ASTANA, Kazakhstan, April 4. The amount of financing for the state geological study of subsoil in Kazakhstan is about 10 billion tenge (about $22.5 million) per year, said Chairman of the Geology Committee of the Ministry of Industry and Construction of Kazakhstan Yerlan Akbarov at a briefing, Trend reports.
As he noted, over five years, the amount of financing was about 52 billion tenge (about $117 million), while investments in exploration from subsoil use amounted to 357 billion tenge (about $802 million).
"To build capacity and replenish the country’s mineral resource base, it is necessary to understand that stable financing of state geological studies of subsoil influences the growth of private investment. In this regard, President Kassym-Jomart Tokayev instructed to increase the area of exploration of the territory of Kazakhstan to 2.2 million square kilometers by 2026," he said.
According to Akbarov, in order to increase investment in subsoil use, the State Fund Management Program includes the entire territory of the country available for subsoil use.
In addition, he pointed out that an auction will be held for 23 returned fields by June 30 of this year.
"83 reserve deposits are planned to be auctioned. Auctions will be held with the establishment of reciprocal obligations to launch production of products not lower than the average processing level in the country and deductions for the social development of regions," he noted.