Central Asia holds major uranium, gold and copper assets, but access to listed mining companies varies sharply between Kazakhstan, Uzbekistan and Mongolia. Kazakhstan already provides liquid exposure to uranium and gold, Uzbekistan is developing potential state-asset listings, while Mongolia offers more concentrated project-level opportunities.
Kazakhstan provides the broadest listed exposure
At the end of June 2026, KASE had 88 share issues from 75 issuers, with equity-market capitalisation of 47.6 trillion tenge, or about $97.9 billion. Foreign investors represented 27% of June secondary-market share turnover, although monthly equity turnover was only 24.8 billion tenge.
The Astana International Exchange (AIX) had 398 securities from 196 issuers by the end of the first half of 2026. First-half turnover reached $1.1 billion, compared with $700 million a year earlier. The exchange had 69 trading members and ten global custodians with sub-accounts at its central securities depository.
Mining exposure remains concentrated in Kazatomprom and Solidcore Resources.
Kazatomprom leads uranium exposure
Kazatomprom expects attributable uranium production of 14,500–15,500 tonnes in 2026, equivalent to approximately 37.7–40.3 million pounds of uranium oxide. Production remains dependent on sulphuric-acid availability, an important input for Kazakhstan’s in-situ uranium recovery operations. The company’s investment profile is also influenced by uranium prices, long-term contracts, taxation, currency movements, state policy and dividends.
Kazakhstan’s nuclear programme is adding strategic importance to the sector. In May 2026, the country signed an approximately $16.5 billion agreement with Russia to build its first nuclear power plant, while a second plant is planned with Chinese participation.
Solidcore Resources provides Kazakhstan’s principal listed gold exposure. It produced 125,000 gold-equivalent ounces in the first quarter of 2026, up 84% year on year, while sales reached 123,000 ounces and revenue $595 million. Full-year production is expected at approximately 540,000 gold-equivalent ounces, compared with 395,000 ounces in 2025. The company is also developing the Ertis pressure-oxidation plant to process refractory concentrate domestically.
Uzbekistan holds major assets ahead of potential listings
Uzbekistan’s mining companies are considerably larger than its current listed mining universe suggests. Navoi Mining and Metallurgical Company (NMMC) produced approximately 1.51 million ounces of gold in the first half of 2026, with output valued at around $7.1 billion. Its operations include the Muruntau mining complex. A proposed NMMC flotation, potentially involving London and Tashkent listings, was paused in May 2026 while the government reconsidered its timing.
The potential listing could significantly expand Uzbekistan’s capital market and provide international investors with direct exposure to one of the world’s largest gold producers. The government must also balance potential capital-market benefits with state revenue, dividends and control. The successful UzNIF listing showed international demand for Uzbek state-backed assets. The offering raised more than $690 million and attracted over $2.8 billion in institutional orders.
Other mining companies are also potential candidates for future offerings. The Almalyk Mining and Metallurgical Complex, a major copper and metals producer, has been considered for a 10–15% minority sale, while uranium producer Navoiyuran has also appeared among prospective issuers.
Mongolia remains focused on project exposure
The Mongolian Stock Exchange recorded 906.3 billion tugrik of securities turnover in 2025 and market capitalisation of 13.85 trillion tugrik. Mongolia has been classified as a frontier market by FTSE Russell since 2023. The country’s most important mining asset, Oyu Tolgoi, is 66% owned by Rio Tinto and 34% by the Mongolian government. Production increased 31% year on year in the first half of 2026, with output expected to average approximately 500,000 tonnes of copper annually from 2028 to 2036.
International investors primarily access Oyu Tolgoi through Rio Tinto rather than a large Mongolian pure-play company. The project also remains affected by financing arrangements and negotiations between Rio Tinto and the Mongolian government, including an agreement to reduce the interest rate on shareholder loans. At the smaller-company level, Erdene Resource Development provides direct Mongolia-focused exposure through listings in Toronto and Mongolia and an OTC presence in the United States. Its Bayan Khundii gold mine reached commercial production in the first quarter of 2026, producing and selling 8,527 ounces of gold and generating $42 million of gross project revenue. Throughput reached 94% of target and gold recovery was 96%.
Kyrgyzstan highlights liquidity constraints
Kyrgyzstan’s Kyrgyzaltyn is listed on the Kyrgyz Stock Exchange under KALT and owns Kumtor Gold Company, but the exchange identifies no market maker for the shares. The limited free float and trading activity make Kyrgyzaltyn different from more actively traded regional mining equities. The case illustrates the distinction between having a listed mining company and having a liquid, accessible public-market investment.
Kazakhstan therefore currently offers the most established listed mining exposure, led by uranium and gold. Uzbekistan provides potential access to much larger state-owned mining businesses if planned privatisations proceed, while Mongolia offers concentrated exposure to mine development and production through projects and dual-listed companies.
