The Ministry of Industry and Infrastructure Development (MIID) of Kazakhstan is set to hold an electronic auction for deposits of various minerals, including gold, silver, coal, bauxite, and titanium, on 26 May, according to Vice Minister of Industry Iran Sharhan. The move aims to attract investments in the development of unused deposits. The pilot auction will grant the right to subsoil use for the extraction of solid minerals across 25 deposits, or lots.
Interested parties can apply to participate in the auction until 5 May, with a starting subscription bonus of 500 monthly calculation indices (1.725 million tenge). Later in the year, the MIID plans to hold additional electronic auctions for about 30 more solid mineral deposits.
Since November 1 last year, investors can obtain exploration and production licenses online through the minerals.gov.kz website, which also provides access to over 30,000 geological reports.
Moreover, the MIID is working on a package of amendments to the Subsoil Code aimed at automating and simplifying procedures. The draft law intends to remove administrative barriers and reduce regulatory burdens for subsoil users. The ministry plans to submit the corresponding bill to the Majilis of the parliament in December.
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