Qatari-registered Primet set to control Kazakhstan’s Bogatyr Komir coal business

Samruk-Energy exits the coal asset

Kazakhstan’s largest open-pit coal producer, Bogatyr Komir, is moving toward majority ownership by Primet LLC, a company registered in the Qatar Financial Centre. Forbes Kazakhstan reported that state-owned Samruk-Energy signed an agreement on 30 December 2025 to sell its remaining 35% stake in Forum Muider Limited, the holding company that owns the mine. Completion is expected in 2026, after which Primet would own 65% and the Kazakh state would leave the asset entirely.

Bogatyr Komir was previously owned equally by Samruk-Energy and Miradore Enterprises Limited, a structure representing the interests of Russia’s Rusal. A 2025 additional share issue reduced each shareholder’s interest from 50% to 35%, while Primet acquired an initial 30%. Primet was registered in July 2025 with charter capital of $10,000.

Publicly available information identifies Joseph Nazih Karam and UAE-registered Prime Mining and Energy as Primet’s beneficiaries. Neither state representatives nor mine management have disclosed the owners of Prime Mining and Energy or the transaction value. Bogatyr Komir chief executive Yevgeny Masternak told Forbes Kazakhstan that these were shareholder-level matters outside his operational remit.

Production plans remain in place

Masternak said the ownership change would not alter coal shipment routes and would not lead to employee dismissals. Management intends to continue introducing digital systems, automation and elements of artificial intelligence while improving productivity and workplace safety. The company also plans another conveyor system at the Severny section and further renewal of its mining fleet.

The mine’s current largest trucks can carry 180 tonnes of coal. Bogatyr Komir bought Hitachi equipment in 2025 and plans to purchase another four or five vehicles toward the end of 2026. Management ultimately wants to move toward trucks with capacities of 220-240 tonnes, although wider haul roads and other infrastructure will be required first.

Masternak expects production in 2026 to remain broadly level with 2025 at about 45 million tonnes. Kazakhstan’s Energy Ministry has presented a longer growth path: output rising from 42.7 million tonnes in 2024 to 45.2 million tonnes in 2026 and 56.5 million tonnes by 2032. Planned spending through 2032 totals 360 billion tenge for construction, equipment purchases and modernization.

Prices, payments and workforce risks

Coal prices increased by 30% in 2025. Masternak said Bogatyr Komir had neither raised prices in 2026 nor planned to do so during the year, although another increase could be considered in early 2027 after guidance from the Energy Ministry. He put the current coal price at approximately $9, describing it as exceptionally low by international standards.

Payment discipline remains a concern. Energy facilities owed Bogatyr Komir 3 billion tenge, according to 2025 Energy Ministry data, although management said the debt was no longer growing. The company argues that delayed payments are difficult to absorb because its Japanese, American and European equipment requires expensive original spare parts and regular servicing.

Competition for skilled workers is another operational constraint. Average pay for production occupations exceeds 700,000 tenge, while experienced industry professionals earn 1-1.5 million tenge. Safety remains a material issue: the company recorded three minor injuries and two fatalities in 2025, followed by one fatality and two minor injuries in 2026. Management said compensation for an accident equals 10 annual salaries and noted that experienced employees, rather than newcomers, were among those affected.