Ministry of Industry Issues Notice to Qarmet Over Significant Contract Failures

16/02/2024

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The Ministry of Industry and Infrastructure of Kazakhstan has sent a notice to ArcelorMittal Temirtau (now known as Qarmet) demanding a penalty of 4.6 billion tenge for violating the terms of a contract for the extraction of coal and methane in the Karaganda region. The notice states that the company failed to fulfill its financial obligations for 2020-2022, including: 948.9 million tenge in 2020 for financing research and development; 1.017 billion tenge in 2021 for financing research and development; 2.587 billion tenge in 2022, including: 150 million tenge for social and economic development of the region and its infrastructure; 940.6 million tenge for training, upskilling and retraining of Kazakhstani employees; 1.49 billion tenge for financing research and development; 8.8 million tenge for in-country value of works. In addition, the company failed to invest in 2022, despite a plan of 157.1 billion tenge. The notice also lists other violations c

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Source and Credit: kz.kursiv.media

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