Kazakhstan's estimated gold reserves revealed

/By AzerNews/

By Aynur Karimova

Central Asian Kazakhstan's gold reserves are estimated at 9.5 tons, prompting the need for further geological study.

This is according to a statement made by Bazarbay Nurabayev, the chairman of the Geology and Subsoil Use Committee of Kazakh Investment and Development Ministry, at the 6th International Astana Mining & Metallurgy Congress on June 17.

Nurabayev claims that this figure includes the resources of gold ore deposits with a total volume of 7.7 tons and complex gold deposits in the amount of about 2 tons.

"Forecast reserves of the categories of P1 and P2 amount to 53 percent," Nurabayev noted. "The resources of the categories of P1 and P2 generally characterize the real prospects of discovered gold ore regions."

The majority of gold deposits are located within the eastern, central, northern, and southern regions of Kazakhstan.

Nurabayev went on to add that the country’s estimated copper resources stand at roughly 100 million tons, 33.4 percent of which are resources in the P1 and P2 categories. Copper resources are mainly concentrated within the discovered ore fields of the central, eastern and western regions of Kazakhstan.

"Projected reserves of zinc and lead in Kazakhstan are estimated at 135 million tons and 58 million tons, respectively. Zinc and lead reserves are mainly concentrated in the eastern, southern, central and western parts of the country," he stressed.

He also said Kazakhstan will apply the Australian method of granting the right for subsoil exploration by adopting the Code on Subsoil and Subsoil Use.

Today, according to official data, less than 15 percent of Kazakhstan's explored METAL reserves AND only 75 of the 282 identified gold deposits are being mined.

The country receives less than 1 percent of total foreign investment in metals exploration.

The development of the mining and metallurgical industries is among the top priorities of the Kazakh government. President Nursultan Nazarbayev has given instructions to increase the country’s gold production to 70 tons per year in the coming years.

In 2015, Kazakhstan transitioned to its second Five-Year Program of industrial and innovative development. In 2014, the industry provided 18 percent of gross added value in the country's economy and accounted for 2.9 percent of employment in the country.

The government is implementing the "Plan of development of rare-metal industries of mining and metallurgical complex of Kazakhstan for 2015-2019", overseeing the legal and regulatory support for the industry, improving the state system of industry regulation, providing mineral resources, expanding scientific and technological support for the creation and development of Kazakhstan's industry, and creating and expanding rare metal production facilities.