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Rio Tinto to invest $13 million in geological exploration at the initial stage

08 november 2013, 13:47
0
Minister of Industry and New Technology Asset Issekeshev. ©pm.kz
Minister of Industry and New Technology Asset Issekeshev. ©pm.kz
Rio Tinto, a British-Australian multinational metals and mining corporation with headquarters in London, is going to spend over $13 million on geological exploration at the initial stage of its operations in Kazakhstan, Tengrinews reports, citing the country’s Minister of Industry and New Technology Asset Issekeshev as saying.

“Before the end of the year we will have a total of 4 agreements with major international companies. One of them is Rio Tinto (…) Investments of the Company will reach $13 million at the initial stage. There are also another 3 agreements with Japanese and South Korean companies”, the Minister said at a round-table discussion on prospects of geological exploration in Kazakhstan.

According to him, a major task in the industry is to have local workforce trained to apply new technology approaches and facilitate transfer of technology. Kazakhstan is also considering cooperation with other major mining companies such as KORES, Iluka Resources, JOGMEC, according to Mr. Issekeshev.

“We have thoroughly studied mining industry practices of other countries such as Australia and Canada. We have developed a model based primarily on Australia’s practices to attract investments into the geological exploration sector. Australia has issued 23 000 licenses for geological exploration. There is a huge number of smaller exploration companies, whereas in Kazakhstan there are only 400 contracts. Our task is to change the situation in order to attract investors”, the Minister said, adding that amendments into the national legislation on subsurface use are to be submitted to the Parliament before the end of the year.


By Baubek Konyrov

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