The Republic of Kazakhstan possesses significant fossil fuel reserves, along with mineral and metal deposits. The country also has considerable agricultural potential with its vast steppe lands accommodating both livestock and grain production.
Since gaining its independence in 1991 after the break up of the Soviet Union, Kazakhstan has experienced rapid economic growth, mostly attributed to its natural resources. According to the European Bank for Reconstruction and Development, Kazakhstan’s GDP grew by 9.5% in 2004 and is projected to grow by 7.0% in 2005. The economic expansion is due to increased production of oil, minerals and other commodities, supported by high oil prices and rising foreign investments. Kazakhstan’s mining sector alone is responsible for providing some 30% of export earnings, 19% of industrial employment and 16% of GDP.
Kazakhstan's substantial mineral resources include the world's largest chromium, vanadium, bismuth and fluorine reserves. The country is also a major producer of iron, coal, uranium, lead, zinc, tungsten, molybdenum, borates, phosphorite, copper, potassium and cadmium. It also ranks third amongst CIS countries in terms of gold reserves. Almost all gold mining companies and properties have been fully privatized in Kazakhstan, the only country within the former Soviet Union to have done so. This allows gold doré and gold-copper concentrates to be freely exported and sold. In excess of 85 chemical elements are found among Kazakhstan’s metallic mineral resources.
Coal reserves in Kazakhstan are approximately 160Bt from 155 deposits in 10 major coalfields principally comprising energy and coking coal. The country also possesses enormous iron ore resources, containing 50-60% of iron. Kazakhstan contains world class phosphorite deposits in terms of thickness and quality. It is a major producer of alumina (1.55 Mtpa) and is the eighth largest copper producing country in the world. Kazakhstan occupies a large proportion of the Caspian oil province, where reserves are estimated to contain 20 billion barrels of oil and 700,000,000t of gas condensate, attracting more than US$15 billion in foreign direct investment over the last decade.
