Kazakhstan’s Elaman Group eyes $20 million investment in Gilgit-Baltistan gold exploration

Kazakhstan’s Elaman Group has completed preliminary studies in Gilgit-Baltistan, identifying significant potential for placer gold exploration, and is set to invest $20 million initially, with plans for further funding in subsequent phases, according to a news report.

This commitment was announced during a meeting between an Elaman Group delegation and Qaiser Ahmed Sheikh, Pakistan’s Minister for the Board of Investment (BOI), in Islamabad on Thursday. The talks focused on exploring investment opportunities in Pakistan’s mining sector, particularly in the field of placer gold in Gilgit-Baltistan.

Led by Azamat Utegenov, founder and managing partner of Elaman Group, the Kazakh delegation presented the group’s achievements, priorities, and potential for expanding investment cooperation, including the possibility of joint ventures in Pakistan. The delegation also discussed their plans to introduce modern mining technologies with Chinese partners to ensure sustainable and environmentally responsible operations.

Elaman Group emphasised its commitment to corporate social responsibility, particularly in areas such as local employment, skills development, and community uplift, while stressing the importance of a joint venture with local partners to ensure seamless project implementation within Pakistan's regulatory framework.

Minister Sheikh reaffirmed Pakistan’s eagerness to attract foreign investment, offering full support at both federal and provincial levels, including regulatory assistance through the BoI’s single-window operations. He highlighted the potential for mining investments to contribute to economic growth, job creation, and regional development.

The meeting took place amidst growing bilateral engagement between Pakistan and Kazakhstan, following a two-day visit to Pakistan by President Kassym-Jomart Tokayev. During the visit, the two nations discussed expanding trade, investment partnerships, and collaborations in various industries.