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

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