The Turkish-Dutch CoreX Holding announced plans to seek control of the Koktaszhal and Kyzylshoky copper deposits in Kazakhstan’s Karaganda region through the courts. Historically, Altay Polymetally LLP and its associated Terekti Ken Baiytu LLP were the mining companies. Meanwhile, last week, the private company Altyndara Ltd. announced it had become the new investor in the mining project. It’s worth noting that Altay Polymetally incurred a loss of 18.2 billion tenge in 2024 and defaulted on loans from the European Bank for Reconstruction and Development (EBRD).
“In connection with reports in Kazakhstani media regarding the transfer of the Koktaszhal and Kyzylshoky copper deposits to a new investor, Altyndara, CoreX Holding strongly condemns these actions. CoreX Holding emphasizes that these events constitute an organized, aggressive appropriation and illegal expropriation of CoreX’s significant financial investments in Altay Polymetally LLP and Terekti Ken Baiytu LLP, the current operators of these deposits,” CoreX Holding stated in a statement.
According to CoreX Holding, the agreement concluded in 2024, under which the holding was to receive a 100% stake in Altay Polymetally and Terekti Ken Baiytu in exchange for its investment, remains fully valid, legally binding, and extends to the current owners of these companies.
“Over the past 30 months, while awaiting protracted share transfer approvals, CoreX has acted in good faith, ensuring business continuity and job security. During this period, CoreX invested over $180 million in the Altai Polymetally project to cover all third-party liabilities, employee salaries, operating expenses, and fines imposed by government agencies,” the company stated.
Despite the critical financial support provided, unfounded administrative proceedings have recently been initiated against the Altai Polymetaly project, according to CoreX Holding. CoreX is currently working with the relevant government agencies to conduct a comprehensive analysis of the situation, ensure transparency, and develop a fair solution in accordance with applicable legal and regulatory requirements.
“The assets claimed by Altyndara were in fact supported solely by CoreX’s capital. Such actions significantly damage the investment climate in the Republic of Kazakhstan. “The CoreX Group of Companies has the legal right to acquire 100% of the shares of Altay Polymetally LLP and Terekti Ken Baiytu LLP and, in this regard, intends to immediately initiate comprehensive legal proceedings in both domestic and international jurisdictions,” CoreX Holding stated.
It also notified the local and international financial community, banking institutions, and potential partners that the assets of Altay Polymetally LLP and Terekti Ken Baiytu LLP, as well as the associated licenses, are “the subject of a significant dispute and are subject to ongoing litigation in multiple jurisdictions.”
According to CoreX Holding (formerly YILDIRIM Holding), the company has invested over $1.4 billion in Kazakhstan since 2013 and plans to invest over $3 billion in the country over the next five years. CoreX Holding is headquartered in Amsterdam, the Netherlands, and Istanbul, Turkey. The company was founded in 2024 by Robert Yuksel Yıldırım, who has over 35 years of experience managing international industrial operations. He is also the sole owner.
In 2024, Altai Polymetally increased its loss to 18.2 billion tenge, compared to a loss of 6.9 billion tenge in 2023. The company’s revenue in 2024 decreased to 9.7 billion tenge (copper concentrate sales generated 6.6 billion tenge, copper ore sales 3.2 billion tenge) from 11.7 billion tenge in 2023 (copper concentrate sales 7.8 billion tenge, copper ore sales 3.9 billion tenge). Switzerland was the main copper buyer, generating 6.57 billion tenge in 2024 and 7.8 billion tenge in 2023.
Meanwhile, Altai Polymetally’ financial statements reported the suspension of the Terekti Ken Baiytu concentrating plant, associated with the former company, from July 2025 to the fourth quarter of last year. It was not specified whether the concentrator had resumed operations. Thus, mining operations at the Koktaszhal copper deposit were suspended; the ore extracted there was processed at a processing plant owned by a related company. In addition to Terekti Ken Baiytu, Altai Polymetaly controlled another company, APM Khantau LLC.
It is worth noting that Altai Polymetally’ total assets at the end of 2024 amounted to 77.8 billion tenge, with liabilities of 312.5 billion tenge, suggesting significant doubts about its ability to continue. The continuation of this company’s operations. In particular, its accumulated loss at the end of 2024 amounted to 234.7 billion tenge.
The sole owner of Altai Polymetally at the end of 2023 and 2024 was the private company ARM Holding Ltd. The ultimate controlling party of Altai Polymetally was Yun K.R., a UK resident, as noted in the financial statements.
Altai Polymetally has outstanding loans from the European Bank for Reconstruction and Development (EBRD), but management expected to restructure or repay the EBRD loans in 2025.
Altai Polymetally mined copper ore at the Koktaszhal deposit in the Karaganda region. The 21-year contract was signed on April 27, 2015. The company also held a contract for copper exploration at the Kyzylshoky-Koktal ore field. It was awarded on April 15, 2013, and, including extensions, expired in February 2024. However, at the time of approval of the 2024 financial statements, the company was pursuing a further extension.
It is noteworthy that, despite significant losses, Altai Polymetally paid its top executive 40.6 million tenge in 2024, compared to 29.9 million tenge in 2023.
Furthermore, the company received claims from suppliers of equipment, spare parts, and completed work totaling 6.2 billion tenge. The fact is that, after receiving these claims, Altai Polymetally was late with the corresponding payments. Altai Polymetally claims to have reached an agreement with suppliers to restructure payments until the end of October 2025.
The financial statements noted that Altai Polymetally produced less copper ore than planned in 2023-2024, leading to difficulties with financing and asset maintenance. Terekti Ken Baiytu shut down one of its ore processing lines, resulting in a decrease in the processing plant’s productivity. In September 2024, Altai Polymetally suspended ore mining and commenced preparatory and maintenance work.
Altai Polymetally expected copper ore mining and processing volumes to gradually increase, reaching 2.7 million tonnes by 2029. Copper concentrate prices were projected at 4.7 million tenge in 2025 and 6.3 billion tenge in 2035. In 2025, the company expected to invest 16.3 billion tenge in the repair and modernization of the processing plant, and 10.4 billion tenge in 2026. Estimated copper ore reserves at the end of 2024 were 25.2 million tonnes, compared to 37.5 million tonnes the year before.
At the end of 2024, Altai Polymetally’ debt to the EBRD amounted to 17.89 billion tenge, compared to 13.58 billion tenge at the end of 2023. In 2009, the EBRD provided US dollar loans for the development of the Koktaszhal deposit, the construction of the processing plant, and auxiliary buildings and structures. The effective interest rate on these loans is 11.55% per annum, which is a relatively high rate for foreign currency loans, even by Kazakhstan’s standards.
At the end of 2024, Altai Polymetally owed 227.56 billion tenge on an interest-free tenge loan from APM Holding Ltd., 59.16 billion tenge on a tenge loan from the private company New Star Limited at 26% per annum, and 539.7 million tenge on an interest-free tenge loan from Evgeniya Yun, who is apparently a relative of Altai Polymetally’ ultimate owner and a UK resident. The EBRD loans were due by April 15, 2023. However, at the end of 2023 and 2024, Altai Polymetally was in default on the EBRD loans due to late repayments and failure to comply with financial and non-financial covenants.
The loans were secured by the fixed assets of Altay Polymetally and Terekty Ken Baiytu, trade receivables from their customers, cash from borrowing companies, and subsoil use rights under two contracts. Terekty Ken Baiytu’s debt to the EBRD amounted to 13.58 billion tenge at the end of 2024.
eGov.kz currently lists the private company APM Holding Ltd. as the sole owner of Altay Polymetally (a copper ore mining and processing facility in the village of Terekty, Karkaraly District, Karaganda Region). The sole owner of APM Holding Ltd. (AIFC, holding company activities, first director – Evgeniya Yun) is Balcatta Financial Corp., registered in the British Virgin Islands.
CoreX Holding’s statement was a response to a report by the private company Altyndara Ltd. On April 7, the company announced that it had become an investor in a copper ore exploration and production project at the Koktaszhal and Kyzylshoky deposits.
“The Kazakhstani company Altyndara, registered under the AIFC jurisdiction, was awarded the subsoil use license. At a meeting with the company’s assets, representatives of the new investor presented a large-scale work plan for expanding the mine,” the company noted.
The phased implementation of the project is aimed at increasing profitability, creating over 800 jobs, and creating a multiplier effect for socioeconomic development of the locality. The total investment will exceed $500 million and includes the development of a new ore field and the start of construction of the Kyzylshoky mining and processing plant.
The company estimates copper ore reserves at the Koktaszhal and Kyzylshoky deposits at over 50 million tons, with proven copper deposits exceeding 500,000 tons. The company noted that the mining license holder was Altay Polymetally. Interestingly, the owner of the private company Altyndara Ltd. is listed as the same Balcatta Financial Corp., meaning the new beneficial owner of Altay Polymetally will not change.
