Foreword 3

Acknowledgments 4

Acronyms and abbreviations 9

Executive summary 12

1 Setting the scene 16

Economic context 17

Connectivity and trade profile by country 19

The potential for CRM mining in Central Asia 23

State ownership in mining activities remains dominant across the region 27

Openness to foreign partnerships and investment varies across the region 28

Latest reforms in the mining sector by country 30

Gender in mining 32

Policy considerations 35

Report outline 37

References 38

Annex 1.A. Main mining projects in Central Asia 48

Annex 1.B. CRM endowments in Central Asia 50

2 Advancing Responsible Business Conduct (RBC) standards in mineral supply chains 53

Introduction 54

Governance in Central Asia’s mining sector 58

Labour rights 63

Meaningful engagement of local communities 64

References 68

Note 73

3 Managing environmental risks in the CRM sector 75

The alignment of mining practices with environmental and broader sustainability goals will be pivotal as governments advance their CRM agendas 76

Keeping levels of greenhouse gas emissions aligned with climate goals 78

Addressing water stress and pollution 85

Managing mining waste and tailings 90

References 94

Annex 3.A. Strategic plans relevant to GHG emissions 102

Annex 3.B. Legislation relevant to GHG emissions 104

Annex 3.C. Legislation and strategic plans relevant to water resources 105

Annex 3.D. Legislation and strategic plans relevant to waste and tailings 108

4 Base Erosion and Profit Shifting tax risks in the CRM sector 111

Base Erosion and Profit Shifting risks in the CRM sector 112

High-level legislation gap analysis and recommendations 118

Country-level gap analysis 122

Opportunities and risks in the context of attracting the investment into critical raw materials sector 129

Conclusion 131

References 131