Kazakh Industry Minister at MINEX Forum - Geological industry should be actively financed

ASTANA. April 22. KAZINFORM - Since May the current year, there will begin acceptance of applications for subsoil open competition related to solid minerals. Kazakhstan Ministry of Industry and New technologies press-service reports referring to A.Isekeshev’s speech, the Minister of Industry and New Technologies at the "MINEX Central Asia" forum.

Thus, in accordance with Article 46 of Law "On Subsoil and Subsoil Use", the competent authority (MINT)is working out a list of subsoils to be placed for an open competition. The list are generated on the basis of the proposals done by the Committee of Geology and Subsoil, an authorized body for the study and utilization of mineral resources. During the list preparation investors have the opportunity to recommend putting up those parts of mineral resources, which, in their view, are attractive for investment. Applications should be filled in a free-form.

The Vice-Premier noted that the attention would be focused on five aspects, among which he pointed out further improvement of the investment climate, human resources and the development of geological infrastructure.

"Now we are working on the creation of modern geological research center, which will contain a range of all the necessary laboratories", said Aset Isekeshev.

A fourth aspect the Vice-Primer has sounded is the introduction of international accounting standards for reserves and resources and information access.

"We have already begun this sort of work. For a number of procedures the time has been reduced from 200 to 40 days. But our goal is to come to ultimate international standards and practice", said the A.Isekeshev.

He also informed that the government is working to increase budget funding of public and quasi-public investment in exploration and mining sector. In addition, according to the Vice-Premier, "there have been discussed various economic incentives for investors to start active financing of geological industry through all sources. First of all, financing by public and private entities." This is the fifth key area of ​​ governmental work in geology.

"The state represented by national companies will work within their strategies for exploration. The main emphasis will be placed on the partners and investors. We are interested in the investment and technology and we are intended to take all the necessary measures for generating new projects in geology and mining industry this year", said Aset Isekeshev.

The increase of activity should be affected by cancellation of the Kazakh President’s moratorium relating to mineral resources use competition.

The Minister considers the lifting of the ban a landmark event for investors and potential subsoil users. The competitive tender will be carried out the actual year.