President of Kazakhstan Nursultan Nazarbayev signed the Code “On Subsoil and Subsoil Use”, aimed at improving the subsoil use regulation system.
The new Code covers the following conceptual changes:
– Simplifying the granting of subsurface right in a similar way to the Australian model by introducing a licensing procedure based on ‘first come first served’ principle;
– Transition to the international procedure of reserves appraisal;
– Granting public access to geological information and its digitalization;
– Revising the list of the common commercial minerals;
– Strengthening the field decommissioning provision so that to ensure the environmental safety of the country upon mine closure;
– Providing guarantees for the stability of the existing contracts on subsoil use, etc.
Source: FB post by Embassy of Kazakhstan to Singapore