KazGeology to attract more foreign investment

Business Materials 29 April 2019 18:34 (UTC +04:00)

Baku, Azerbaijan, April 29


KazGeology, Kazakhtan’s national mining exploration company revealed the 2018 statistics - compared to 2017, the total amount of both foreign and local investments increased by 168.8 million tenge reaching 3.5 billion tenge, Trend reports citing Ministry of Industry and Infrastructural Development of Kazakhstan .

Moving forward, KazGeology is planning to bring the amount of foreign investment to $100 million (more than 38 billion tenge).

“Currently, due to foreign investments mining work is proceeding at six sites: porphyry copper deposit in Karaganda’s Korgantas area, noble and non-ferrous metals exploration in Karaganda’s Besshokinsk site, gold ore exploration in Maylishat area in East Kazakhstan Region, governmental geological mining exploration in Shekara area in Kostanay Region. The total area of mining exploration for projects on subsoil use amounts to 20,000 square kilometers," said the ministry.

"The sum of investments to raise on the exploratory stage of the projects is around 20 billion tenge. By the end of 2018, 6 billion tenge worth of investments have been attracted. Furthermore, in 2019-2020 in cooperation with foreign investors the mining exploration on 15 more projects is to begin," said in the statement.

“Five more projects on gold, copper and polymetal exploration are taking place in collaboration with KazZinc. Currently, the subsoil use permits are handed over to the joint ventures that were launched in 2018. During that period investments into mining exploration totaled 144.7 million tenge,” the report said.

Reportedly, KazGeology and KazakhMys joint ventures were launched to investigate copper ores on five sites in Zhezkazgan, Satbayev and Balkhash. Polymetal ore investigation work has been done in Karaganda’s Dusembay.

Three more joint projects are in Kostanay region. In 2018 KazGeology received a license for AlrtinKazgan area. Thus, total sum of investments into mining exploration in 2018 amounted to 460.1 tenge.

Russian company Polymetal began to finance mining exploration in Kazakhstan. Together with KazGeology they investigated into gold and silver, copper and gold, gold and sulfide ore sites. As a result, areas for the future joint explorations were singled out. Total sum of investments reached 192 million tenge.