15 large deposits may be discovered in Kazakhstan - Minister Kassymbek

ASTANA. KAZINFORM According to McKinsey & Company, at least 15 world-class deposits may be discovered in Kazakhstan in case a large-scale geological survey is launched, Kazinform cites the Minister for Investment and Development of Kazakhstan, Zhenis Kassymbek.

Presenting the draft Code on Subsoil and Subsoil Use at the Majilis session on Wednesday, the Minister noted that, according to McKinsey & Company report, at least 15 world-class deposits, as well as new mining provinces, may be discovered in Kazakhstan in case a large-scale geological survey is launched.

In this regard, according to him, in order to attract investors to the survey, it was decided to introduce a simplified procedure for granting the right to subsoil use based on the principle of the first application with an annually increasing lease rate.

The Minister noted that it is planned to grant the subsoil use rights in areas of about two square kilometers in one block and with a maximum of 200 blocks at once, and the user will have to invest in each of these blocks and report on each of them separately. This, in his words, would stimulate a comprehensive surveying of the entire contract territory.

The draft Code was approved by the Majilis of the Parliament of the Republic of Kazakhstan in the first reading.