9 Jan 2023 15:56

Kazakhstan to boost base metals processing capacity

ALMATY. Jan 9 (Interfax) - Kazakhstan plans to boost capacity to process base metals.

Prime Minister Alikhan Smailov held the fifth meeting of the Council of Domestic Entrepreneurs to discuss the urgent issues facing the mining and metals industry.

"In the coming years, the government will take steps to expand the mineral resource base, introduce a single online platform for mineral extraction companies, and increase the processing capacities to convert base metals into finished products," the government said in a press release.

"Today the mining and metals industry contributes 8.5% of the national GDP. In 2022, the industry launched 19 new investment projects worth 232 billion tenge creating 3,500 permanent jobs. Over 11 months, output reached 11.4 trillion tenge, an increase of 17%. Investment in fixed assets amounted to more than 1 trillion tenge, an increase of 14.8%," according to the press release.

During the meeting, representatives of business and the expert community raised issues of investment attractiveness of the sector, taxation, digitalization, transport support, and new environmental requirements.

Smailov said that in order to increase the investment appeal of the mining and metal sector, the government resolved to exempt projects that would be starting commercial production after December 31, 2022 from paying mineral extraction tax for up to five years.

"We will continue working together with businesses to support and develop the mining and metal industry and other sectors of the economy. The government is always open to dialogue and welcomes any proposals while maintaining the balance of interests of the government and business," Smailov said.