Kazakhstan attracts KZT 420 billion tenge to its geological exploration sector

According to Vice Minister of Industry and Construction Iran Sharkhan, active development of geological exploration sector is needed to enhance the existing potential of mining industry.

“For this purpose, a subsoil use model based on the Western Australian principle was introduced. This model enabled to attract over KZT 420 billion of investment in geological exploration sector, which covers 1.9 million square kilometers and is set to be expanded to 2.2 million square kilometers by 2026. Through the introduction of the CRIRSCO standard and digitalization of geodata, Kazakhstan ensures transparency and equal conditions for all investors,” he said.

In the near time, the ministry plans to hold an electronic auction for 50 gold, silver, coal and rare metal deposits.

“ At the same time, we must not only expand the mineral base, but also revise the very model of subsoil use. Kazakhstan is consistently shifting away from the ‘production-processing-waste’ linear scheme towards a circular model," Iran Sharkhan said.

He added that Kazakhstan has more than 55 billion tonnes of man-made mineral formations.

Astana hosts today the International Mining and Metallurgical Congress, attended by 1,300 delegates from 20 countries