Saudi company to invest $50mln in geological exploration works in Kazakhstan

Metal Corners Holding and JSC Kageology National Geological Exploration Company have signed an appropriate agreement today, on the threshold of the official visit of Kazakhstan President Nursultan Nazarbayev to the Kingdom of Saudi Arabia. 

"Today, we have signed a $50mln agreement with Saudi Arabia's Metal Corners Holding which is aimed at search for mineral resources - base metals, copper, gold and silver. If we find deposits in the areas determined, the Saudi company will build innovation plants and factories there," CEO of JSC Kazgeology Galym Akhmetov said in an interview with mass media.

In future, this will help develop mining-metallurgical sector in the regions of Kazakhstan, he emphasized.

"We do not speak about land leasing. The point at issue is financing geological exploration works which will be conducted by Kazgeology specialists. We know where to search and we offer promising areas to them - around single-industry towns, because our government gives special attention to the development of single-industry towns. We have already carried out geochemical and geophysical works and have determined promising land plots. Now we are ready to attract foreign investors to these areas. Metal Corners Holding is one of such investors," added Galym Nurzhanov.

According to him, Metal Corners Holding owns large deposits of base metals, gold and lead in the Arab countries.

"This company has already moved to foreign market and it is ready to build innovation plants and factories in Kazakhstan which consume less energy and produce less wastes. The building of the plants will let us increase job places in the regions," he said.