Home Business President of Kazakhstan Nursultan Nazarbayev signed the Code “On Subsoil and Subsoil...

President of Kazakhstan Nursultan Nazarbayev signed the Code “On Subsoil and Subsoil Use”, aimed at improving the subsoil use regulation system.

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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