Amount allocated for geological exploration in eastern Kazakhstan announced
Astana, Kazakhstan, March 5
By Daniyar Mukhtarov - Trend:
Some 30 billion tenge (182,46 tenge=$1) has been allocated for the implementation of the Ore Altai project associated with geological exploration in East Kazakhstan, the Vice Minister of Industry and New Technologies of Kazakhstan, Nurlan Sauranbayev said at a press conference at 'Geology-360' in Astana on March 5.
"About 30 billion tenge has been allocated for the implementation of the Ore Altai project associated with exploration of East Kazakhstan and 15 billion tenge by the Kazzink national company," he said.
Sauranbayev recalled that a memorandum on mutual cooperation signed in Ust-Kamenogorsk (East Kazakhstan) on Feb. 25 by the Chairman of the Committee of Geology and Subsoil, Bazarbay Nurabayev and the Chairman of the Board of Kazzinc Ltd, Nikola Popovic.
The Ore Altai project aims to develop the mineral and raw materials base of eastern Kazakhstan, according to Sauranbayev. The project is scheduled to be implemented in the period from 2014 to 2018.
The vice minister recalled that the East Kazakhstan region is the largest mining area of Kazakhstan, where work has been carried out for nearly 300 years.
"As part of this project, it is planned to attract significant amounts of investment in the East Kazakhstan region at the expense of state geological research of subsoil as well as funded by large multinational companies such as Rio Tinto , Kazakhmys and Kazzink," Sauranbayev said.
Ore Altai is considered as a pilot project, according to the Vice Minister who said: "Kazgeologiya JSC will participate in the implementation of exploration work within the framework of the project."
"In the case of the successful implementation of this project, further work is planned on the exploration of other Kazakh regions, both within the framework of the state geological research of subsoil and through private investment," Sauranbayev said .
Edited by S.M.
Translated by S.I.