KazGeology is involved in the Mining Industries Transparency Initiative

Today, May 23, 2019, Almaz Abdygalimov Chairman of the Management Board of “KazGeology” JSC met with Alex Gordy, Regional Manager of Mining Industries Transparency Initiative (MITI) in East Asia.

The meeting has been arranged in the preparation for the 2nd MITI Validation in Kazakhstan scheduled for August 2019. By then, Kazakhstan shall take into account 10 previously submitted corrective measures.

MITI is a standard aimed at implementing incomes transparency in the mining industry.

Kazakhstan is actively involved in the transparency process, having included the MITI to the Code “On Subsoil and Subsoil Use”.

Starting from 2007, our country is a full member of MITI. In total, the MITI is being implemented in 52 countries.

In the course of the meeting, A. Gordy has mentioned that reports submitted by “KazGeology” fully comply with the MITI requirements.

He, however, has clarified existing obligations of KazGeology, arising from financial cooperation with the government, and also told about requirements for publishing publicly available information, which is required for MITI reports preparation, and requirements for the information itself.     

It is important to realize that the transparency, which is based on open publication of financial documents and reporting preparation, is one of additional measures taken to improve the foreign investors’ trust in Kazakh companies. Since integrated information system “Single National Management System of Subsoil Users in Kazakhstan” (SNMSSU), which KazGeology presents its information to, is integrated with MITI and available online for anyone.