Abstract
The article is devoted to the analysis of current trends in the development of the mining and metallurgical complex (MMC) of the Republic of Kazakhstan in the context of the transformation of the state industrial policy. Based on statistical data for 2021-2024, key changes in the volumes and structure of production were identified, including an increase in the extraction and processing of non-ferrous metals against the background of a decrease in activity in the iron ore and ferrous metallurgy segment. The authors consider the impact of the new model of state support focused on priority areas - greening, digitalization, and increasing added value. At the same time, the article identifies the systemic limitations of the current regulatory model: the predominance of administrative methods, weak integration of innovative and environmental incentives, and a low level of deep processing and digital development of most enterprises. A conclusion is made about the need to move to a stimulating, technology-oriented, and sustainable regulation of the industry to ensure its long-term competitiveness.

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