OREANDA-NEWS. August 04, 2009. The Minerals Resources Committee (MRC) of the International Business Council (IBC) wishes to express its support for the President of the Kyrgyz Republic’s objective to reform the management of the mining sector, to encourage and accelerate development of existing and new mineral deposits, as outlined in the Edict (#272) of the President of the Kyrgyz Republic of the 12 June 2009, reported the press-centre of IBC.

Such a result will increase investor confidence and contribute significantly to the economic development of the Kyrgyz Republic.

We support the decision to review the Law of the Kyrgyz Republic “On subsoil”  and the creation of an integrated system of mining laws. The objective of the law reform should be to provide a sound legal framework for investment in the Kyrgyz Republic’s resource sector and a clear set of guidelines for mining companies to operate under. This will help create an attractive and sustainable climate for future investment.

Both the Subsoil law and associated laws should attempt to meet international ‘best practice’ standards and provide long term certainty for the resource sector.

We also support the principles outlined that are to be adopted in the reformation of the management of the mining sector. We hope that the reforms will lead to certainty, transparency and security of title to subsoil rights. 

When combined with an investment regime which favours the shortening of the cycle time from exploration to production, we are confident the reforms will achieve their goal of improving the productivity of the natural resource sector, improving the economic performance of the resources sector and improving the economy of the Kyrgyz Republic.