Kazakhstan to Auction Over 150 Untapped Deposits

Kazakhstan is putting up for auction more than 150 reserve deposits of rare and polymetallic resources that have remained unstudied and idle for years, Orda.kz reports, citing Yerlan Akbarov, head of the Geology Committee under the Ministry of Industry and Construction.

Speaking at a government briefing, Akbarov explained that these are mainly C2-category reserves of polymetallic ores and rare metals — deposits that have long been listed on the national balance sheet but were never subject to the required technological research.

After gaining independence, many deposits were approved with C2-category reserves. Technological studies were supposed to be conducted on them, but they were not. There are more than 150 of these objects, and they are now up for auction, Akbarov stated.

He added that reclassifying these reserves to the more reliable C1 category will require complex and costly technological analysis.

These deposits contain tungsten and cobalt. Previously, there were no technologies for processing them, and demand for rare earth elements has only emerged in recent years. <...> Back then, they were just kept on the balance sheet without much interest. Akbarov said. 

A recent audit by the Accounts Committee revealed systemic issues in geological exploration and subsoil use.

While mineral extraction still contributes over 20% to Kazakhstan’s GDP, the country’s proven reserves are steadily depleting — and many of the deposits authorities hope to develop exist only on paper.

Original Author: Zhadra Zhulmukhametova