Kazakhstan attracts investment in subsoil management
Kazakhstan intends to attract exploration investments. Hence, the Ministry of National Economy and the Ministry of Finance are considering providing incentives to investors, such as an alternative tax regime for subsoil use, the exemption from land tax and property tax, and a variety of other benefits. In addition, the country’s Ministry of Energy is introducing a new mechanism - an improved model contract - to increase the investment attractiveness of geological exploration. This will apply to offshore projects, complex onshore projects, and gas projects. It is also proposed to make changes to the country's “Code on Subsoil and Subsoil Use.” It should be noted that in the last two years, around 173 billion tenge have been invested into geological exploration. Around seven trillion tenge has been attracted since 2018. Annually, around 39 million tonnes of iron ore, 1.5 million tonnes of alumina, three million tonnes of copper, and 193,000 tonnes of lead concentrate are mined.
Translation and editing by Galiya Khassenkhanova