citizens Asel Medeuova and Bakytzhan Seiitzhan. The company planned to start placer gold mining in 2026 at a site in the Byukuy river valley and Balka Colorado in the Zharma district of the East Kazakhstan region, Kursiv reported. Proven C1 reserves at the site total 202.4 kg of pure precious metal.
Shugyla Gold also intended to launch commercial mining of gold-bearing ore at the Akdingek deposit in the Zharma district of the Abai region in 2027. The plan called for open-pit mining with a design capacity of 100,000 tonnes of gold-bearing ore a year. All the gold was to be extracted over five years, from 2027 to 2031.