Kazakhstan’s Vice Minister of Industry and Infrastructure Development, Iran Sharkhan, announced the implementation of the State Fund Management Program for geological exploration of the subsoil. From September 1, applications for exploring new areas of solid minerals will be accepted. The country has more than 1.6 million square kilometers of territory available for solid mineral exploration, including 200,000 square kilometers of new sections added in March.
Kazakhstan is a world leader in terms of mineral resources, ranking first in tungsten reserves, second in chromium ore, fifth in lead and zinc, twelfth in copper, and fifteenth in gold. Legal reforms in 2017 created conditions to attract private investment in mineral exploration. The Subsoil Code introduced a general licensing procedure, adopted a state subsoil fund management program, reduced licensing terms, and transitioned to international reporting standards.
Since 2018, approximately 2,000 licenses have been issued for solid mineral exploration, with junior companies accounting for over 90% of these licenses. In 2022, 5.7 billion tenge was allocated for state geological study of the subsoil. In 2023, the allocation is planned to be 5.0 billion tenge.