Kazakhstan to Disclose Data on Payments and Contracts of Subsoil Users

The government has responded to deputies’ proposal to introduce uniform transparency standards for major subsoil users and to require new companies to register as joint-stock companies, Orda.kz reports.

Earlier, the deputies said the current system creates unequal conditions for disclosure of information. According to them, the largest mining companies operate as LLPs and report only to their founders, which means society and parliament cannot fully monitor the use of subsoil resources.

Prime Minister Olzhas Bektenov said digitalization of the sector is the key measure in addressing the issue. In his response, he said the authorities plan to integrate a unified subsoil use platform with state information systems. In the future, mining companies will be required to disclose data on budget payments, contract terms and the distribution of income.

Disclosure of information about the activities of mining companies will be ensured. Bektenov said in his response, without specifying a timeline.

At the same time, according to the prime minister, the current rules already provide the necessary level of transparency in the subsoil sector. He also said the right to use subsoil resources is granted without restrictions based on a company’s organizational and legal form, and instead depends on its financial and technical capacity.

Bektenov added that making joint-stock company status mandatory could restrict freedom of enterprise and reduce investor interest.

Original author: Daria Malkova

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