A favorable investment climate has been created in Kazakhstan, also through political and macroeconomic sustainability, state support for entrepreneurship. Development of geological and mining industries is important and priority for the country.
The industry holds leading positions in the main types of minerals in the world, it is represented in the global market of copper, uranium, titanium, ferroalloys and base metals and has a significant impact on the regional markets of iron, coal and aluminum.
The ongoing sequential reforms are aimed at increasing the competitiveness, technological and professional level of the subsoil use sector, creating comfortable conditions for investors, jobs and improving social welfare.
The important initiative was entering into force in June 2018 of the Code of the Republic of Kazakhstan “On Subsoil and Subsoil Use”, which introduced the best practices in providing transparent and understandable methods of state regulation of the industry, access to geological information, harmonization of national standards with world.
For the first time, a licensing regime for granting subsoil use rights was introduced based on the “First Application” principle, while the subsoil use contracts received before the Code was enacted have been retained, with the possibility of further transition to licenses. Clear and comprehensive requirements have been established for obtaining licenses, validity periods, the procedure for conducting subsoil use operations, reporting and obligations of a subsoil user.
Transition to the international system of reporting standards for mineral reserves of the CRIRSCO (KazRC) family was ensured, mechanisms for stimulating creation of new, expansion or modernization of existing production facilities to process solid minerals were provided. The best practice is being introduced to ensure environmental safety during subsoil use operations, etc.
Kazakhstan has a unique mineral resource base. The country ranks first in the world in terms of proven reserves of zinc, tungsten and barite, second – in silver, lead and chromite, third – in copper and fluorite, fourth – in molybdenum, and sixth – in gold. Kazakhstan also has significant oil and gas resources and ranks 9th in the world in terms of proven oil reserves, which are concentrated in the western regions. In addition, the Republic ranks 8th in coal reserves and 2nd in uranium reserves. The main trade partners of the Republic are Russia and other CIS countries, China, European countries.
Today Kazakhstan offers new opportunities and huge potential for profitable investment.
List of references:
Republic of Kazakhstan [e-resource] // JSC NC Kazakh Invest.— URL: https://almaty.invest.gov.kz/ru/about-kazakhstan/info/
Subsoil use [e-resource] // Industrial Development Committee of the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan. — URL: https://www.gov.kz/memleket/entities/comprom/activities/2163?lang=ru