London / Ust-Kamenogorsk, 28 October. Swiss group Glencore is continuing talks on selling a controlling stake in Kazakhstan's Kazzinc to a local investor, with a final decision expected within the next two months, that is by the end of 2026, Glencore chief executive Gary Nagle told investors at a closed Goldman Sachs conference, the Financial Times reported.
Analysts estimate the stake could be worth up to $5bn.
Glencore owns almost 70% of Kazzinc, and the state-owned Tau-Ken Samruk holds another 28.82%. As early as February, Bloomberg reported that Glencore was negotiating the sale of the 70% stake to Kazakh businessman Shakhmurat Mutalip, who is linked to Integra Construction KZ; the registration of KazZinc Group Ltd. and Central Asia Resources Holding Ltd. was also reported. According to the FT, no final agreement has been signed.
The Kazzinc sale is part of a reshaping of Glencore's portfolio. The company is also negotiating the sale of 40% of its copper and cobalt assets in the DR Congo to the Orion CMC group and plans to exit agribusiness Bunge Global, in which it holds 16%. Glencore expects its trading arm's profit for 2026 to exceed $5bn.
Kazzinc is Kazakhstan's largest producer of zinc and lead, with plants in East Kazakhstan Region, and the main source of emissions in Ust-Kamenogorsk. A day earlier, city resident Natalya Bugrova picketed Glencore's headquarters in Switzerland and proposed that the corporation fund independent air monitoring.
What it means: East Kazakhstan's largest metallurgical company may pass from an international corporation to a Kazakh owner before the end of the year. With the asset, the new owner will also inherit the questions residents put to Glencore about emissions and the environment.
Who benefits: Glencore, which frees up capital and raises payouts to shareholders. The Kazakh buyer, who gains one of the country's largest metallurgical assets. For Ust-Kamenogorsk residents it matters whether the new owner takes on commitments on air quality; there have been no public promises on this.
Background: Glencore, headquartered in Baar in the canton of Zug, is one of the world's largest commodity mining and trading companies. According to the 2024 statistics cited by the activist, Kazzinc accounted for 44% of recorded stationary-source emissions in Ust-Kamenogorsk.
We have also reported that an East Kazakhstan resident picketed Glencore over Kazzinc emissions.
