In Kazakhstan, national companies will be granted priority rights
for uranium exploration and extraction. The Senate, the Upper House of
Parliament, has approved amendments to the Subsoil and Subsoil Use Code. The
changes aim to further develop hydrocarbon exploration, boost investment
attractiveness, protect the state’s interests in the uranium sector, and
improve resource management efficiency. In 2024, Kazakhstan accounted for 40%
of global uranium production, producing over 23,000 tonnes, with total reserves
exceeding 1.3 million tonnes.
«Special
attention is given to the regulation, exploration, and extraction of uranium – an issue of particular relevance given
the growing strategic importance of this resource and the country’s plans to
build a nuclear power plant. The law proposes restricting exploration licenses
in areas where uranium deposits or ore bodies have been identified. It also
prohibits granting licenses to third parties for exploring solid minerals
within territories that already host uranium production sites,» said Senate member Shakarym Buktugutov.
The law outlines the specifics of conducting geological exploration in understudied areas. It introduces an accelerated auction procedure and establishes mechanisms for shale oil production, which requires advanced technologies. The document also provides for the introduction of an improved model contract for investors ready to bring financing and modern technologies into the sector.
«The law’s provisions are aimed at further developing
geological exploration for hydrocarbons. To this end, incentives are offered to
investors to conduct research in such areas. There are also amendments
regarding uranium mining for the benefit of the country. Overall, we hope the
law will facilitate the sustainable development of leading industries – hydrocarbon and uranium production,» said Senate Chairperson Maulen Ashimbayev.
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