New Auction On Subsoil Use In Kazakhstan

In June 2016, Kazakhstan will witness another auction for the right of subsoil use at 100 sites located in the territory of the republic. Deputy Minister for Investment and Development of the country Albert Rau announced the news during the press conference in January.

“This year, we have a plan: to put up for sale 100 sites in the sphere of subsoil use through an open auction, which will be conducted according to the English method. Now, we are carrying out all the necessary preparations," he said.

In his words, plans call for holding the 2016 auction within the framework of the upcoming International Mining and Metallurgical Congress “Astana Mining & Metallurgy."

“As you know, we have already had six mining and metallurgical congresses, and this year will witness the seventh one, which will take place on June 15-16. Therefore, we would like to play it so that this auction takes place on the AMM site, because representatives of 40 countries are expected to attend the event. We would like all AMM participants to take part in the auction as well," the Deputy Minister explained.

According to A. Rau, the first public auction in the sphere of subsoil use was held on December 3, 2015. Conducted in accordance to the English method, it sold a total of 39 sites with the right to subsoil use.

“We were able to sell 39 sites from the 45 sites that were exhibited. However, since it was the first auction of the type, it was somewhat rough. The initial conditions were KZT139 million, while the final result was KZT1 billion 415 million. Therefore, this experience was very useful," Albert Rau stated.