Kazakhstan's Mining Giant Qarmet will construct a new coke battery complex worth $435 million.

The project is backed by the Development Bank of Kazakhstan (DBK), which has provided a 13-year loan of up to $337 million in Chinese yuan to finance the initiative, The Caspian Post reports via Kazakh media.

The complex, with an annual capacity of 1.5 million tons, will feature two new batteries to replace worn-out units. According to DBK, the construction will lower production costs and ensure raw material security. The new facilities are expected to allow Qarmet to completely eliminate coke imports by 2029.

Chinese contractor Acre Coking & Refractory Engineering Consulting Corporation (Dalian), part of MCC, will handle design, equipment supply, construction, and commissioning. Modern gas cleaning systems will be installed to minimize environmental impact in the region.

Founded in 1944, Qarmet is Kazakhstan’s largest steel and mining company and ranked fourth in Forbes Kazakhstan’s “75 Largest Private Companies” in December 2025, with revenue of 752.7 billion KZT. The company is owned by Andrey Lavrentyev, listed 12th among Kazakhstan’s richest entrepreneurs by Forbes.