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.

Iran ready to return to its JCPOA obligations, MFA official hints
Iran ready to return to its JCPOA obligations, MFA official hints
Foreign investors waiting for decision related to FATF in Iran – official
Foreign investors waiting for decision related to FATF in Iran – official
Iran talks IAEA monitoring cameras at nuclear sites
Iran talks IAEA monitoring cameras at nuclear sites
Loading Bars
Latest
More than 745,000 COVID-19 infections detected worldwide over past 24 hours - WHO
UN Security Council to hold open session on Israel and Gaza Strip on May 16
Oil prices drop as U.S. pipeline resumes operations
Latvia eases entry rules for vaccinated travelers
Three rockets launched toward Israel from Lebanon, no damage -Israeli military
Africa's COVID-19 cases surpass 4.66 mln
Over 500 residential buildings razed by Israeli airstrikes in Gaza Strip
Azerbaijani Foreign Ministry issues statement on tension on Armenian-Azerbaijani border
China's Qinghai donates anti-pandemic supplies to Kyrgyzstan
Azerbaijani FM talks tension on Azerbaijani-Armenian border with OSCE Chairman-in-Office
Georgian's commercial banks see increase in number of total loans
Azerbaijani, Russian FMs exchange views on tensions on Azerbaijani-Armenian border
Overseas election headquarters established at Iran’s foreign ministry
Sputnik V approved for use in Republic of Maldives
Azerbaijan shares data on number of vaccinated citizens for May 13
Azerbaijan confirms 509 more COVID-19 cases, 1,427 recoveries
COVID-19 cases decrease in 80 Turkish provinces in a week
Tajikistan delegation to visit Uzbekistan on May 14
Gaza death toll jumps to 84 as Israeli air raids intensify
Musk decries bitcoin's 'insane' energy use after Tesla payment U-turn
Azerbaijani president got touched by National leader Heydar Aliyev's words about Shusha (VIDEO)
Azerbaijani president once again says at Jidir Plain in Shusha - Karabakh is Azerbaijan! (VIDEO)
EU countries urged to halt non-essential travel from India
U.S. weekly jobless claims fall
Gaza flare-up further weakens shekel
Georgia increases aviation fuel imports
Iran ready to have closer ties with Saudi Arabia, FM says
Azerbaijan’s import of goods from Italy down
Iran talks insurance data in its mining sector
Turkish ministry discloses volume of cargo handled through Mersin port
Georgia adopts new rule on forest use
Kazakh Senate adopts document on economic relations with Kyrgyzstan, within EAEU
Volume of chemical products exported by Turkey to Azerbaijan disclosed
KazTransOil completes connecting newly constructed sections to Uzen-Atyrau-Samara pipeline
Trade ministry discloses volume of cereals imported by Kazakhstan from Turkey
Russian Bright Way Group to set up pharmaceutical plant in North Kazakhstan
Georgia sees decrease in amount of local small companies
Turkmenistan's Turkmennebit opens tender to purchase of chemical products
Kazakhstan's exports to Latvia decrease
Kazakhstan boosts agriculture goods output
A year ago, different music was played in Shusha, other actions were taking place here - President Aliyev
President Ilham Aliyev meets with journalists in Shusha
Georgia establishes its first avocado farm
Tender for park construction opens in Turkmenistan's Dashoguz region
Trade ministry discloses volume of cereals imported by Georgia from Turkey
Turkey’s export of steel to US soars
UNIDO talks current global projects in Kazakhstan
First VP Mehriban Aliyeva shares footage from gala concert of “Kharibulbul” music festival on her Instagram page (VIDEO)
Power transmission line of Turkmenistan's Mary State Power Plant ready for commissioning
Кazakh Electricity Grid Operating Company opens tender to buy construction materials
Turkmenistan intends to increase pace of oil production
SOCAR to operate exports of Rosneft’s oil products to Ukraine - sources
Trade ministry discloses volume of electrical goods exported by Turkey to Germany
Volume of electrical goods exported by Turkey to Russia disclosed
India Fastest In World To Administer 17 Crore Vaccine Doses In 114 Days: Centre
Azerbaijan’s import of goods from Germany down
Forex reserves surge by $32.29 bn in six months: RBI
How IAF, Navy have pressed transport planes, ships to bring Covid relief to India
India received $83 billion in remittances in 2020: World Bank report
American India Foundation raises $25 million for Covid-19 assistance to India
Vietnam Buddhist Sangha presents medical equipment to India
Lemonade tanks as Texas freeze hits Q1 results
Russia reports over 8,300 COVID-19 cases in the past day
Kazakh, Azerbaijani presidents hold phone talks
AZAL to Trial IATA Travel Pass in Azerbaijan
Azerbaijani president, first lady watch performance of Kharibulbul festival participants (PHOTO/VIDEO)
Georgia sees decrease in revenues from foreign tourism
Azerbaijani president visits Yukhari Govharagha mosque in Shusha (PHOTO)
External merchandise trade of Georgia up
UNIDO, Gov't of Uzbekistan consulting to explore potential project ideas
Italy fines Google $123 mln for abuse of dominant position
Georgia reports 776 new cases of coronavirus for May 13
Armenians destroyed many mosques during occupation of Azerbaijani lands
Turkey’s export of steel to Uzbekistan up
Georgia takes steps to increase availability of agricultural land for farmers
Turkey’s export of ready-made clothes to Iran up
Iran ready to return to its JCPOA obligations, MFA official hints
Azerbaijani ferry delivers modern equipment to Turkmenistan
Turkey’s export of cement to Kazakhstan up
Azerbaijan discloses composition of national gymnastics team for competitions in Bulgaria
Caucasian Muslims Office chairman talks about new mosque in Azerbaijan’s Shusha
Kazakhstan needs to ensure environmental sustainability of extractive industries - UNIDO
Rolls-Royce sticks to guidance for 2021
Kazakhstan unveils value of payments of compulsory vehicle insurance
Azerbaijani people won Second Karabakh War thanks to unity - Caucasian Muslims Office
Turkmenistan takes part in adoption of documents within "Central Asia-China" meeting
Very happy to participate in Khary Bulbul festival in Shusha – Azerbaijani people's artist
Azerbaijan’s import of pharmaceutical products increases
Kazakhstan, France agree on roadmap for economic co-op until 2030
Latest prices for Azerbaijani oil disclosed
RCEP An Unbalanced Trade Agreement: Piyush Goyal
Indian Union Cabinet approves MoU between ICAI, Qatar finance body to develop accounting and entrepreneurship
IEA expects Azerbaijan to raise oil output in Q2
India's Merchandise Exports Can Hit $400 This Year Says Piyush Goyal
Azerbaijan’s average compliance with OPEC+ deal up - IEA
Festive prayer performed at Teze Pir mosque in Azerbaijan’s Baku (PHOTO)
Kazakhstan’s freight transportation operator opens tender for equipment maintenance
Global biofuel production to recover to 2019 level in 2021
More than 4,000 Indians die of COVID-19 for second straight day
Central Bank of Azerbaijan allocates funds to support its website
All news