Kazgeologiya Retains Golden Stake in the Tellur Stepok Project

24/04/2024

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National company “Kazgeology” is holding on to the “golden project” of “Tellur-Stepoch” in its portfolio, which recently joined the state holding “Tau-Ken Samruk”. This information is based on a presentation by the head of the mining group Bakyt Chirchikbaev, which was shown during his speech on the topic “Plans for the development of AO “NGK “Tau-Ken Samruk” after the acquisition of assets of AO “Kazgeology” at the XIV mining and geological forum MINEX Kazakhstan 2024. The potential of the gold-bearing area Tellur-Stepoch was previously estimated at 440 thousand ounces or 13.68 tons of gold. However, the average content of precious metal on the Tellur field was calculated to be more than 17 grams per ton of ore. In 2012, the owner of the deposits was TОО “Akмоla Gold”, which later became known due to its participation in the criminal case of the former head of the geology committee Bazarbay Nuraev. The “Kazakhmys” concern considered this asset attractive in 2018. Previously, the rights to the use of subsoil on Tellur-Stepoch belonged to TОО TS Minerals, where 25% of the shares were owned by “Kazgeology”. However, last year, the Ministry of Industry announced that it had terminated the contract for the use of subsoil on this site. The mining department informed in September last year that the right to use subsoil on Tellur-Stepoch was planned to be put up for auction. However, there is also information that a legal process is being conducted on Tellur-Stepoch. This was noted by a representative of the mining industry at the MINEX forum and confirmed by the head of “Tau-Ken Samruk”. Bakyt Chirchikbaev, in a conversation with a correspondent of inbusiness.kz, said that he could not comment on Tellur-Stepoch because, as far as he knew, there were legal proceedings on this issue, and he would not like to interfere in this process. It is also mentioned in the presentation of “Kazgeology” the infamous Shchevchenkovskoye field, which previously belonged to its former subsoil user SP “Kazkobalt”, where “Kazgeology” also owned 25% of the shares. The Shchevchenkovskoye field was returned to the state after the illegal transfer, and it should have been put up for a competitive auction this year. However, there is information that the Shchevchenkovskoye field may be returned to its former subsoil users, but this information has been denied by the Ministry of Industry. Therefore, the question remains whether the Shchevchenkovskoye and Tellur-Stepoch fields will be put up for a real competitive electronic auction for the right to use subsoil this year or not. If they have been returned to the state, then why were they reflected in the presentation of “Kazgeology” projects at the MINEX Forum, or are they listed there only because of their retained 25% shares?

Source and Credit: inbusiness.kz