President inks amendments to modernize Kazakhstan's subsoil use system
The Head of State signed the Law "On Amendments and Additions to the Code of the Republic of Kazakhstan 'On Subsoil and Subsoil Use' for Implementing the Head of State’s Instructions," Qazinform News Agency cites Akorda.
The official text of the Law is released for publication.
Earlier, the Senate approved the amendments in two readings.
The amendments are aimed at further improving the subsoil use system, particularly by attracting investment into subsoil development, enhancing transparency, and advancing the digitalization of subsoil use processes.
Specifically, the amendments provide for:
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granting strategic investors, which implement large industrial and innovation projects valued at over 14.5 million monthly calculation indices (MCI), a priority right to explore and extract solid minerals;
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increasing the share of domestic content in works and services from 50% to 70% during the exploration and extraction of minerals, including uranium;
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introducing mechanisms for conducting electronic auctions to grant subsoil use rights;
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granting subsoil use rights for facilities involving technogenic mineral formations located within populated areas;
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strengthening liability for concealing or deliberately providing false information on subsoil and subsoil use in reporting;
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prohibiting the extraction of rock mass and/or the movement of soil at solid mineral exploration sites without authorization or in violation of permit requirements, and other related provisions.
Additionally, the unified subsoil use platform is established as a state information system that provides public services and facilitates information exchange between government authorities, subsoil users, and other stakeholders in the subsoil sector, including through integration with other digital systems.
The amendments also establish the National Geological Service's status as the national operator in the field of geology. It will operate as a subordinate body under the authorized agency for subsoil exploration and is designated as a non-privatizable organization.
Previously, as Qazinform reported, President Kassym-Jomart Tokayev signed the Law introducing amendments to the Subsoil and Subsoil Use Code, enhancing the regulation of hydrocarbon and uranium extraction.
