ISLAMABAD: Kazakhstan’s Elaman Group has completed preliminary studies in Gilgit-Baltistan and identified strong potential for placer gold exploration and development, expressing its intention to make an initial investment of $20 million, with further funding planned in subsequent phases.

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

The Kazakh delegation was led by Azamat Utegenov, founder and managing partner of the Elaman Group, and included Ulas Alimbaev, Director of Strategic Development; Rysbek Zhaksybaev, Head of Production; and Erik Akhmetzhanov, Chief Geologist.

During the meeting, the delegation presented the group’s experience and key achievements, outlined priority areas of activity and discussed prospects for expanding investment cooperation, including the possible implementation of joint projects in Pakistan.

Elaman Group identifies strong potential for placer gold exploration in Gilgit-Baltistan

According to a press release issued by the group, the engagement marked an important step towards implementing agreements reached at the highest level, opening new avenues for private-sector collaboration and joint investment projects, and contributing to economic growth and stronger bilateral ties.

Mr Sheikh emphasised the importance of strengthening economic relations between Pakistan and Kazakhstan, reiterating Pakistan’s interest in attracting foreign investment and assuring comprehensive support for Kazakh businesses.

The delegation also shared plans to introduce modern mining technologies in collaboration with Chinese partners, aimed at ensuring efficient, sustainable and environmentally responsible operations.

Elaman Group underscored its commitment to corporate social responsibility and community development, with a focus on local employment, skills development and social uplift in project areas.

It was further shared that discussions on forming a joint venture with local partners had been finalised, paving the way for smooth project implementation in line with Pakistan’s legal and regulatory framework.

Mr Sheikh assured the delegation of full facilitation at both federal and provincial levels, including regulatory support, coordination with relevant authorities and assistance through the BoI’s single-window operations. The minister highlighted the role of foreign investment in economic growth, job creation and regional development.

The meeting took place amid intensified intergovernmental engagement between Pakistan and Kazakhstan. President Kassym-Jomart Tokayev concluded a two-day visit to Pakistan on Wednesday, during which the two sides discussed trade and economic cooperation, investment partnerships and expanded collaboration in industry and business.

Published in Dawn, February 6th, 2026