Foreign investor to finance the exploration of gold deposit in Kazakhstan

About 90 million tenge was invested by a Turkish company in geological exploration on the Surovsky site in the East Kazakhstan region. A project to develop platinoid and gold ores is being implemented at this site. To date, drilling of 20 wells at Surovsky was completed. The project is financed by the Turkish company, Yildirim Holding A.S.

"The total investment in geological exploration amounted to about 90 million tenge. In 2019, the transfer of subsoil use rights to a joint venture established with a strategic partner, which will continue to conduct exploration work under the contract, is planned," the MIID explained.

The ministry added that the contract was concluded for three years from May 2017.

Earlier, the Ministry reported that investors invested 3.5 billion tenge in domestic geological exploration last year. Over four years, the sector attracted 20 billion tenge of investments. Kazgeology plans for the coming years to bring the amount of foreign investment attracted in geological exploration to $100 million. The ministry also added that 70 licenses for the exploration of solid minerals have been issued in the country.

Yildirim Holding produces ammonia and calcined nitrate fertiliser. The company operates in 11 sectors.

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