Lack of Geological Exploration and High Taxes Affect Industry Development

Astana hosts the 13th Mining and Geological Forum MINEX Kazakhstan 2023, gathering hundreds of participants and dozens of foreign companies from around the world to discuss the problems and opportunities within the country. The main concern raised by mining companies is the lack of high-quality geological exploration in the state. The forum organizer, Artur Polyakov, emphasizes the need to invest time and money in geological exploration at a larger international level.

Speakers at the forum agreed on the need for a new policy in the field of subsoil use to achieve economic results and attract large foreign companies willing to build new plants.

The country’s president, Kassym-Jomart Tokayev, proposed introducing tax incentives for the development of solid mineral deposits and stressed that current taxation makes it economically unviable to develop new fields.

The Ministry of Industry and Industry, responsible for subsoil use, assured that large-scale work has begun, including the development of a concept encompassing prospecting, digitalisation of data, and development of science and infrastructure within the geological industry. A digital map, reflecting all previously inaccessible information, is expected to be approved by the end of 2024.