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Kazakhstan has discovered $2.46 billion worth of minerals

At a recent government meeting, Kazakhstan's Minister of Industry and Construction Kanat Sharlapayev announced the discovery of significant mineral reserves worth 1.1 trillion tenge (equivalent to US$2.46 billion) in the area of single-industry towns.

Kazakhstan has discovered $2.46 billion worth of minerals

According to the Prime Minister's press service, private investment totalling about $64.2 million has been attracted to carry out geological exploration in the region. Sharlapaev also spoke about plans to complete prospecting works on five promising areas near the cities of Abay, Kurchatov, Balkhash and Altai, which were started in 2022.

The main economic activity in these single-industry towns is related to mining and primary processing of minerals and are inhabited by 1.3 million people. Last year, these cities made a significant contribution to Kazakhstan's industrial output, accounting for 40% of the country's total output worth US$41.4 billion. Notably, the number of operating small and medium-sized enterprises (SMEs) in these cities increased from 92,300 to 100,200 over the year.

Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov highlighted the presence of 23 town-forming enterprises in single-industry towns, specialising in oil and gas, coal, bauxite, iron ore and other industries. He also noted the significant growth of investment in fixed capital, which in 2023 will be about $ 9.4 billion, which is 6.1% more than in the previous year.

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