Baku, Azerbaijan, Dec. 27
By Nigar Guliyeva – Trend:
Kazakh President Nursultan Nazarbayev has signed the Code of Kazakhstan "On Subsoil and Subsoil Use", aimed at improving the system of regulation of subsoil use.
The Code was developed with the participation of representatives of the industry association and business. The document is aimed at removing barriers in the work of subsoil users, improving the sectoral legal framework, attracting foreign direct investment into the industry, opening new fields and creating new jobs.
In addition, the president signed the Law "On Amendments and Additions to Certain Legislative Acts of Kazakhstan on Subsoil Use Issues," aimed at bringing the legislation in line with the newly adopted Code "On Subsoil and Subsoil Use".
The new Code stipulates for simplification of the granting subsoil use rights based on a "first come-first receive" basis - analogy to the Australian model; transition to the international order of stock assessment; providing open access to geological information and transferring it to digital format; revision of the list of common mineral resources.
Also, the new Code strengthens the provisions for the liquidation of deposits to ensure the country's environmental security when closing down the mines.
The Code provides for stability guarantees for existing subsoil use contracts and others.