Kazakhstan plans major investments in geological exploration

Kazakhstan plans major investments in geological exploration

Astana, Kazakhstan, May 14
By Daniyar Mukhtarov - Trend:

About 120 billion tenge ($1 - 182.02 tenge) will be allocated from the state budget for conduction of geological exploration work in Kazakhstan in the next five years, Kazakh Vice Minister of Industry and New Technologies Nurlan Sauranbayev told Trend.

"The volume of budget financing of the program of state geological study for 2015-2019 makes up 119.68 billion tenge. The program will provide geological exploration on the territory of 1128 square kilometers," he said.

The program envisages implementation of investment projects of national exploration companies ("KazMunaiGas", "Kazatomprom", "Samruk-Tauken", "Kazgeologiya") and large subsoil users ("Kazzinc", "Kazakhmys") with a total investment of over 818 billion tenge which is 87 percent of the total financing of exploration within the program.

"The implementation of the program will pave the way for new discoveries in 2020," the vice-minister said.

He reminded that almost all mineral reserves opened in the Soviet period, have already been transferred to subsoil users. More than 97 percent of investments by the subsoil users are directed to the development of fields and increase of production.

Geological exploration was conducted in insufficient quantities, as a result of which the production volumes of many kinds of minerals, particularly copper, zinc, chromium, silver, etc., were not covered by the new proven reserves.

The vice-minister said that, a package of amendments were made to the existing law "On Subsoil and Subsoil Use" in order to improve the business climate in the area of geology and mineral resources.

"The draft law is under consideration by the country's parliament. The government will also submit a draft concept of the "Subsoil Code" concept by July, 1 which is being developed with involvement of local and foreign experts and consultants," Sauranbayev said.

Edited by S.I.

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