Baku, Azerbaijan, Nov. 8
By Ali Mustafayev – Trend:
McKinsey & Company forecasts the opening of at least 15 world-class deposits in case of the launch of mass geological exploration in Kazakhstan, said the Minister of Investment and Development of Kazakhstan Zhenis Kasymbek, during the meeting of the parliament.
“We also intend to simplify the procedure for granting the right on subsoil use to attract investors to the exploration works, within the new draft Code,” said the minister, Kazakh media reported.
The procedure will provide the applicants with land for exploration, based on the order of the applications. In other words, the first applying person or organization will receive the land first.
“The land for the exploration will be provided by blocks. Each block will consist of 2 square kilometers. The maximum number of blocks, that one person or organization may receive is 200,” said Zhenis Kasymbek.
He added that Kazakhstan will launch a large-scale, high-quality and detailed geological survey for the exploration of new deposits.
“Currently, we spend $7 on exploration of 1 square kilometer of land, while in Australia the same work requires 167 dollars, in the US - $87 and in Canada - $203.”