BAKU, Azerbaijan, Apr. 23
By Nargiz Sadikhova - Trend:
Kazakhstan currently possesses the potential to engage in prospective geological exploration on the territory of 1.2 million square kilometers, Trend reports with reference to Kazakhstan’s Ministry of Industry and Infrastructural Development.
The ministry said that in order to prove for investment attractiveness of Kazakhstan, a new Code on Subsoil based on best international practice, was adopted in Kazakhstan’s field of subsoil use for solid minerals.
Thus, with adoption of this Code, the Australian model for issuing licenses has been introduced in Kazakhstan and 621 licenses have already been issued.
“Currently, Kazakhstan has the potential to engage in prospective geological exploration on the territory of 1.2 million square kilometers. This, in turn, will have a multiplier effect on development of service companies, the influx of qualified personnel and technologies. In this regard, the expected effect of attracting private investment will amount to over 50 billion tenge ($115.7 million),” the ministry said.
The ministry also noted that a total of 122 billion tenge ($282.4 million) of foreign investment were attracted in geological exploration over the period from 2014 to 2018.
The majority of this sum accounted for Russian investors investing in Zholymbet, Aksu, Bestube, Suzdalskoye, Sentash, Karabulak deposits, the Dekabrskoye mine and Kokbori for extraction of gold and gold-bearing ores.
“Investors from Germany, China, Canada, the UK, Belgium, Israel, South Korea, Lebanon, Turkey, Switzerland, Serbia, Netherlands, UAE, Australia, Cyprus, Luxembourg, Oman, the US also took part in geological exploration in Kazakhstan,” the ministry said.
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