BAKU, Azerbaijan, January 24. Kazakh government dissolved 115 contracts and 198 licenses issued for the use of solid minerals deposits in 2022, Trend reports, citing the press service of the Prime Minister.
Additionally, 12 contracts issued for the use of hydrocarbons containing subsoil have been terminated during the previous year.
Subsoil retrieved by the government, containing gold, aluminum, iron, and other deposits, will be put up for auction again.
Around 26 billion Kazakh tenge ($56 million) was transferred to the budget following the results of the auctions held in 2022. Additionally, hydrocarbon geological exploration investments exceeded 50 billion tenge ($108.3 million).
Meanwhile, around 331 million Kazakh tenge ($716,973) worth of fines were issued by the government against subsoil users, which did not fulfill their commitments in 2022.
Kazakhstan also fulfilled obligations under 9 contracts worth around 1.8 billion Kazakh tenge ($3.89 million).
The auctions for the subsoil use are carried out transparently in accordance with national legislation. Participation in the bidding is available to any potential investor.