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Government may establish national mining company next week, Samruk Kazyna (Part 2)
Astana, December 11 2008
The Kazakh government may adopt the regulation on establishing the national mining company next week, SamrukKazyna head Kairat Kelimbetov said.
"The forming of the mining company is very simple: it will have the status of a national company. We have drafted the regulation, and as soon as the governmental approves it, the mining company will be created," he told reported at the Anti-Crisis Strategy forum on Wednesday in Almaty. Interfax-Kazakhstan acts as an information sponsor of the event.
"Such regulation will be adopted next Tuesday," Kelimbetov specified.
The national mining company will manage the government's shares in the "operating mining giants" and mining projects.
He also said that the national nuclear company Kazatomprom would also join the national mining company.
Kelimbetov said that " government has no state assets in he chemical industry, unlike in the mining sector, therefore, the government will establish a LLP to cooperate with private market players."
"We are planning to discuss two ways of the government's participation: it will be either a shareholding in a newly established company, or lending," he added.
"We plan implementation of 11 investment projects jointly with the respective players on the Kazakh chemical market. The total cost of those projects is over $3.7 billion, including $1.5 billion to be fully directed to the carboid project in Aktau," he said.
Therefore, Samruk-Kazyna plans to boost production of mineral fertilizers, sulphuric acid, phosphorites up to 2 million tons.
"As soon as we handle the financial issues, namely decide on the credit facilities from the Kazakhstan Development Bank or exim agencies of Russia and China, the projects will realized in two or three years," Kelimbetov said.
" We have signed a memoriam of understanding with Kazphosphate which has huge plans and a clear-cut cut development strategy. We will provide financing and I think in the nearest future our cooperation will be in full bloom," he said.
Earlier Kelimbetov said that the establishment of the state chemical company would be wrapped up by the end of the year.
In October the Kazakh President gave an instruction to organize a company for development of the chemical and mining industries within Samruk-Kazyna National Welfare Fund.
"Within a month the new holding needs to create a special company to deal with projects in the chemical industry.
Another task is to organize a mining holding to incorporate the state-owned shares in Kazakhmys, ENRC, Bogatyr Access Komir and other deposits that are going to be developed," Nazarbaev told a meeting of the Cabinet in Astana on Monday.
The president also informed about the plans to invest over $5 billion in the chemical industry.
"We expect that investments in the chemical industry in 2009 alone will reach 500 million dollars. Having enormous resources of phosphorites and nitrogen fertilizers, the Kazakh economy may find new opportunities," Nazarbaev said.