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Said Muratbekovich Sultanov graduated from University College London (UCL) with a degree in Economics and Business. Said has 13 years of experience in the mining industry. He began his professional career in 2006 in Toronto, Canada, at BWI First Intelligence, a consulting firm specialising in M&A transactions in the mining sector. In 2008, he was appointed Regional Director of Stans Energy Corp, a Canadian junior company with rare earth assets in Central Asia. As part of the executive team, he was responsible for the company’s RTO transaction on the TSX-V and for acquisitions of assets in Central Asia. In 2013, he became Deputy Head of the KazGeoInform Republican Centre for Geological Information. In 2014, he was appointed CEO of KazGeoTech, a joint venture between Kazgeology and Canadian airborne geophysical company Geotech Ltd. On 1 December 2015, he founded Aurora Minerals Group and currently serves as Chairman of the Board of Aurora Group.
— Said Muratbekovich, this year marks 11 years since the founding of Aurora Minerals Group. How did the company begin, and what are its main areas of activity today?
— Eleven years ago, Aurora began primarily as a team of geologists. We focused on what we knew and loved: geology, mineral exploration and the evaluation of mineral deposits.
Over the years, the company has grown into a fully integrated geological ecosystem. Today, we are able to support a project through almost its entire lifecycle — from the initial study of an area and the development of a prospective asset to attracting investors and preparing a deposit for development.
But perhaps the most important change has been elsewhere: we are gradually moving away from the traditional “client–contractor” model towards partnerships. Today, we establish joint ventures with major companies, where each party contributes what it does best. International businesses bring capital, scale, operating experience and technology. We bring knowledge of Kazakhstan’s geology, local expertise and professional teams.
For me, this is the clearest indication of how Aurora has changed over the past 11 years: we are no longer simply providing services — we are directly involved in creating and developing the projects themselves.
Geology Is Becoming a Strategic Priority
— Some 10 years ago, around the time your company was established, geology received very little attention in Kazakhstan. Has the situation changed today?
— Absolutely. Geology is once again becoming a strategically important field. Interest is growing in subsoil exploration, critical minerals, rare and rare earth metals, modern geophysics and digital technologies. More private companies are emerging, and domestic capabilities are being developed.
According to official data, approximately KZT 280 billion in private investment has been attracted to mineral exploration in Kazakhstan over the past three years. That is a significant figure.
But money is only one side of the equation. The other is people. Geology is impossible without a strong professional school.
If we want to retain the best specialists and develop our own technologies, a Kazakhstani professional should not be valued less simply because they are from Kazakhstan. Their work should be assessed based on qualifications, quality and responsibility for results.
— Many analysts associate growing interest in Kazakhstan with its substantial potential in rare earth minerals. If that is the case, what should be done to protect Kazakhstan’s national interests when signing contracts?
— Interest in Kazakhstan is indeed growing against the backdrop of global demand for critical, rare and rare earth metals.
The country’s potential is significant. Kazakhstan already produces 19 of the 34 critical raw materials included on the European Union’s list, including a number of rare metals.
However, our objective should not simply be to sell access to our subsoil resources. We must maximise the value generated from their development through investment, processing, technology, expertise and jobs within the country.
At the same time, we must not go too far. Capital flows to jurisdictions where the rules are clear and competitive. It is therefore important to strike a balance: investors must see the economic rationale for a project, while Kazakhstan must receive long-term benefits from the development of its resources.
— Can Kazakhstan generate significant revenues from the sale of rare earth minerals and potentially replace “black gold” — oil?
— The simple fact that a metal lies in the ground has never made anyone rich.
Between a prospective area and an operating mine lie years of geological work, significant investment, infrastructure development and technology.
This is evident even at the early stages of mineral exploration. According to the Committee of Geology, the state programme for geological and geophysical study of Kazakhstan’s subsoil for 2019–2024 identified 38 prospective areas for solid minerals. Based on the results of this work, forecast resources of rare earth metals were estimated at 2.6 million tonnes.
The figure is impressive. But forecast resources are not yet a mineral deposit.
That is why I would be cautious about calling rare earths “the new oil”. The critical minerals market is far more complex. What matters is not only the quantity of metal in the ground, but also the quality of the material, the economics of extraction, processing technologies and the country’s position within the value chain.
The real value is created not by the person who simply owns a mineral occurrence, but by those who can find it, define and prove its resources and reserves, develop a mine, process the raw material and produce a higher-value product.
Foreign Investment: A Benefit or a Burden?
— Since the early years of independent Kazakhstan, the country’s leadership has placed significant emphasis on attracting foreign investment. However, there are now voices claiming that foreign investment can become a form of dependency. Is that true? What needs to be done to ensure that cooperation with foreign investors benefits Kazakhstan and its people first and foremost?
— I would not equate foreign investment with dependency.
What can become burdensome is not the investment itself, but poorly negotiated terms.
According to publicly available data, Kazakhstan’s gross inflow of foreign direct investment reached USD 20.5 billion in 2025, up 14.4% year-on-year.
But I would not measure success solely by the number of billions attracted. A more important question is: what remains in Kazakhstan after those investments have been made?
Technology? New production facilities? Jobs? Skilled professionals? Processing capacity? Kazakhstani contractors that have become stronger and gained new capabilities as a result?
That is the real impact.
Investors must, of course, be able to earn a return. Otherwise, they simply will not come. But Kazakhstan must also benefit alongside the investor.
— Are there differences between foreign investors, and how should such differences be addressed?
— Of course. Investors are not all the same.
There are strategic companies that come for decades and are prepared to invest in exploration, technology, infrastructure and production. There is also capital focused primarily on achieving a quick financial return.
For me, therefore, the nationality of capital is secondary. What matters far more is the national benefit generated by its presence.
At the same time, the rules should be the same for everyone: transparent requirements, equal accountability and clearly defined obligations.
A good investor is not afraid of rules. What they need is predictability.
Predictability and Transparency
— Said Muratbekovich, in 2025 you spoke at a meeting of the Council of Domestic Entrepreneurs about measures needed to improve the investment environment. You said: “A fair royalty regime. Aligning rates with international benchmarks, such as those in Western Australia, would ensure transparency and predictability in the tax system, which is the foundation for long-term investment.” Has anything changed in this area?
— Yes, there has been progress. From 2027, new solid mineral projects are expected to transition from the Mineral Extraction Tax to a royalty system linked to product sales. This is an important step towards a model that is clearer and more understandable for investors.
But changing the name of a tax does not, in itself, solve the problem. The key issue is the rates and their competitiveness. The state must receive a fair share from the development of mineral resources, while the tax burden must not make projects economically unattractive to investors.
— You also spoke about the need to support geological exploration service companies. Many geologists share this view. Is the situation changing?
— The situation is changing noticeably: the number of private service companies is growing, as is demand for modern geological and geophysical services. However, domestic players still find it difficult to compete with international companies. The next step for the industry as a whole is to build a strong national mining and exploration services sector.
This is not about protectionism. A Kazakhstani company should not receive a contract simply because it is Kazakhstani. But it certainly should not lose a contract simply because it is Kazakhstani.
Competition should be based on technology, qualifications, price and results — on a level playing field. That requires transparent qualification requirements, equal access to procurement and major technology projects, and an objective assessment of equipment, team experience and quality of work.
This is particularly relevant to government projects, including airborne geophysical surveys. In such cases, contractors should not be selected solely on the basis of the lowest price. Geophysics is not an area where the cheapest result is automatically the best value.
There is also an economic dimension to competition. It may be worth considering a reduction in the VAT rate for geological exploration services, including the possibility of applying a zero rate. This could reduce the cost of work and improve the competitiveness of domestic service providers.
A strong national mining and exploration services sector is not simply about contractors. It means domestic technologies, skilled specialists, jobs and capabilities that remain within the country. If we want new discoveries, we must also create the right conditions for those who are directly searching for them.
— In the same speech, you put forward many proposals that could improve Kazakhstan’s investment climate and contribute to the development of the geological sector. Do such speeches produce tangible results?
— There are results; otherwise, there would be little point in speaking out.
Many issues that were discussed only within the professional community just a few years ago have now entered the government agenda. Some proposals have been reflected in legislation. That is a positive development.
But there is still a distance between “we have been heard” and “the problem has been solved”. That is why the role of the professional community is not simply to criticise or speak at conferences. We need to propose specific mechanisms and ensure that sound industry proposals are translated into practical, working solutions.
The Reality of Today: AI
— Back in 2016, you spoke in your interviews about the need to adopt modern technologies, particularly artificial intelligence. Today, AI is increasingly becoming part of everyday practice. Is that the case?
— Yes. Artificial intelligence is gradually ceasing to be a fashionable buzzword and is becoming a practical tool for geologists. It makes it possible to process large volumes of geological, geophysical and geochemical data more quickly and identify patterns that would be significantly more difficult for a person to detect manually.
But I always emphasise one point: AI does not replace the geologist — it makes a good geologist more effective.
If the underlying data is poor, no artificial intelligence will perform miracles. That is why the digitalisation of the industry should not be measured by the number of reports that have been digitised or the amount of money spent on digitalisation.
The true result of digitalisation should be new geological knowledge, new prospective areas and, ultimately, new mineral discoveries.
New Generations
— Not long ago, you wrote on your Facebook page: “I sincerely believe that it is precisely the combination of the experience of the older generation, the energy of young professionals and modern technology that will enable Kazakhstan to make major geological discoveries once again.” Are there already examples of this combination, or is it simply a good aspiration?
— No, this is not just a theory. We are already seeing it across various projects.
For example, on a project in Sayak, we have had the opportunity to work with such well-known Kazakhstani geologists as Daulet Khamidenovich and Yerlan Razhanovich. They represent a strong Kazakhstani geological school — specialists with enormous practical experience and a deep understanding of the geology of the region.
On a copper-porphyry project in the Balkhash region, we are working with Nick Tate, a world-class geologist with more than 35 years of international experience and involvement in the discovery of Phu Kham in Laos. On a gold exploration project in the Ayagoz district, we are working with Harry Mustard and Paul Ingram, representatives of the legendary Australian geological school, with more than 40 years of experience and dozens of projects around the world.
For our young specialists, the opportunity to work alongside professionals of this calibre represents a unique professional school that no textbook can replace. At the same time, young geologists bring a different set of tools: modern geophysics, digital modelling, large datasets and new methods of processing them.
When the experience of a person who has spent decades literally “reading” geology in the field is combined with the capabilities of modern technology, something very interesting happens. That is the combination of experience, youth and technology I was referring to.
Technology changes, but major geological discoveries are still made by people.
— And finally, if you were to summarise: what is the most important thing for the further development of the industry today?
— Over the past several years, Kazakhstan has done a great deal to restore interest in geology. Now, that interest must be transformed into results: new discoveries, domestic capabilities, technologies and strong Kazakhstani companies.
Kazakhstan is indeed rich in mineral resources. But the mere presence of minerals does not make a country wealthy. What matters is not only what resources we possess, but how effectively we can transform that potential into real projects, production and value creation within the country.
And in this regard, it is fundamentally important to have a strong domestic geological exploration and mining services sector. Equipment can be purchased. Technologies can be brought in. But a professional school, accumulated experience and home-grown expertise cannot be created overnight.
They must be developed, preserved and passed on to future generations here, in Kazakhstan.