AIFC Hosts Roundtable Discussion on Raising Capital for Mining and Fintech Companies
One of the key challenges facing the mining industry remains limited access to financing for early-stage exploration projects. Investment focus is traditionally concentrated on more mature projects with lower risk profiles. Another barrier is the limited confirmation of mineral reserves under international standards (JORC/KAZRC)¹.
Against this backdrop, the development of cross-platform financing mechanisms and broader access to international capital markets are becoming critically important for enhancing the investment attractiveness of Kazakhstan’s mining sector and providing financial support to junior mining companies.
Last week, the Astana International Financial Centre (AIFC), with the participation of representatives from the Astana International Exchange (AIX) and Hong Kong Exchanges and Clearing Limited (HKEX), hosted a roundtable discussion dedicated to opportunities for raising capital for junior mining and fintech companies, as well as their access to international stock exchange platforms. The key objective of the initiative was to raise awareness of project financing opportunities, develop practical capital-raising mechanisms, and expand companies’ access to international capital markets.
The discussion focused on financing mechanisms, and listing requirement on HKEX and AIX. Particular attention was given to the opportunities HKEX offers companies seeking access to international capital markets.
The roundtable brought together representatives of exchanges, including Johnson Chui, Head of Global Issuer Services, HKEX, and Assel Mukazhanova, CEO of AIX, as well as representatives of CICC, representatives of exploration, industrial, and fintech companies, including Kusto Altyn and Copper, Pallas Resources, KazakhNickel, Atlant Minerals, Altyn Samruk, Qazgeology, ITS, Al Safi Bank, Primavera Capital Group, Industrial Mining Company and others.
The discussion also included members of the AIFC Mining Experts Council (Council): Nariman Absametov, Chairman of the Management Board of National Mining Company Tau-Ken Samruk JSC, Yerlan Galiyev, Chairman of the Management Board of the National Geological Service JSC, Aida Alzhanova, Deputy CEO for Strategic Development of Solidcore Resources, Said Sultanov, Founder of Aurora Minerals Group, and Liu Wenjing, Founder of Elistra Advisory Limited.
Zhanbolat Kakishev, Chief Product Officer of the AIFC Authority, noted:
“Globally, junior mining companies play a key role in discovering new mineral deposits; however, early-stage exploration projects remain the most challenging in terms of access to financing. The launch of the Junior Mining Platform is one of the AIFC’s steps toward building a financing ecosystem for such projects. Today’s discussion of HKEX and AIX opportunities within the roundtable enables the development of practical mechanisms aimed at preparing junior companies for attracting international investment and their subsequent access to global capital markets.”
Johnson Chui, Head of Global Issuer Services, HKEX, outlined the key stages of the listing process, and highlighted barriers faced by issuers preparing to go public, including corporate governance, disclosure, and transparency requirements.
As a practical illustration of the dual-listing model, participants examined the 2025 AIX–HKEX case. Jiaxin International Resources Investment Limited, which operates a tungsten mining project in the Almaty region, successfully completed a simultaneous listing on both exchanges. The transaction was notable for being the first CNY-denominated IPO in Central Asia and the inaugural listing on AIX’s dedicated “Belt and Road Initiative” segment.
Investor interest was record-breaking: total demand across global markets exceeded the target volume by more than 220 times, reaching more than $34bn. Successful listings on both platforms demonstrate strong investor confidence and recognition of Kazakhstan’s investment potential by international market participants.
Participants of the roundtable also raised questions related to preparing junior companies for access to international capital markets, including requirements for corporate structure, reporting, and compliance with international exchange standards. Attention was given to the interest of Hong Kong institutional investors in rare earth metals projects.
In addition, the discussion addressed the legal aspects of dual listings, and bond issuance mechanisms. Participants also expressed interest in the role of investment banks and advisers in supporting listings, as well as the potential to strengthen links with Asian markets through integration with Hong Kong’s financial infrastructure.
Bakyt Chirchikbayev, General Director of Qazgeology, emphasized the importance of establishing unified mechanisms for attracting financing into geological exploration projects:
“The launch of the Junior Mining Platform at the AIFC opens new opportunities for junior companies to attract capital. It is particularly important that a project pool is being formed, allowing investors to identify promising opportunities while enabling companies to gain access to international expertise. We received the most comprehensive information on international requirements for accessing global capital markets. Such initiatives help companies objectively assess their readiness for listing.”
Chinese investor interest in Kazakhstan’s mining sector was previously confirmed during the AIFC Connect: Shanghai business event held in April 2026. The event discussed prospects for expanding investment cooperation and attracting capital into joint China-Kazakhstan projects through the AIFC. One of the key announcements was the expansion of listing opportunities for CNY-denominated bonds (panda bonds) on AIX, one of whose shareholders is the Shanghai Stock Exchange. Significantly, in April of this year, Samruk-Kazyna successfully completed the first panda bond issuance in Kazakhstan and Central Asia, raising 3 bn yuan with a listing on AIX. In May of this year, green bonds issued by Caspian Solar Ltd. in the amount of 625 million yuan were also listed on AIX. In 2025, Eurobonds of KazMunayGas with the amount of 1.25 bn yuan, were simultaneously listed on both AIX and HKEX.
Since 2019, the AIX has operated a listing segment for mining companies from Kazakhstan and the broader region, including both large mining companies at advanced stages of development and junior mining companies.
Additionally, in April 2026, during the first meeting of the AIFC Mining Experts Council, the Junior Mining Platform initiative was presented — a dedicated platform aimed at attracting investment into early-stage exploration projects.
The Platform acts as a bridge between junior companies (enterprises specializing in early-stage geological exploration) and investors. The Junior Mining Platform establishes a structured approach to project engagement by creating a pool of selected projects, conducting preliminary screening, providing investors with access to prepared and vetted investment opportunities, and facilitating the adoption of international financial instruments.
Junior mining companies may apply to participate in the Platform and review the selection criteria on the official AIFC website via the link.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
AIFC Press Office
Ainur Issabayeva, Press Secretary
E-mail: [email protected]
1JORC – The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’) is a professional code of practice that sets International standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
KAZRC is Kazakhstan’s national public reporting standard for exploration results, mineral resources, and reserves.
