8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

       Date of Report (Date of Earliest Event Reported) December 14, 2004

                        Commission File Number 000-28638

                                 BMB MUNAI, INC.
              -----------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

               DELAWARE                                  30-0233726
    --------------------------------          -------------------------------
    (State or other jurisdiction of           (I.R.S. Employer Identification
     incorporation or organization)                         Number)

                    20A Kazibek Bi Street, Almaty, Kazakhstan
                    -----------------------------------------
                    (Address of principal executive offices)

                                     480100
                                   ----------
                                   (Zip Code)

                              +7 (3272) 58-85-17/47
                 -----------------------------------------------
                (Registrant's Executive Office Telephone Number)

  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions:

         [ ] Written communications pursuant to Rule 425 under the Securities
Act

         [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act

         [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act

         [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act



Item 1.01 Entry into a Material Definitive Agreement

         On December 14, 2004, BMB Munai, Inc., received written notification
from the Ministry of Energy and Natural Resources of the Republic of Kazakhstan
that the Ministry had approved and finalized an amendment to the oil and gas
exploration license AI No. 1552 and Contract No. 482 for Exploration of
Hydrocarbons in Aksaz-Dolinnoe-Emir oil fields held by Emir Oil, LLP., ("Emir")
a wholly owned subsidiary of BMB Munai, Inc., extending the ADE Block licensed
territory by an additional 64,247 acres, (approximately 260 square kilometers.)
The additional territory is adjacent to the block currently licensed to Emir.
The amendment grants Emir the exclusive right to explore the additional
territory during the remaining term of the license, which expires in July 2007.
Pursuant to the terms of the amendment, Emir is required to spend a minimum of
$5,500,000 exploring and/or developing the extended territory, with a minimum of
$3,000,000 in exploration and/or development in 2006 and $2,500,000 in 2007.

Item 7.01 Regulation FD

         On December 16, 2004, BMB Munai, Inc., issued a press release
disclosing the amendment to its license AI No. 1552 and Contract No. 482 for
Exploration of Hydrocarbons in the Aksaz-Dolinnoe-Emir oil fields. A copy of the
press release is furnished as Exhibit 99.01 to this report and incorporated
herein by this reference.

Item 9.01 Exhibit and Financial Statements

         (a)      Exhibits

                  99.01    Press Release of BMB Munai, Inc., dated December 16,
                           2004


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly authorized.

                                                  BMB MUNAI, INC.



Date: December 16, 2004                           By: /s/ Alexandre Agaian
                                                     ---------------------------
                                                     Alexandre Agaian, President

                                       2

EX-99.01

Exhibit 99.01

                   BMB Munai, Inc., Announces Expansion of the
                               ADE Block Territory

         December 16, 2004--BMB Munai, Inc. (OTCBB: BMBM.OB) is pleased to
announce the expansion of the territory covered under the oil and gas
exploration license of its wholly owned subsidiary, Emir Oil, LLP, ("Emir Oil").
On December 14, 2004, BMB Munai received written notification from the Ministry
of Energy and Natural Resources of the Republic of Kazakhstan that the Ministry
had approved and finalized an amendment to the oil and gas exploration license
held by Emir Oil to extend the licensed territory of the Aksaz-Dolinnoe-Emir
block by an additional 64,247 acres, (approximately 260 square kilometers.) The
territory covered under the amendment is adjacent to the territory currently
licensed to Emir Oil.

         This amendment grants Emir Oil the exclusive right to explore the
additional territory during the remaining term of the license, which expires in
July 2007. Pursuant to the terms of the amendment, Emir Oil will be required to
make minimum capital expenditures for exploration and/or development of the new
territory totaling $5,500,000, including $3,000,000 in 2006 and $2,500,000 in
2007

         Mr. Boris Cherdabayev, co-CEO and Chairman of the Board of Directors of
BMB Munai stated, "One of our primary objectives is to continue to build our oil
and gas reserves by proving up our existing properties and acquiring new
properties. We anticipate that this territory expansion will be an important
step forward toward achieving our Company goals."

         BMB Munai has gathered existing geophysical data for the expanded
territory from the Geology and Subsoil Protection Committee of the Republic of
Kazakhstan. This data will be processed and re-interpreted at the PGS Data
Processing Center in Almaty, Kazakhstan. BMB Munai also plans to conduct 3-D
seismic research of the expanded territory during 2005. BMB Munai anticipates
drilling works on the expanded territory will commence following completion of
geophysical research and 3-D seismic data acquisition and interpretation.

         BMB Munai is an independent oil and gas company engaged in the
exploration, development and production of crude oil and natural gas in western
Kazakhstan. The Company maintains administrative offices in New York, New York
and Almaty, Kazakhstan.

Contacts:

In the US:        Alexandre Agaian, Ph.D, President and co-CEO
                  (212) 730-7919, E-mail: USoffice@bmbmunai.com

In Kazakhstan:    Boris Cherdabayev, Chairman and co-CEO
                  +7 3272 588-517, E-mail: KZoffice@bmbmunai.com


The information contained in this release includes forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially. Certain statements contained herein constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company to be materially different
from those expressed or implied. Forward-looking statements involve risks and
uncertainties, including but not limited to, such risks as the sufficiency of
funds and other risks described in the Company's periodic reports on file with
the Securities and Exchange Commission.