OREANDA-NEWS. November 07, 2014. Majilis of Kazakhstan approved the draft law "On introducing amendments and additions to some legislative acts of Kazakhstan on subsoil use" in first reading.

The Minister of Investment and Development of Kazakhstan Asset Issekeshev presented the document to the deputies in the lower house of Parliament. He explained that the Australian experience was used on the basis of the bill.

A. Issekeshev added that the Australian experience in geological survey is widespread throughout the world, in such countries as Canada, Chile and Peru. "And these countries have the highest rating in the attractiveness of investment in the field of geology and subsoil," he added.

The bill is aimed at improving the investment climate in Kazakhstan and provides for introduction of a simplified procedure for granting rights for investors and subsoil exploration in Kazakhstan. A.Issekeshev added that the Australian experience in geological survey will allow greater development of this industry in Kazakhstan.

"For example, the Canadian stock market capitalization in the part of small companies working in the field of geological survey is USD 58 billion. Famous world companies work in Australia, their quantity in Western Australia has reached 15 million, and hundreds of thousands of people work there. Exploration work covers 27% of the country’s territory. For comparison, only 400 contracts have been concluded in the field of solid minerals during the time of independence in Kazakhstan, and a little more than 200 companies work there," A.Issekeshev concluded.