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ULMUS FUND B.V. is the Fund for Direct Investments in Exploration and Mining in the Republic of Kazakhstan.



ULMUS FUND B.V. is a fund for direct investment in the mining sector, established during the visit of the President of the Republic of Kazakhstan N. Nazarbayev to the Federal Republic of Germany in February 2012, based on the Memorandum of Understanding dated 08.02.2012 between JSC "National Agency for Export and Investment" KAZNEX INVEST " and the German side, in order to attract German investments and new technologies to the mining sector of the economy of Kazakhstan for the exploration and development of deposits at an early stage of development, in fulfillment of interstate agreements of the Agreement of 08.02.2012 on partnership in the raw, industrial and technological spheres between the Government of the Republic of Kazakhstan and the Government of the Federal Republic of Germany.

The key persons of ULMUS FUND:

Director - Issayev Timur Beketovich

Financial Director - Bondar Dmitry Georgievich

Chief Geologist - Fakhrutdinov Rashid Suleymanovich

Chief lawyer - Kaliaskarov Almat Miratuly


  •  ULMUS Fund focuses on early-stage mining in Kazakhstan by bridging the gap between underdeveloped mining concessions and strategic investors seeking expansion of their resource base in a transparent, German  investment environment;

  • The growing demand for commodities, especially rare earth minerals, in the World and Western Europe in particular has lead both to the search of new mineral deposits and to the exploration of existing mineral reserves;

  • The vast  mineral resources of Kazakhstan and the prime location of Central Asia in proximity to Russia, India and China brings up great investment opportunities in  mining;

  • Early stage mining in Kazakhstan is undeveloped relative to the entire mining value chain, making entrance at this point a highly economically attractive investment opportunity;

  • Adoption of new resource strategy by Germany and other European states, improving long-term access to rare earth minerals;

  • The Fund while being a facilitator of industrial growth in Kazakhstan will serve as an entry hub for German investors  due to lower entry barriers and reduced risk for the final investor.

  • According to the German Government’s raw materials strategy, safeguarding a sustainable supply of non-energy  mineral resources is a primary goal for many countries in the world;

  • Major developing and emerging economies which consume raw materials, and especially China and India, have now given a strategic orientation to their raw materials policies and have taken measures to meet their needs for raw materials;

  • New studies indicate that the demand profiles for raw materials will change fundamentally in the coming decades due to advances in technology;

  • The sharp rise in demand for numerous major industrial raw materials has caused various countries to adopt trade-policy measures (e. g. export tariffs, export quotas, preferential import arrangements) which favor their domestic industry and thus distort international competition. The problem is especially acute in Rare Earth sector.



  • Kazakhstan is seeking to secure European investments in mining sector  by deepening the political ties and strengthening  the investors protection rights through strong governmental support;

  •  Mining and smelting industry is a basic sector of the economy of Kazakhstan and is traditionally the basis for the economy;

  • Kazakhstan is seeking to secure European investments in mining sector  by deepening the political ties and strengthening  the investors protection rights through strong governmental support;

  •  Mining and smelting industry is a basic sector of the economy of Kazakhstan and is traditionally the basis for the economy;

  •  In terms of mining volumes Kazakhstan is positioned at 13-th place among the 70 world mining leaders with the mining industry accounting for approximately 27% of the Kazakhstan’s GDP;

  • About 90% of all MSS products are exported to above 30 countries making 35% of the total exports of the country;

  • The country is a major producer of beryllium, bismuth, cadmium, chromium, ferroalloys, magnesium, rhenium, titanium, and uranium.



The business model pursued by ULMUS Fund is to identify and acquire promising licenses and develop them leading to acquisition by industrial companies/investors for further development thus helping to connect future mine developers with properties of interest.


The Fund seeks to invest in early stage level opportunities in the resource space and actively participate in asset building through the early stage exploration and the provision of advisory services connecting mine developers to properties of merit.


By mitigating several crucial types of risks, including geological, administrative and legal risks, the Fund will serve an important role of “entry hub” for large industrial players thus attracting significant industrial investments in Kazakhstan.


ULMUS Fund will focus on small to medium size concessions with relatively good infrastructure as those are relatively easy to explore; Large size concessions are on the market but more usual than not lack infrastructure, bear significantly greater geological risks and require enormous financial investments;


  • Platform provides perfect solutions for financial investors  seeking high returns and for strategic players seeking expansion of their resource base.

  • Maximizes shareholders’ returns through the Fund’s ability to select best projects from the local extensive mining data base and to enter promising projects at early stage.

  • Benefits from its extensive network in the public and private sector of Germany and Kazakhstan and is experienced in interaction with government bodies and the mining industry.

  • Determined to attract cutting-edge exploration technology to Kazakhstan in order to successfully develop the existing  resource base.



In 2015, LLP "ULMUS BESSHOKY" (ULMUS BESHOKY), part of the ULMUS FUND B.V. group of companies, entered into a Joint Activity Agreement (Consortium Agreement) with JSC NGK Kazgeologiya for the development of the Kondokinskaya area in the Karaganda region of the Republic of Kazakhstan.


In this project LLP "ULMUS BESSHOKY" (ULMUS BESHOKY) owns 75%, JSC NGK Kazgeology - 25%.

The area of ​​the park includes six copper-porphyry manifestations - Besshoks: Southern, Northern, Eastern; Kaindyshok, Shatyrsha and Gilands.


The area is located in the Karaganda region at 150 km to the north-north-east of the Kounrad field, 100 km east of the Aktogay district center. The nearest railway (station Karagajli) passes in 120km to the northwest from the area. Area with undeveloped infrastructure.


Hydrothermally altered rocks are widespread on ore fields of copper-porphyry manifestations.

According to the Besshoky project, 76 wells of core drilling with a total volume of 17698.4 meters were drilled on 07.08.2018.
Drilling is carried out using a double projectile produced by the company "Boart Longyear", which provides a core yield of at least 95%. The wells are inclined and vertical.
When carrying out geological exploration works ULMUS FUND B.V. uses a cautious and gradual drilling strategy on the principle of "drilled-stopped-analyzed" that allowed to avoid financial losses for drilling of empty wells.

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In 2017, ULMUS FUND B.V. became the winner of the tender for obtaining subsoil use rights for concluding a subsoil use contract for the exploration of non-ferrous and precious metals on the Medina square in the Karaganda region.



The area is located in the central part of the Nurinsk synclinorium, composed of a flyschoid formation of the Silurian-Lower Devonian. South of these territories are the Tecturmas anticlinorium, to the north - the Devonian volcanic belt.



Within the framework of the project it is planned to use advanced German technologies for extraction and enrichment of area's ores with the receipt of a product ready for sale not only in the Kazakhstan market, but also in the international market. In developing the deposit and mineral raw materials, technologies based on achieving complex processing of raw materials and completeness of extraction of valuable components will be applied, as well as on low environmentally harmful effects on the environment.


Extraction of ore is expected to be carried out by modern mining methods of mining deposits using efficient mining equipment and transport





Our Address:

Almaty, Zhybek zholy str., 64/47 bld., 620 office

Our Address:

Almaty, Zhybek zholy str., 64/47 bld., 620 office


+7 727 250 13 85 (86/87)

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