In 2019, the AIX approved Mining Company Rules based on the standards applying to mining company listings on the Toronto and Australian stock exchanges. The Rules apply a differentiated approach separating large mining companies in advanced stages of development (Tier 1) and junior companies with a higher degree of risk and potentially higher returns (Tier 2). A key requirement for companies is that they should have available a qualified report on geological performance and mineral reserves.

Depending on the tier assigned, mining companies are exempt from net income and minimum market capitalisation listing requirements. Issuers will be required to demonstrate that they employ qualified management and technical personnel, and use geological reporting, as evidenced by independent experts in accordance with best international mining industry standards.
Please refer to AIX Mining Company Rules of the AIX Business Rules.
Natural conditions encourage more capital to flow into the Kazakhstan mining sector:
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Main mining sector listing requirements
Requirement |
Mature companies |
Juniors |
Financial statements |
Audited statements for 3 years |
Audited statements for 2 years (not required for newly created companies) |
Financial standing |
Sufficient to execute a stated work programme within 18 months of listing |
Sufficient to execute a stated work programme within 12 months of listing |
Minimum market capitalisation |
From 1 million USD |
– |
Geological reporting |
JORC or NI 43-101 Proven or Measured Resources |
JORC, NI 43-101 or KAZRC |
Staff and infrastructure |
Adequate management and director experience, and technical expertise suitable to the company and industry; relevant experience in public companies; properly qualified technical personnel and experts; and the necessary infrastructure |
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Compliance with requirements |
Compliance with mining licenses, material contracts and applicable laws |
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