Kazakhstan, Astana, Feb. 2 /. Trend, D. Mukhtarov /
Kazakhstan Kazgeologiya and British Rio Tinto agreed to implement joint projects in Kazakhstan, according to which geological studies and exploration will be carried out by the British company, Kazakh Industry and New Technologies Ministry said.
"On February 1, 2013 Kazgeologiya national company, The Kazakh Ministry of Industry and New Technologies and British Rio Tinto mining company signed two agreements on the basic principles of creating a joint venture for exploration in Balkhash - Saryshagan and Kargantas areas.
Cooperation between Kazgeologiya JSC and Rio Tinto will be carried out as a part of these exploration projects. Copper porphyry deposits are being searched for in particular", the report says.
According to The Kazakh Ministry of Industry and New Technologies, this event was preceded by an agreement on cooperation in exploration and prospecting, signed by the ministry in Great Britain during a visit by President Nursultan Nazarbayev.
"The parties decided to create two joint ventures, financing of which will be provided by investments from Rio Tinto until geological fields with reserves are discovered. Rio Tinto undertakes the application of modern exploration technologies for searches and exploration and the processing and interpretation during implementation of these exploratory projects. In addition, the transfer of technology and training of Kazakh specialists will be conducted," the press-service of the ministry reported.
Kazakh Deputy Prime Minister Aset Isekeshev said these joint projects mark the beginning of a transition of geology to an innovative course of development. In general, as Isekeshev noted, the industry faces great challenges and increasing funding levels. A number of amendments to the current regulations are planned to resolve these issues.
As noted in the ministry, given the new tasks voiced by head of state in his address to the nation, in the near future the government will begin development of a new industry program to develop the mineral and raw materials complex between 2015 and 2019. This program will focus on research of the underlying subsoil using modern technology and settling issues to fill the resource base on priority types of raw materials.
The ministry reported that according to the budget program, Kazgeologiya currently conducts exploration activities in the south of the country under two projects. These are prospecting for gold and copper in Katutau area and work on the "Geological mapping of 1:200000 scale" project in Kendyktass ore district. Moreover, work is carried out in Akmola, Karaganda and Kostanay regions.