One of the purposes of the draft Code on Subsoil and Subsoil Use is to increase the investment attractiveness of Kazakhstan's mining industry. The Vice Minister for Investments and Development Timur Toktabayev informed about this at the briefing following the meeting of the Government of the Republic of Kazakhstan.

As noted by the Vice Minister, there is an insufficient investment in geological exploration today in Kazakhstan. He recalled that at the time of gaining independence, the state had prepared more than a thousand fields that were at the stage of ready production or close to the finished one. Then investors more readily came to Kazakhstan and willingly concluded new contracts. At the same time, the first laws appeared in the form of presidential decrees on subsoil and subsoil use, which provided for a contractual system.

Now most of these deposits are in work and the state receives taxes from them. However, to fill the mineral resource base, it is necessary to open new deposits, which, in turn, requires attracting new investors to the country.

"To date, the conclusion of contracts takes up to two years. It is necessary to simplify the procedures for geological exploration, so that investors would be able to come and begin investing in the search and exploration of new deposits," the Vice Minister clarified.

In this connection, international experience was studied. As a result, during the development of the Code "On Subsoil and Subsoil Use", the Australian model is taken as a basis. After all, Australia is the number one country for investment attractiveness in the mining industry.

Henceforth, the exploration of weakly explored sites can be licensed within three days according to the principle "the first requests - the first gets".

"This significantly simplifies the procedures and most importantly will accelerate the flow of investment in Kazakhstan," T. Toktabayev considers.