Kazakhstan to become the first ex-Soviet Union State to accept New Mining Code modelled on Australian and Canadian principles of allocation of Mineral Exploration Rights
As the bullish time may lie ahead for the mining industry, Kazakhstan gets ready to become one of the world’s mineral exploration “hot zones” offering confidence and high returns to investors and mining companies. According to the statement issued by the Kazakhstan’s Mazhilis (Parliament) on Thursday 20 February, Kazakhstan will become the first ex-Soviet Union State to accept this year the New Mining Code modelled on Australian, Canadian, Finish and Chilean principles of allocation of Mineral Exploration Rights and contractual regulation of extraction of minerals, oil, gas and underground water.
Current legislation regulating subsoil use cannot meet challenges of further development of country’s mineral recourses as it does not take into account differences between oil & gas and mining. Over 180 regulatory amendments will be made in the “Code of the Republic of Kazakhstan on Subsoil Use” according to the Vice-Minister of Industry and New Technologies Mr Nurlan Sauranbayev who presented the Concept of the Code to the Parliament’s Committee of Ecology and Subsoil Use. According to the Ministry, changes in the existing legislation are aimed at simplifying procedures for granting mineral and metals exploration rights and generally designed to attract investment in the mining sector.