The Ministry of Industry and Construction notified the company of incomplete fulfillment of its contractual obligations regarding investments in exploration and drilling work under the exploration contract in 2021, the inbusiness.kz correspondent reports.
In early December, the Ministry of Industry and Construction (MIC) notified the gold mining AltynEx Company, which is developing the Yubileinoye gold deposit in the Aktobe region, of violations under contract 2560 dated January 28, 2008 for the exploration of gold and base metals. This information follows from a letter posted on the website of the industry department.
“For 2021: execution of investments is 82.69%, or 218,041.53 thousand tenge, with a planned indicator of 263,700.625 thousand tenge; execution of exploration costs is 75.53%, or 181,438.06 thousand tenge, with a planned indicator of 240,219.66 thousand tenge; execution of drilling work is 26.32%, or 5 wells, with a planned indicator of 19 wells; execution of drilling work is 0%, or 0 linear meters, with a planned indicator of 5582.5 linear meters In this regard, within one month from the date of receipt of this notice, you need to: eliminate violations of contract obligations, as well as submit all the necessary documents confirming their elimination (copies of payment orders, contracts, certificates of completion of work),” says the correspondence of the relevant ministry .
In case of failure to comply with the notification requirements within the prescribed period, the competent authority has the right to take measures in accordance with the terms of the contract and current legislation, including terminating the contract unilaterally in accordance with the Subsoil Code, the Ministry of Industry warns.
Let us recall that in October inbusiness.kz wrote that Altynex did not fulfill its contractual obligation to build a gold recovery plant at the Yubileinom deposit. According to the website of the Kazakhstan Stock Exchange, A. R. Sarsenov is a 100% shareholder of AltynEx Company.
