Qatari company to invest up to US$50 million in Kazakh mining project

Qatari company to invest up to US$50 million in Kazakh mining project

Qatar Mining Company has expressed its willingness to invest from US$10 million to US$50 million in a mining field in Kazakhstan.

Chief executive officer of the mining company, Khalid Al-Obaidli said the investment would be used for the extraction of gold and copper project.

He also said that the company has met with representatives from Kazakhstan and they have received support from the Kazakh partners in terms of clarifying investment requirements and logistics.

The investment announcement was made at the recent MINEX Mining and Exploration Forum 2019, held in the Kazakh capital.

Meanwhile, forum organizer, Artur Polyakov said that Kazakhstan is the most promising country in the Central Asian region.

“The country is set to be accessed by international investors and foreign funds who are willing to implement projects in this market,” he said.

Meanwhile, a new Code on the Subsoil and Subsoil Use, adopted by the Kazakh Government in 2017 has revealed new opportunities for foreign investors operating in Kazakhstan.

Kyrgyz Mining Association president, Ishimbai Chunuyev said the new code is very important for other countries including Kyrgyzstan to learn from Kazakhstan’s experience.

“We are closely cooperating with the Kazakh companies involved in the development of Bozymchak and Zhyralzhyn deposits in Kyrgyzstan,” he said.

Kazakhstan is one of the world’s leaders in production of natural resources such as uranium, titanium and ferroalloys.  

Photo: kazarchives.kz