Kazakhstan is planning to refer the new Subsoil Code for consideration to the Parliament in late 2017, according to the Minister for Investments and Development of Kazakhstan. Initially it was planned that the Code would be referred to and considered by the Parliament at the end of 2016.
On 15 October 2015, MWP hosted a meeting with the members of the Working Group on the draft of the Subsoil Use Code of Kazakhstan (the "Code"). The Code is a completely new law, which envisages a number of significant developments and amendments to Kazakhstani subsoil use legislation. The Ministry for Investments and Development (the "MID") is the state authority responsible for the drafting of the Code.
The meeting, held in MWP offices, was attended by representatives of the Kazakh State authorities (i.e. the Subsoil Department and the Geology and Subsoil Committee, both within the MID), the Kazakhstan Stock Exchange (KASE) and mining industry players and investors.
The meeting was devoted to a discussion of the key issues addressed in the draft Code (such as the granting of a subsoil use license, obtaining access to geological information, the application of the State's priority right and consent for transfer of the subsoil use rights, stability of the subsoil use licenses and local content issues), analysis of the novelties contemplated by the draft Code, an exchange of views and ideas on the Code and the provision of suggestions in relation to the Code. MWP is now planning to continue the discussions on the Code with the Working Group members.
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