ISLAMABAD: Kazakhstan-based Elaman Group has expressed keen interest in investing $20 million in placer gold mining in Gilgit-Baltistan, following the completion of preliminary studies that identified strong exploration and development potential in the region.
The proposed investment was conveyed by an Elaman Group delegation during a meeting with Minister for the Board of Investment (BoI) Qaiser Ahmed Sheikh in Islamabad. Discussions focused on opportunities in Pakistan’s mining sector, with particular emphasis on placer gold exploration in Gilgit-Baltistan.
The Kazakh delegation was led by Azamat Utegenov, Founder and Managing Partner of Elaman Group, and included Ulas Alimbaev, Director Strategic Development; Rysbek Zhaksybaev, Head of Production; and Erik Akhmetzhanov, Chief Geologist. The team shared details of the group’s global mining experience, key achievements and priority investment areas, while exploring prospects for joint ventures in Pakistan.
According to a press release, the engagement marked a significant step toward implementing understandings reached at higher levels, opening avenues for private-sector collaboration and contributing to economic growth and stronger bilateral ties.
Mr Sheikh welcomed the interest and reaffirmed Pakistan’s commitment to attracting foreign investment, assuring full facilitation for Kazakh investors through regulatory support and the BoI’s single-window operations. The delegation also revealed plans to introduce modern and environmentally responsible mining technologies in collaboration with Chinese partners, alongside a strong focus on corporate social responsibility, local employment and skills development.
The meeting took place against the backdrop of enhanced Pakistan–Kazakhstan engagement, following President Kassym-Jomart Tokayev’s recent visit to Pakistan, which focused on expanding trade, investment and industrial cooperation.
Story by Amin Ahmed
