Kazakhstan plans non-ferrous and rare earth metals fund, Tokayev initiative

Kazakhstan plans to create a fund for non-ferrous and rare earth metals, an initiative announced by President Kassym-Jomart Tokayev. Experts say it could strengthen the positions of domestic producers and raise the resilience of the economy. The plan also includes introducing advanced technologies in geological exploration, which would allow deeper study of subsoil and open access to geological data.

Tokayev instructed that the sector be turned into a high-tech industry, with comprehensive subsoil study and private investment attracted to develop new deposits. He said new enterprises should not obstruct existing businesses in regions. The proposed fund would be part of a national system for managing reserves of critical metals and long-term financing mechanisms for the sector.

The country has launched its first state geological survey at a 1:50,000 scale, with 20 projects planned over three years covering 100,000 square kilometres. The Ionic Leach technology, developed in Australia, is being used in Kazakhstan for the first time to detect hidden deposits.