One trillion tenges to be invested in exploration in Kazakhstan

The Kazakh deputy industry and new technologies minister, Nurlan Sauranbayev, has told a briefing in Astana that 119bn tenges will be allotted from the state budget to geological exploration in 2015-2019. He said another 900bn tenges would be invested in exploration by large private and national firms.

“Geological exploration works will be stepped up in the areas around industrial towns under the program. In Zhezkazgan District, geochemical mapping began on an area of more than 130,000 square kilometers, using the method of moving forms. Geological exploration works are also planned under the comprehensive development plans for the towns of Zhezkazgan, Satpayev, and Ulytau District in Karaganda Region”, said Sauranbayev.

At the same briefing, Victor Hugo, a representative of the Australian mineral resources company Iluka, said international geologists were ready to begin works in Kazakhstan within six month. “Now we are discussing conditions to access Kazakh ore deposits with the Kazakh government. We hope to start the works before cold winter is back”, he said.

Ken Tainton from Rio Tinto said stability of contracts and tax regime was the main thing for foreign geologists working in Kazakhstan. “We need to be sure about long-term stable prospects”, he said.

Copyright: Oilnews.kz, 2014