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Astana, Kazakhstan • 09 April, 2024 | 10:48

Kazakhstan to Hold Auctions for 100 Deposits

Preliminary investment forecasts for companies already operating in the country are at $92.2 million

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Unsplash/Ricardo Gomez Angel
Unsplash/Ricardo Gomez Angel

Kazakhstan plans to hold auctions for 100 deposits in the near future, QazMonitor reports citing the Ministry of Industry and Construction.

What happened: On April 8, Minister of Industry and Construction Kanat Sharlapayev informed President Kassym-Jomart Tokayev about the plans for and results in geology and subsoil use.

  • The available geological and geophysical data cover 1910 thousand sq km.

  • The recent geological exploration added 25 deposits to the state register for the first time.

  • Many of the deposits earmarked for auctioning were returned to the state after the revision of contracts with unscrupulous subsoil users, making it possible to resume production at several currently unexploited deposits.

Investment plans: Due to the inclusion of new territories for geological exploration in the State Subsoil Fund Management Program, the authorities report a 2.5-fold increase in private investments in solid minerals.

  • The introduction of e-Qazyna state property register enabled auctions to be held online, increasing their transparency.

  • Additional site appraisal was conducted on a territory of 1255.5 thousand sq km to attract investments in subsoil use.

Arras Minerals (with a 10% stake held by Tech), Rio Tinto, IG Kazakhstan, Fortescue, East Star Resources, and Pallas Resources (funded by BHP), Sarytogan Graphite, Esan Eczacibasi, etc., are already operating in Kazakhstan. According to preliminary forecasts, their investments in exploration will amount to at least ₸41 billion [as of April 9, 2024, $92.2 million], with social obligations – ₸7.8 billion [$17.5 million]. This data counts only the plots of 25 thousand sq km.

reports the Ministry.
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