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Zh.Kassymbek: Kazakhstans work on CRIRSCO standards to attract significant subsoil use investment

by November 1, 2016 Fun

Minister of Investments and Development Zhenis Kassymbek spoke at the press conference, which followed the Governments meeting, about advantages of Kazakhstans transition to a CRIRSCO system of mineral resources reporting standards.

Kazakhstans accession to the CRIRSCO family is a big step towards confirming the presence of minerals in the country, towards confirming the information we have today. Working under CRIRSCO standards enables Kazakhstan to make reliable a mineral resources database, which is on the international stock. Working within CRIRSCO system is a guaranteed proof of this information for foreign investors. Therefore, we expect that the work within CRIRSCO will give an impetus for attracting foreign investors, Zh.Kassymbek said.

The Minister noted that nearly 60% of investments that have been attracted over the years of independence were directed to the sectors of subsoil use, oil and gas, and metallurgy. Consequently, the raising of standards in these spheres facilitates attracting more investment, which in turn will affect the industrial growth.

CRIRSCO international standards are acknowledged by nearly all the worlds stock exchanges and banks, which allows subsoil users attracting investment in the projects on exploration and development of solid minerals deposits. Today, over 80% of the global investment in subsoil use is attracted by the companies that apply CRIRSCO reporting standards.

Source: Government of the Republic of Kazakhstan