The Senate Committee on Economic Policy, Innovative Development and Entrepreneurship held an extended meeting today. During the meeting, the MPs discussed the draft law “On Amendments and Additions to the Code of the Republic of Kazakhstan “On Subsoil and Subsoil Use” in terms of Uranium Mining”.
The adoption of the draft law will allow regulating the conditions and procedures for extending the uranium mining period and conducting additional exploration during the mining period in the contract area. According to the document, several provisions are introduced to regulate uranium mining. There is also a new provision in the draft law that concerns extension of the list of basic design documents for uranium mining, including a uranium mining response project.
“It is assumed that the adoption of the amendments to the Code “On Subsoil and Subsoil Use” will preserve for enterprises the uranium production output, compliance with contractual conditions and payment of all mandatory contributions. It will also allow to eliminate gaps in the regulation of the industry, in which Kazakhstan is a leader in terms of both reserves and production of uranium, and to improve conditions for its development,” said Chairman of the Committee Dauren Adilbekov.
Senator Bauyrzhan Kaniyev noted that the draft law will give a new impetus to the development of the uranium industry and increase tax revenues to the budget, as well as enhance confidence in the country's investment policy.
