Kazakhstan is Ready to Legislate the Right of Exploration Companies for Further Production
Kazakhstan plans to legislate a rule to grant companies that conduct exploration work in the country the rights to further exploration and production, said Minister of Industry and Infrastructure Development Marat Karabaev.
“One of the options being discussed is for a company that conducts geological exploration of the subsoil to have the opportunity to retain the right to explore and produce. We are discussing amendments to our legislation. We invite all global companies to take part in geological exploration: everything that you find, will remain with you,” he said at the Astana Mining & Metallurgy 2023 congress on Friday.
As Yerlan Akbarov, chairman of the geology committee of the Ministry of Industry, explained to the Interfax-Kazakhstan agency, the Code on Subsoil and Subsoil Use of the Republic of Kazakhstan contains an article on a license for geological exploration, which is issued by the committee of geology. This license makes it possible to carry out all geophysical work without affecting the subsoil, but the holder does not have the right to continue exploration and production.
“A variant is now being considered so that subsoil users who carry out geological survey of subsoil have the right to continue further exploration and production. production. Now this function does not work. We want to stimulate investment in the geological study of the subsoil,” Akbarov explained.
Karabaev, speaking at the congress, invited foreign companies to participate in the auction for the development of mineral deposits, which will be held in the fall.
“In October, we plan to hold an open full digitized online auction for 25 deposits with balance reserves in the amount of $46 billion. I would like to invite our investors to actively participate in the auction,” the minister said.
