Investments value in Kazakhstan's geological exploration revealed

Investments value in Kazakhstan's geological exploration revealed

BAKU, Azerbaijan, Feb.18

By Nargiz Sadikhova - Trend:

Some 17 billion tenge ($45.1 million) of investments were attracted to geological exploration in Kazakhstan over the course of last three years, Kazakhstan’s Minister of Ecology, Geology and Natural Resources Magzum Mirzagaliyev said, Trend reports with reference to the press office of Kazakhstan’s prime minister.

Mirzagaliyev made the remark during the regular government meeting chaired by Kazakhstan’s Prime Minister Askar Mamin.

Thus, he said, over the past three years some 75,000 square kilometers have been studied in Kazakhstan.

“Together with Kazakhmys, a large lead-zinc deposit Dusembay with reserves of 2.8 million tons was discovered; jointly with the Ulmus Fund, the Besshoky copper deposit reserves of 1 million tons was discovered, andtogether with Rio Tinto, the Pribrezhnoye deposit was discovered in the Balkhash area. As a result of cooperation, about 17 billion tenge [$45.1 million] were attracted,” the minister said.

Mirzagaliyev said that geologists have identified 15 sedimentary basins with estimated fuel resources of about 76 billion tons.

He added that Kazakhstan currently has obsolete seismic data the quality and detail of which does not meet modern requirements.

“Because of this, the potential of the deep horizons of the Caspianhas not been fully assessed. The Caspian basin has been and remains attractive to investors. Currently, many domestic and foreign companies are interested in the geological study of the area. In this regard, modern seismic exploration is required, which will provide updated geological information. We have begun work to intensify exploration,” the minister said.

In Kazakhstan, the Concept of the State Program of Geological Exploration for 2021-2025 has been developed, the purpose of which is to create conditions for sustainable replenishment, development and support of the competitiveness of the mineral resource base.

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