KTZ data reveals mining sector dominance in rail freight
This digest was compiled by AI from multiple sources — links to the originals are below.
Kazakhstan's national railway company KTZ disclosed that nine of its ten largest clients are mining-related firms, accounting for 53% of freight volume in 2025. The data, published in a company prospectus, highlights the railway's heavy dependence on the mining sector.
Client Concentration
KTZ's largest clients include Bogatyr Komir (coal), Kazakhmys (coal, metals), SSGPO (iron ore), Eurasian Energy Corporation (coal), Shubarkol Komir (coal), Qarmet (coal, steel), Aluminum of Kazakhstan (metals), Karazhyra (coal), and Kazchrome (metals). Only one top-ten client, Batys Trans Group, is not mining-related, transporting petroleum products. Half of the top clients belong to the Eurasian Resources Group (ERG).
Volume Trends
Most mining clients increased rail volumes from 2023 to 2025. Bogatyr Komir led with 43.7 million tonnes in 2025, up from 42.2 million in 2024. Eurasian Energy Corporation shipped 18.8 million tonnes in 2025, versus 18.5 million in 2024. Shubarkol Komir grew to 15.2 million tonnes in 2025 from 13.6 million in 2024, driven by export coal demand. Qarmet rose to 8.4 million tonnes in 2025 from 6.8 million in 2023.
Mixed Performance
SSGPO showed uneven trends: 10.5 million tonnes in 2025, down from 11.2 million in 2023. Kazchrome posted steady growth to 5.8 million tonnes in 2025 from 5.2 million in 2023. The data underscores KTZ's vulnerability to fluctuations in mining output and global commodity prices.
What's Next
KTZ is expected to release its 2026 half-year results in September, which may show further concentration. It remains unclear whether the company will diversify its client base or invest in non-mining freight segments.
1 source
KTZ data reveals mining sector dominance in rail freight
