Month: October 2022

Narxoz University, AIFC Court, International Arbitration Centre Agree on Cooperation

Narxoz University has signed a cooperation agreement with the Astana International Financial Centre Court (AIFC Court) and International Arbitration Centre (IAC). The agreement aims to add UK and international best practices to the university’s law courses and to help nurture highly-trained postgraduate professionals to support the upwards trajectory of  Kazakhstan’s rule of law and investment climate.   

Kazakhstan – home to the AIFC Court and IAC – has a 30-year history of close cooperation with the UK, which leads international legal practices. In addition to diplomatic, economic, trade and scientific ties, the partners have recently been strengthening their cooperation in the legal area. The UK judicial system sets the standard for most commercial dispute resolutions worldwide. It is significant that the agreement includes the development of joint educational programs and programs with other international schools.

In addition, the agreement will allow Narxoz students to intern in the AIFC Court and IAC, while the AIFC Court and IAC will be able to hold court hearings in the Narxoz campus’s international standard courtroom.

Bulat Utemuratov, the Sole Shareholder of Narxoz University, said:
“The agreement recognizes the University’s strong academic base in the legal field and the institution’s determination to take that base to another level and connect with today’s financial legal practices both in Kazakhstan and internationally. The agreement will help to produce highly prepared and competitive graduates that will strengthen the country’s workforce in the financial and corporate legal area and contribute to making Kazakhstan more attractive to international investors. I am proud that my alma mater along with the AIFC is paving the way for more UK and international investors to come and do business in Kazakhstan knowing their rights will be protected to the highest judicial standards.”

Lord Mance, Chief Justice of the AIFC Court, commented:
“I am delighted that the AIFC Court and IAC have signed a new cooperation agreement with Narxoz University.  It is one of the aims of the AIFC Court and IAC to communicate and make transparent their existence, features, and availability for the benefit of all within and outside Kazakhstan, thereby broadening understanding and facilitating fulfilment of the roles assigned to them in the protection and promotion of the rule of law in the commercial field.  The AIFC Court and IAC are both therefore open to establishing non-exclusive, mutually beneficial programs of cooperation with educational and other institutions within and outside Kazakhstan in terms which are wholly consistent with their independence as commercial dispute resolution institutions.”

The agreement was signed in Almaty, Kazakhstan’s main financial city, by the Registrar and Chief Executive Officer of the AIFC Court and IAC, Christopher Campbell-Holt, and by the Narxoz University President, Miras Daulenov, in the presence of the AIFC Court Chief Justice, Lord Mance, and the IAC Chairman, Barbara Dohmann KC.

SOURCE Narxoz University

Tennis Stars Visit Asyl Miras Center in Astana

Novak Djokovic, Carlos Alcaraz, Daniil Medvedev and Felix Auger-Aliassime visited the Asyl Miras autism center run by the Bulat Utemuratov Foundation in the capital of Kazakhstan ahead of the Autism. The World of Opportunities annual international conference in November.

The tennis players paid the visit to the center during the ATP 500 Tournament held earlier this month, to support the initiative and highlight the importance of such centers that enable timely treatment of children on the autism spectrum and their social integration.

From left: Novak Djokovic, Bulat Utemuratov and Carlos Alcaraz at the Asyl Miras autism center (PRNewsfoto/The Bulat Utemuratov Foundation)

Djokovic, who would end up winning the Astana Open, and the fellow tennis stars played with the center’s children, gave them presents and received drawings about tennis in return. The players also met with the children’s parents who talked about the importance of a timely diagnosis and the first signs of autism such as the lack of speech or interest in playing with other children, a habit to line up toys strictly or by color.

The Bulat Utemuratov Foundation will hold its annual international conference on autism in Almaty at the end of November. Speakers, which include international experts in the field of autism research, developers of advanced methods and practicing specialists from the U.S., Kazakhstan, and other countries, will address the issues such as behavioral treatments for challenging behavior, effective intervention, and inclusiveness.

An early support program for very young children of up to 3 years old has been opened in all 10 Asyl Miras centers in Kazakhstan. Toddlers and parents are taught to understand each other, resolve crisis situations, play with peers, even if the child does not speak. Timely correctional assistance increases a child’s chances of an independent and full adult life.

The Foundation, whose Asyl Miras centers host more than 14,000 children, plans to open two new centers in Kazakhstan this year. The centers implement the Program called “Autism. One World for All.” The purpose of the program is the development and implementation of a progressive support system to improve the quality of life of children with autism spectrum disorders (ASD). The program’s target group includes children with ASD up to 15 years old, their families and the surrounding community.

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SOURCE The Bulat Utemuratov Foundation

RG Gold launches $420 mln ore processing plant, is set to quadruple output and deliver extensive benefits to the local area

The miner, controlled by Bulat Utemuratov’s Verny Capital and co-owned by Resource Capital Funds (U.S), will increase production to c.190,000 oz

RG Gold, a leading Kazakhstani gold producer, has launched a new processing plant worth more than US$ 420 million. The added capacity is expected to enable RG Gold to quadruple its output to c. 190,000 troy ounces in 2023. This amounts to approximately five million metric tons of gold-containing ore. It deploys CIP (Carbon in Pulp) technology which uses coal particles during leaching to extract gold from low-grade ore at a low cost.

RG Gold launches $420 mln ore processing plant. (PRNewsfoto/RG Gold)
RG Gold launches $420 mln ore processing plant. (PRNewsfoto/RG Gold)

RG Gold operates RayGorodok deposit in northern Kazakhstan, one of the country’s largest mines with 5.9 million ounces of gold reserves, based on the JORC Code. Its output is set to exceed 50,000 troy ounces this year. The company has paid $122 million in taxes (an equivalent of ₸45 bn) since 2015 when Verny Capital became its shareholder. Resource Capital Funds (U.S.) holds a 35% stake in RG Gold.

Bulat Utemuratov, the key investor in Verny Capital projects, said: “The launch of the new processing plant is a key milestone for RG Gold. It is underpinned by the highest global industry standards using the latest innovation and technical expertise from Resource Capital Funds, our strategic partner. The new plant allows us not only to quadruple RG Gold’s overall output, but importantly, it also provides the opportunity to boost investment in the region.  The company has hired additional staff for the construction and maintenance of the plant, and RG Gold now provides jobs for around 1,200 people. Undoubtedly, it will continue to deliver further socioeconomic benefits, demonstrating RG Gold’s ongoing commitment to support local communities and create value for all stakeholders.”

Martin Valdes, partner at Resource Capital Funds, said: “We invested in RG Gold in 2018. It was the first time that we invested in Kazakhstan as a firm, and from the very beginning of the due diligence process, we were impressed with the quality of the people, the quality of the institutions, and the commitment from everyone to do mining in a very environmentally friendly way and with the best interest of all stakeholders in front of everything else, especially for the local communities. RG Gold’s new production facility was built to leading industry standards which will enable the company to gain access to further growth and expansion.”

About Verny Capital

Verny Capital is one of the largest private equity groups in Kazakhstan. Founded in 2006, it holds assets in banking, natural resources, real estate, telecommunications, and other sectors. Mr. Bulat Utemuratov is the key investor of the projects managed by Verny Capital.

About Resource Capital Funds

Resource Capital Funds (RCF) is a private equity firm established in 1988 that specializes in investments in the mining sector. The company has $3.2 billion of assets under management.

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