Projects – The Bugetkol Project
The world’s first industrial application of the Sary-Arka Process, fully permitted and ready for construction in central Kazakhstan.
Flagship demonstration of green nickel at scale
The Bugetkol Project is Sary Arka’s flagship development — the world’s first industrial application of the Sary-Arka Process. It has completed all technical, geological, and environmental assessments and is fully permitted by Kazakhstan’s state authorities.
Strategically located in central Kazakhstan with full access to rail, power, gas, and water, the project is supported by local communities and demonstrates positive economics even at conservative nickel prices.
Each 5,000 t/y modular plant will serve as a replicable unit for rapid international deployment.
Bugetkol project economics
- Products
- NiSO₄ & CoSO₄ (Class 1)
- Capacity
- 5,000 t Ni per year + 220 t Co per year
- Ni extraction
- 85%
- Co extraction
- 70%
- CAPEX (2025–2029)
- USD 183 million
- OPEX (2025–2029)
- USD 210 million
- Revenue (2027–2029)
- USD 261 million
- NPV @ 10%
- USD 245 million
- IRR (pre-financing)
- 23%
- Start of production
- 2027
Strategic Location
Strategically located in central Kazakhstan with full access to rail, power, gas, and water infrastructure, enabling efficient construction and operations.
Community Support
Supported by local communities with positive engagement and a strong social license to operate.
Positive Economics
Positive economics even at conservative nickel prices, with strong NPV and IRR under realistic market scenarios.
Scaling Strategy
Each 5,000 t/y modular plant will serve as a replicable unit for rapid international deployment of green nickel production.
Pilot Validation
The pilot phase at Bugetkol has confirmed reagent cycles and crystallization quality before construction of the first industrial module.
A mining nation with strong industrial foundations
The Bugetkol deposit is strategically located in Kazakhstan, a country with rich mineral resources and a strong tradition of mining innovation. The site benefits from existing infrastructure and access to a skilled workforce.
Our location provides ideal conditions for demonstrating the technology at scale while minimizing logistical challenges and construction timelines.
