Aurora Limited, a member of the Kazakhstan Chamber of Mines, took an active part in the conference "Increasing the investment attractiveness of the mining industry of Kazakhstan", organized by the Kazakhstan Chamber of Mines. The event was attended by leading industry representatives, representatives of government agencies and diplomatic missions to discuss key aspects of legislation and proposed future policies related to exploration, production and processing technologies of minerals.
The conference was dedicated to sharing the experience of key mining companies in working with the new Code, as well as discussing recently proposed changes. Within the framework of the conference, a plenary session and two panel sessions were held, at which high-ranking representatives of the industry, government agencies and diplomatic missions spoke.
Minister of Industry and Construction of the Republic of Kazakhstan K.B. Sharlapayev opened the conference and stressed the importance of simplifying legislation and procedures to further increase the investment attractiveness of the industry. He also announced a package of upcoming amendments to the Code, which are aimed at improving conditions for investors. The Minister commented: "The package of upcoming amendments to the Code, taking into account the proposals of stakeholders and the mining business, provides for more than 100 changes aimed at improving conditions for investors. We strive to further develop and strengthen the mineral resource complex, considering it the cornerstone of Kazakhstan's economic prosperity."
The conference was also attended by the ambassadors of the United States, Great Britain and Canada, who support the development, research, cooperation and reform of the new Code. They expressed their comments and suggestions on maximizing Kazakhstan's potential in attracting investments and confirmed that a stable and transparent judicial and tax regime is necessary to provide confidence to incoming investors and companies. In addition, it was noted that foreign investment should be considered as an engine of economic growth, contributing to an increase in the tax base.
Mr. Tim Barry, member of the Supervisory Board of the Kazakhstan Chamber of Mines, noted the importance of exploration of copper reserves in the world and the problems faced by companies in their development. He stressed that Kazakhstan has the potential to become an important player in the global copper market, not only by discovering new commercial deposits, but also by creating a favorable environment through government support and policies conducive to discovery. "There are 40 large but undeveloped deposits in the world, the total reserves of which are estimated at about 470 million tons. They could meet global demand if not for the problems associated with their development. We need to increase copper supplies, and Kazakhstan is a very important player in the market in this regard. As an example, the large Aktogay deposit in the East Kazakhstan region produces more than 200,000 tons of copper per year. But in order to meet the global demand for copper in the next decade and beyond, we need to have several such large mines being developed every year."
Panel sessions were devoted to the legislative framework affecting investments in the subsoil use of Kazakhstan, as well as geological and environmental aspects affecting investment decisions.
Mr. Baymishev R.N., President of the Kazakhstan Chamber of Mines, speaking at the conference, stressed that new global investors had arrived: "Today we have several leading global mining companies, whose market capital is measured in billions of dollars, investing in mineral exploration in Kazakhstan, such as Rio Tinto, Fortescue, Teck and BHP." He also noted: "The member companies of the Chamber carry out exploration work on an area exceeding 25 thousand square kilometers, the volume of investments exceeded the annual government expenditures on gasoline and these amounts continue to grow along with the corresponding tax and social benefits. In addition, subscription bonuses at the end of 2 auctions exceeded 7.8 million US dollars. Today, the relevant ministry is able to solve almost all investor issues on the principle of "one window", since after a long break associated with industry divisions and other MPS, it has united geologists, subsurface users and industry. That is, by supporting the manufacturing industry at the legislative level, it is impossible to destroy the investment climate in exploration, it is necessary to minimize the negative consequences, which are even indicated in the draft National Development Plan until 2029. The basis for the changes was the Constitutional Reform that took place in 2022, which confirmed the right of the people of Kazakhstan to own the country's subsoil and natural resources. The State exercises this right on behalf of the people. Accordingly, the legal environment will be formed on the basis of this principle."
Ms. Bizhanova G.K. Member of the Management Board, Deputy Chairman of the Board of NCE "Atameken" spoke about the need to develop a Strategy for the development of MMC. "Today, the lack of an industry Strategy creates conditions for frequent changes in legislation, the adoption of new regulatory documents that are not taken into account in the business strategies of subsurface users. The draft National Development Plan of Kazakhstan until 2029 should become the basis of the Strategy. The Strategic Planning Agency submitted it for discussion. Our Chamber is actively involved in its revision."
Among the key speakers was Almas Kushumov, Director of the Department of the Ministry of Industry and Construction of the Republic of Kazakhstan, who drew the attention of the participants to the amendments to the Code of the Republic of Kazakhstan "On Subsoil and Subsoil Use", announced by the Ministry to improve the investment climate. In his speech, Mr. Kushumov also focused on the issues of electronic auctions: "In August and December last year, electronic auctions were held for 84 lots for exploration of solid minerals. Leading companies such as Rio Tinto, Fortescue, Kratos Resources, Cove Capital, Esan Eczacibasi, Kazakhmys Corporation, ERG Exploration, NGK Kazgeologiya and others took part in the auction. The subscription bonus of the auction amounted to 3.5 billion tenge."
At the end of the meeting, Mr. Alex Walker, CEO of East Star Resources, thanked all participants and noted that although there is still a gap between the intentions of the president and ministers, as well as the draft changes in the legal framework, which must be constantly taken into account, Kazakhstan is still an excellent place to conduct research, and as a company Similarly, the government should continue to work together to find practical solutions in a changing system. The Kazakhstan Chamber of Mines would like to be a source of information and support for all parties in this process.
Before the start of the conference, the first Annual General Meeting of Members was held, at which a new Board of Directors was elected, by voting of which Said Sultanov from Aurora Limited was selected as a member, and a productive informal meeting was held with K.B. Sharlapaev, Minister of Industry and Construction of the Republic of Kazakhstan.
The conference gathered more than 160 participants and formed a platform for the exchange of experience and discussion of strategies for the development of the mining industry. The conference participants confirmed the interest of international investors in Kazakhstan and expressed confidence in its potential to attract investment and further develop the mining industry.