Baku, Azerbaijan, April 1
By Elena Kosolapova - Trend:
A future mining code under development in Kazakhstan will contain a large package of financial incentives for geology exploration, Novosti-Kazakhstan reported on April 1.
The previous mining code envisaged just simplifying procedures for subsoil users, Deputy Minister of Industry and New Technologies Nurlan Sauranbayev said at Minex - Central Asia forum. The new code will include a large package of financial and economic instruments to encourage exploration and improve the investment climate in the mining industry.
"Exploration works poses risks for subsoil users, so this sphere should be as easy as possible. The state should not profit from risks," the minister said.
In particular, exploration work must be practically exempt from taxation and the costs of some company for unsuccessful projects should be considered while counting its revenues from successful projects, according to Sauranbayev.