Central Asia’s substantial uranium, gold and copper resources are only partly reflected in its public equity markets, with Kazakhstan currently offering the broadest established access and Uzbekistan and Mongolia following distinctly different development paths.
Kazakhstan has two functioning capital-market platforms and listed exposure to major uranium and gold producers. Uzbekistan controls mining companies with sufficient scale to reshape its domestic stock market, although most remain state-owned and unlisted. Mongolia provides more direct exposure to individual mining projects, often through companies with both local and international listings.
The three markets therefore present different investment structures. Kazakhstan provides established listed securities, Uzbekistan offers potential through state-asset privatization, while Mongolia is more closely tied to mine development, commissioning and commodity-driven project performance.
Kazakhstan Provides the Established Market Infrastructure
Kazakhstan had 88 share issues from 75 issuers listed on the Kazakhstan Stock Exchange, or KASE, at the end of June 2026. Equity-market capitalization reached 47.6 trillion tenge, equivalent to about $97.9 billion, while foreign investors represented 27% of gross secondary-market share turnover during June. KASE’s June share turnover, however, was only 24.8 billion tenge, substantially below the exchange’s total equity capitalization. The figures demonstrate the difference between quoted market value and the amount of stock that can be actively traded.
The Astana International Exchange, or AIX, offers another route into Kazakhstan’s securities market. At the end of the first half of 2026, AIX had 398 securities from 196 issuers on its official list. Turnover reached $1.1 billion during the first six months of the year, compared with $700 million in the same period of 2025.
AIX had 69 trading members from Kazakhstan, China, Europe and the Middle East, while 10 global custodians maintained sub-accounts with its central securities depository. Although debt securities account for a significant portion of the exchange’s expansion, the infrastructure also supports international participation in listed equities. KASE and AIX consequently provide Kazakhstan with two established market channels. Despite that infrastructure, however, the country’s listed mining universe remains concentrated, with Kazatomprom and Solidcore Resources representing its two principal mining equities.
Kazatomprom Dominates Listed Uranium Exposure
Kazatomprom is the region’s most prominent listed commodity producer, with shares trading in Kazakhstan on KASE and AIX. Its depositary receipts have also historically provided international investors with another route to the company.
The company forecasts attributable uranium production of 14,500 to 15,500 tonnes in 2026, equivalent to approximately 37.7 million to 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.
Kazatomprom’s market exposure consequently extends beyond uranium prices. Its performance is affected by spot and long-term contract prices, production levels, input availability, taxation, state policy, currency movements and dividends. Kazakhstan’s nuclear strategy also reinforces the strategic position of the uranium industry. In May 2026, Kazakhstan signed an agreement worth approximately $16.5 billion with Russia for construction of its first nuclear power station. A second nuclear plant is planned with Chinese participation.
The planned reactors do not create immediate demand on a scale comparable with Kazatomprom’s existing international sales, but the projects place uranium and the nuclear fuel chain within Kazakhstan’s strategic national industries. The company also operates with the state as an influential shareholder, regulator and tax authority. This creates an investment structure in which national industrial policy and minority-shareholder interests can intersect.
Solidcore Expands Listed Gold Exposure
Solidcore Resources represents Kazakhstan’s principal listed gold exposure. The company produced 125,000 ounces of gold equivalent in the first quarter of 2026, an 84% increase from the same quarter of 2025. Sales amounted to 123,000 ounces, while quarterly revenue reached $595 million as accumulated concentrate moved through third-party processing and gold prices remained supportive.
Solidcore expects 2026 production of approximately 540,000 gold-equivalent ounces, compared with 395,000 ounces in 2025. The increase depends in part on reversing processing and inventory disruptions that affected the previous year. The company is listed on AIX and operates two producing mining complexes in Kazakhstan. Its longer-term development strategy includes the Ertis pressure-oxidation plant, designed to enable more refractory concentrate to be processed domestically rather than relying extensively on third-party facilities. The project could increase operational control and reduce processing exposure, while also creating financing, construction and commissioning requirements.
Solidcore therefore has a different market profile from Kazatomprom. Its performance is more closely connected to mine grades, processing capacity, capital expenditure and project execution. Kazakhstan also has listed mining and metals companies connected to copper, zinc, titanium, ferroalloys and gold. However, exchange admission does not necessarily translate into high tradability, making free float and daily turnover important considerations for investors.
Uzbekistan’s Major Mining Companies Remain Largely Unlisted
Uzbekistan presents a different market structure, with globally significant mining operations but limited direct access through listed equities. The most prominent prospective issuer is Navoi Mining and Metallurgical Company, or NMMC. The company produced approximately 1.51 million ounces of gold during the first half of 2026, with total output valued at around $7.1 billion.
NMMC describes itself as one of the world’s four largest gold producers. Its assets include the Muruntau mining complex, one of the central components of its operations. A public offering of NMMC would provide direct equity access to a major international gold producer while potentially establishing a benchmark valuation for Uzbekistan’s state mining sector. It could also increase the scale and international participation of the Toshkent Stock Exchange.
Plans for the flotation were paused in May 2026 as the Uzbek government reconsidered the timing. The proposed transaction had been expected to include listings in London and Tashkent, but no revised timetable has been confirmed. NMMC’s role extends beyond its commercial operations. The company contributes state revenue, export earnings and dividends, making the decision to sell a stake part of a broader balance between capital-market development and government ownership.
The experience of the National Investment Fund of Uzbekistan, or UzNIF, has nevertheless demonstrated foreign investor appetite for Uzbek state-backed assets. Its London offering raised more than $690 million and received more than $2.8 billion in institutional orders. UzNIF is not a dedicated mining company, but its market debut demonstrated the ability of a prepared Uzbek state-backed issuer to attract substantial international capital.
Copper and Uranium Assets Could Expand Uzbekistan’s Public Markets
Other major mining assets are also included in Uzbekistan’s privatization plans. The Almalyk Mining and Metallurgical Complex, a major copper and metals producer, has been identified as a candidate for a minority public offering. A presidential privatization programme has contemplated selling approximately 10% to 15% of the company.
Uranium producer Navoiyuran has likewise appeared among prospective public-market issuers. A future NMMC or Almalyk listing could significantly change the regional mining-equity landscape because Uzbekistan controls mining companies with operating scale capable of attracting global-sector investors. Until those transactions take place, however, direct listed-equity selection remains limited. Investors considering Uzbekistan’s mining market are therefore exposed to decisions surrounding privatization and state ownership as well as to the underlying performance of gold, copper and uranium assets.
Mongolia Combines Mining Exposure With Frontier-Market Risk
Mongolia provides a separate model based on a smaller stock exchange, a mining-dependent economy and companies whose valuations can be strongly influenced by individual project developments. The Mongolian Stock Exchange recorded 906.3 billion tugrik of securities turnover in 2025, while market capitalization reached 13.85 trillion tugrik. Mongolia has been classified by FTSE Russell as a frontier market since 2023.
Mining occupies a central position in Mongolia’s investment market, but some of its most important mineral assets are not represented by straightforward locally listed pure-play equities. The country’s flagship Oyu Tolgoi copper-gold operation is 66% owned by Rio Tinto and 34% by the Mongolian government. Production remained on schedule, with Rio Tinto reporting 31% year-over-year growth in Oyu Tolgoi output during the first half of 2026.
The operation is expected to average approximately 500,000 tonnes of copper annually from 2028 through 2036. For public-market investors, the principal listed exposure to Oyu Tolgoi comes through Rio Tinto, rather than a major Mongolian pure-play listed company. That structure provides international market liquidity while making the mine part of a globally diversified mining group. The latest agreement between Rio Tinto and the Mongolian government to reduce the interest rate on Oyu Tolgoi shareholder loans also demonstrates the importance of financing arrangements and continuing government-investor negotiations to the project’s economics.
Erdene Provides Direct Project-Level Gold Exposure
Erdene Resource Development provides a more direct Mongolia-focused mining exposure. Its shares trade in Toronto and Mongolia, as well as over the counter in the United States. Erdene’s Bayan Khundii gold mine reached commercial production during the first quarter of 2026. The mine produced and sold 8,527 ounces of gold during the quarter and generated $42 million in gross project revenue.
The operation achieved 94% of target throughput and a 96% gold recovery rate, exceeding the forecast average contained in its feasibility work. Bayan Khundii illustrates the project-driven characteristics of Mongolia’s mining equity market. The movement from development into production can materially affect company performance, while mine commissioning, financing, grade reconciliation, recovery rates and reserve expansion can have a substantial influence on individual mining companies.
Mongolia’s market therefore differs from Kazakhstan’s more established listed-equity structure. Its mining opportunities are concentrated among specific projects and are frequently accessed through dual-listed companies or international parent companies.
Kyrgyzstan Shows the Difference Between Listing and Liquidity
Kyrgyzstan has the Kumtor gold operation and the listed mining holding company Kyrgyzaltyn, but exchange admission does not necessarily provide a liquid investment vehicle. Kyrgyzaltyn ordinary shares trade on the Kyrgyz Stock Exchange under the symbol KALT, although the exchange identifies no market maker for the security. Kyrgyzaltyn is also the sole shareholder of Kumtor Gold Company.
The structure makes Kyrgyzaltyn relevant as an indicator of state ownership and potential privatization rather than as a conventional liquid mining equity. The broader regional distinction is between mineral production, stock-market listing and practical investability. An operating mine and a functioning exchange do not automatically produce a security with sufficient free float, recurring turnover or accessible settlement for institutional investors.
Kazakhstan, Uzbekistan and Mongolia Offer Distinct Market Profiles
Kazakhstan currently provides the most established route to listed Central Asian mining exposure. Kazatomprom offers uranium exposure, while Solidcore Resources provides listed gold exposure through functioning KASE and AIX infrastructure. Liquidity, however, declines substantially outside the leading securities. Uzbekistan represents the region’s largest prospective public-market catalyst. A future NMMC listing could introduce a major gold company to international investors, while an Almalyk offering could add significant copper exposure. The postponement of the NMMC transaction demonstrates that privatization timing remains subject to government decisions.
Mongolia offers greater exposure to individual mining projects. Oyu Tolgoi provides large-scale copper exposure through Rio Tinto, while Erdene offers more direct access to a Mongolian gold development that has entered production. Across the three markets, investment access depends on more than commodity prices. Free float, custody, settlement, dividend policy, capital expenditure, state ownership and taxation are also material elements of the public-market structure, alongside the ability to convert local-currency proceeds into internationally transferable returns.
