The leading contender for the acquisition of the nationalized Yuzhuralzoloto Group of Companies (UGC), previously owned by Chelyabinsk entrepreneur and former United Russia deputy Konstantin Strukov, is Kazakhstani businessman Shakhmurat Mutalip (35, beneficiary of the construction group Integra Construction KZ).
Mutalip is one of the fastest-growing figures in Kazakhstani business in recent years. He began his career in 2008 as a simple mechanic at BENT JSC, then quickly rose to CFO and vice president. In 2020–2022, he became the head and beneficiary of Integra Construction KZ, a large construction company now ranked among the top companies in Kazakhstan by taxes and assets. Since 2024, he has headed the Kazakhstan Boxing Federation, and in 2025, he was received by President Kassym-Jomart Tokayev, who discussed the company's major infrastructure projects and social initiatives (including the 5 billion tenge reconstruction of an orphanage). Mutalip also recently acquired the KPL Ordabasy football club, highlighting his growing interest in sports and public projects.
Mutalip is actively expanding into the mining sector. In late 2025 and early 2026, he came to the attention of international media (Bloomberg, Financial Times, Mining.com) as a contender for:
• 70% of Kazzinc (zinc and gold, Glencore) – the deal is valued at $4–4.5 billion;
• 40% of Eurasian Resources Group (ERG) – approximately $1.4 billion;
• other assets, potentially including Altynalmas.
These deals could give him control over a significant portion of Kazakhstan's base and precious metals market. His companies are registered with the AIFC (including KazZinc Group), highlighting his ambitions in metallurgy and rare earth elements.
Mutalip has a reputation for successfully building bridges between Astana and Moscow amid sanctions. Recent years have brought him superprofits by fostering industrial and financial cooperation between Russia and Kazakhstan. His companies actively receive billions of dollars in loans from major Russian banks (VTB, Sberbank).
Among his well-known connections in Russia is Umar Kremlev (president of the International Boxing Federation, as well as a key gambling regulator in Russia and, more recently, Kazakhstan). Mutalip maintains close business relationships with global traders Glencore and Trafigura, which continue to finance Russian-Kazakh transactions despite sanctions restrictions.
In the context of the sale of Yuzhuralzoloto (a controlling stake of approximately 67% was transferred to the state in 2025 following a lawsuit filed by the Prosecutor General's Office due to Strukov's violations of anti-corruption laws), Mutalip appears to be a logical contender: a Kazakhstani businessman with experience in gold mining (through his interest in Kazzinc and other companies), extensive connections in Moscow, and the ability to circumvent restrictions through parallel import/export and financing from friendly jurisdictions. He effectively serves as a classic Russian-Kazakh proxy in strategic sectors.
The Russian Ministry of Finance (Anton Siluanov) recently stated that the auction for Yuzhuralzoloto could take place as early as the coming weeks (target: March 2026), in the format of a promotion competition. If Mutalip indeed emerges victorious, it would be another example of the redistribution of assets in favor of figures close to the current elites of both countries and capable of ensuring the continuity of operations in conditions of geopolitical turbulence.
