The Atasu mine is hosted by the West Karazhal deposit, which is a primary magnetite ore with associated manganese mineralization. Studies have indicated that the deposit could have a sedimentary-volcanogenic origin caused by underwater hydrothermal activity.

The analogous bedding of sedimentary breccias is typical of the Karazhal deposits in Central Kazakhstan and probably of other manganese bearing regions as well.

The largest deposit — Western Karazhal is confined to the southern part of the zone. It is represented with beds of hematite, magnetite and manganese (braunite-hausmannite) ores occurring in the band of knot-bedded red-coloured limestones of the Upper Famennian substage. The mean content of components in corresponding ores is of Fe — 50%, Mn — 20%. The majority of deposits in the northern part of the zone are complex. They contain iron-manganese and barite polymetallic ores. By this sign, they are identified as deposits of Atasuysky type.

Underground operations commenced in 1976. ArcelorMittal acquired the mine in 2003. The existing subsoil agreement expires in 2026. Processing comprises of crushing and wet jigging.