Geological cluster for accelerating subsoil exploration to be created in Kazakhstan

ASTANA. April 3 (Interfax) - A geological cluster that will accelerate the conducting of geological exploration work will be created in the Kazakh capital, Kazakh Prime Minister Olzhas Bektenov said.

"A modern geological cluster, including an analytical laboratory, a core storage facility and a geological information repository, is being created in Astana. The cluster will become a center of geological competencies, will unite human and technical resources, and will accelerate geological research," Bektenov said while speaking at the plenary session of the forum "Geoscience & Exploration Central Asia: Geology, resources and the future of Eurasia."

The processes for granting subsoil use rights have been significantly simplified in the country, which has made it possible to attract around 280 billion tenge in private investment in geological exploration over the past three years.

"The financing of geological subsoil study, which has been increased tenfold and will amount to about $500 million in the next three years, is important for the industry," he said.

The official exchange rate as of April 3 is 472.31 tenge/$1.