The first information about the geology of the Zhetygara region is found in the 1858 writings of South Ural researchers Meglitsky and Antipov. They mention the presence of serpentinites in the sections of the Shortandy River, which are typically associated with chrysotile asbestos deposits.

In 1915, geologist V.A. Voznesensky noted the presence of numerous asbestos veins in the serpentinites on the right bank of the Shortandy River.

And in 1916, an asbestos deposit was marked at the site of Zhetygara on the map of mineral deposits.

Interest in the deposit was renewed in 1934, when a geological team of the Soyuzasbest trust, led by K.E. Tarasov, carried out special studies on the asbestos content of the Zhetygara hyperbasites. It was then established that the ore was richly saturated with asbestos.

It was only in 1951 that the detailed study of the deposit was initiated by the Zhetygara geological exploration team, led by geologist N.S. Cheremnykh. As a result of this work, the deposit was ranked among the largest in the USSR.

On June 21, 1958, Resolution No. 764 of the Council of Ministers of the USSR "On the further development of asbestos mining and production" marked the beginning of the development of the Zhetygara chrysotile asbestos deposit.

In 1959, construction of the open-pit mine began. On May 10, 1960, construction of Plant No. 1 commenced.

On October 5, 1964, the first ton of ore was extracted.

In February 1965, the first few hundred kilograms of commercial asbestos were produced. On February 22, 1965, the first ton of graded asbestos was shipped.

In 1975, the design capacity level was reached — 603 thousand tons of graded asbestos.

The “Kustanayasbest” plant reached its maximum output from 1975 to 1981, when more than 600 thousand tons of graded asbestos were produced annually.

In 1976, the second production line with a capacity of 403.8 thousand tons of chrysotile asbestos was commissioned.

In November 1980, the 100 millionth ton of ore was mined.

In the late 1990s, when “Kustanayasbest” was on the verge of collapse, a young team of managers led by Erken Tatishev took the helm. This period marked a new chapter in the plant’s development, which was later renamed JSC “Kostanay Minerals.” Since then, for almost 20 years, the enterprise has been thriving and looking to the future with confidence, despite all the challenges.

At that time, “KM” was headed by Kanat Kuatzhanovich Zhusupov. He was able to give a strong impetus to the enterprise’s development. He led JSC “KM” until 2010. During those years, the plant devoted great attention to the improvement of the city and its social sphere. This trend continues to this day.

In 2010, the reins of management were handed over to Samat Saginbaevich Akishev. He is currently the Chairman of the Board of Directors of JSC “KM,” while the management of the enterprise rests on the shoulders of a young, competent, and positively ambitious new-generation manager — Yerbol Saparbaevich Nurkhozhaev, who became Chairman of the Management Board of JSC “KM” in November 2012 and has held this position ever since.