Historical Moment For Subsurface Users In Kazakhstan

From the beginning of 2014 Kazakhstan begun the process of adoption of CRIRSCO-style reporting standards' development. Hence, in February 2016, it was announced by the Minister of the Committee of geology and subsoil use - Bazarbay Nurabayev, that the Government of Kazakhstan submitted membership application. This issue of Market Eyesight is dedicated to the mining updates in the Republic of Kazakhstan, including recently cancelled auction on 100 subsoil use fields.

In the frames of the 7 International Mining and Metallurgy Congress "Astana Mining & Metallurgy (AMM 2016), which took place in Astana city on June 14, 2016, Kazakhstan begun serving on the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). In order to adopt the decision on inclusion, CRIRSCO delegation headed by the Chairman of the Committee - Harry Parker, reviewed and indorsed the Code on public reporting on geological exploration works results, mineral resources and KAZRC stocks. KAZRC - Association of public reporting on geological exploration works results, mineral resources and mineral stocks in Kazakhstan, hence, the one to become a member of CRIRSCO.

The Code is intended for the development of independent assessment of mineral resources of the company and foreign investment attraction aiming at financing of mining projects. The adoption of this code is not only a historical moment for the Republic of Kazakhstan, but also an opportunity for foreign investors, as now Kazakhstan is guided by the transparent system of reserves' stock, reducing the risks of unconfirmed resources and reserves, stated in the company's reports.

Another subsoil use update is concentrated on the announcement of cancellation of the auction on subsoil use permits' purchase. It must be recalled that in the frames of seventh Mining Forum st - MINEX Central Asia 2016 on June 20-21 of this year, Minister of Investment and Development of the Republic of Kazakhstan announced an auction of more...