Kazakhs plan to install National Database of Mineral Resources
A National Database of Mineral Resources will be launched in Kazakhstan. The goal is to create an accessible information system that will attract investors to the field of subsoil use. According to the statement, representatives of the department of mineral resources are set to increase geological study of the country's territory. The representatives of the Committee of Geology and Subsoil Use of Kazakhstan highlighted that in the country, the volume of investments in geological exploration is increasing annually. The project is underway as part of the Digital Kazakhstan program.
“In 2015, the volume of investments for exploration amounted to nearly 137 billion whereas in 2016 it increased to 158 billion tenge. In 2017, the volume of investments made up 170 billion tenge. More than 70% of these investments accounted for the exploration of oil and gas fields,” in the words of the chair of the National Committee for geology and subsoil use Akbatyr Nadyrbayev.
Today, large companies from Australia, Germany, Japan, Turkey and Russia are investing in geological exploration of Kazakhstan. According to the representatives of Kazgeology, this year, five investment projects have been launched in partnership with the Kazzinc and five more projects with the Kazakhmys. Their total cost made up US$20 million.
“Ten transnational companies are attracted, particularly, largest companies that have high ratings in the world, and other medium-sized investment companies. At the end of 2017, 10 billion tenge was invested in these 40 projects at a preliminary stage, Kazgeology’s chair Galym Nurzhanov says.
According to experts, the new Subsoil Code will contribute to attracting investments in the industry. The code will enter into force on June 29th this year. The document proposes to introduce an Australian model for granting the right based on the first application principle as well as introducing mandatory reporting of subsoil users.