Investment opportunites in Kyrgyzstan: Kalesay, Kutessay II and North Aktash (summary)
Published 20 April 2026
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These documents, prepared by the Growth Gateway programme team in collaboration with the Boston Consulting Group, present 3 investment opportunities in Kyrgyzstan’s critical minerals sector. Each project benefits from state ownership of the licences by Kyrgyzgeology and clear policy backing. The assets sit close to existing processing capacity and logistics, which can shorten time to first production.
- Kalesay is a deposit in the Aktyuz ore field with 11,700 tonnes of high grade beryllium
- Kutessay II is a deposit in the Kemin District with 42,980 tonnes of valuable heavy rare earth elements, including Yyttrium, Cerium and Lanthanum
- North Aktash is a deposit of 16,800 tonnes of antimony, 655,000 tonnes of fluorite, and 7.9 tonnes of gold near the Kadamzhai plant
The 3 documents give a history of each project, from prospecting and exploration through to licencing. They provide a geological overview of the deposits, and a mineralogical overview of each ore, the proposed processing flow (mining, benefication, hydrometallurgy and metallisation), and an overview of nearby infrastructure.
The documents also forecast the economic potential of each deposit, and give the business case for investment:
- Kalesay indicates a potential return of 22% on an investment of about $53 million
- Kutessay II indicates a return of 10% on an investment of $400 million
- North Aktash indicates a return of 36% on about $34 million of investment
The plans also review the applicable mining-specific and general fiscal conditions in Kyrgystan. Together, these opportunities offer a practical route to diversify global critical mineral supply. They combine government backing, proven geology, existing plants, and realistic development plans suited to responsible investors.