National Bank of Kazakhstan has redeemed 32 tons of refined Kazakh gold within last 2 years

"Kazakh President tasked to increase gold production to 70 tons per year and to process its major part in the country. In 2012 we produced 46 tons of gold. There has been also adopted a special plan, and has been introduced zero VAT rate on gold sale to the National Bank of Kazakhstan which, by the way, over the last 2 years has bought 32 tons of Kazakhstan's refined gold ", announced A.Issekeshev.

According to the Deputy Prime Minister, the Ministry of Industry and New Technologies is developing a Law called "On precious metals and precious stones" which will create a common legal framework for the sector's regulation.

Moreover a new refinery, which will be processing the gold ores into bullions, is under the process of construction. It is expected that the plant will be equipped with the most modern technologies, thus, the designed capacity of the plant would reach20-25 tons of gold and 50 tons of silver per year.

"Refinery will be put into operation by the end of current year. It is being constructed by the "Tau-Ken Samruk" national company'', concluded the Vice Prime Minister.

NOTE: The construction of the plant in Astana costs KZT 4 billion 500 million (tenge) and its comission is scheduled for late 2013. The source of funding is "NWF" Samruk-Kazyna". The company will be located near the locomotive factory of Astana and it will be under the state control.