Kazakhstan’s Fincraft Group is seeking to acquire Tethys Petroleum (CVE: TPL), a Toronto-listed oil and mining company, as part of a broader push to integrate upstream energy production into its expanding mining portfolio.
The move, announced in a non-binding letter of intent in September, also reflects Fincraft’s strategy to secure greater control over the Central Asian region’s critical resource infrastructure.
Fincraft, which trades on the Kazakhstan Stock Exchange, operates significant assets in nickel through Kaznickel, as well as cobalt and coal via Shubarkol Premium. It has previously held controlling stakes in London-listed gold miner Petropavlovsk and Central Asia Metals, consolidating its position as one of the region’s most diversified mining groups.
Sources close to the deal say Fincraft sees in Tethys, which operates oil and gas fields across Kazakhstan, a rare opportunity to…
