Kazakhstan aims to Boost Investment in Mining and Metallurgical Sector
The 13th Mining and Exploration Forum MINEX Kazakhstan was held in Astana, focusing on improving the investment climate in the mining and metallurgical complex of Kazakhstan.
Nikolai Radostovets, Executive Director of the Republican Association of Mining and Metallurgical Enterprises, addressed more than 500 subsoil users, investors, and experts from 224 companies and organizations representing 30 countries at the event.
The Forum facilitated the exchange of experience between industry experts, government regulators, subsoil users, and investors. Discussions revolved around the challenges and growth drivers in the mining and geological industry in Kazakhstan and other Central Asian countries, as well as important technologies and achievements in the field of subsoil use. Radostovets emphasized the importance of implementing a “single window” principle in subsoil use, introducing amendments to the Code of the Republic of Kazakhstan “On Subsoil and Subsoil Use,” and improving the taxation system for subsoil users. He also suggested creating an Interdepartmental Commission to address issues and appeals in the field of subsoil use, with the participation of authorized state bodies and the coordinating role of the Ministry of Investment and Development of the Republic of Kazakhstan.
By the end of the year, a package of amendments to the Subsoil Code is expected to be introduced, along with amendments to the Environmental, Water, and Land Codes. Radostovets also proposed the adoption of the international KNN assessment system to improve the taxation system for subsoil users. These initiatives aim to increase the investment attractiveness of Kazakhstan’s mining and metallurgical complex, positioning the country to benefit from the global demand for minerals and metals for cleaner energy technologies, as highlighted in the World Bank’s 2017 report “The Growing Role of Minerals and Metals for a Low Carbon Future”