Kazakhmys spends $80 mln on geological survey in 2012
ALMATY. Dec 11 (Interfax) - Kazakhmys invested $80 million in geological survey this year, the company's CEO Oleg Novachuk said at a Tuesday press conference in Almaty.
"Kazakhmys is one of the few companies that invests in the development of new fields that were not discovered in Soviet times. The majority of companies in Kazakhstan, Russia and other CIS countries use data that was obtained back in Soviet times. This year, we invested roughly $80 million in the exploration of new fields with the help of Titan technology, which uses space instruments to detect anomalies. We found that there is an interesting deposit that we are going to develop at the Nurkazgansky complex. As a whole, there are around ten to 15 projects that we are studying right now," Novachuk said.
Next year, Kazakhmys will make cuts to its geological survey program, as the company's main focus will be new projects. Exploration investments will amount to "tens of millions," Novachuk said, although such a figure as $80 million is no longer being considered.