UK Considers Funding Mining Projects In Kazakhstan

UK Considers Funding Mining Projects In Kazakhstan

The U.K. government is considering subsidizing mining projects in Kazakhstan in light of governmental reforms aimed at modernizing the sector and making it more attractive to foreign investment.

The U.K. Ambassador to Kazakhstan, Carolyn Browne, said there was “huge interest” from the U.K. in the Kazakh mining sector.

“When it comes to finance, the U.K.’s export finance credit agency, UKEF, is also ready to consider funding guarantees for mining projects,” she said at the eighth Central Asian Mining and Exploration Forum in Astana on April 19. She added that “there have been a number of positive discussions on the potential for collaboration.”

“We hope to identify mining projects that could take advantage of this generous financial offer from the U.K. government.”

She went on to say that the adoption of a new mining code later this year and the harmonization of Kazakhstan’s reporting standards with the Committee for Mineral Reserves International Reporting Standards were a “key step” in creating the right environment for investment.

“As Kazakhstan continues its economic reform, diversifying beyond hydrocarbons, and its ambitious privatization plans, the British government is convinced that this country offers significant opportunities for investment and business collaboration in the mining sector,” she said.

By the end of 2017, Kazakhstan’s government plans to pass a new law for subsoil and subsoil use that seeks to minimize administrative barriers facing mining companies and to improve access to geological data.

Vice Minister of the Kazakh Ministry for Investments and Development, Timur Toktabayev, said the mining industry in Kazakhstan needs to catch up with the rest of the world. He added that the new mining code will simplify the licensing system and help promote international investment.

He said the Kazakh government’s main objective was to encourage investor confidence in the sector.

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