Norm, I think it has gone reasonably well for some (Steppe; Hurricane Hydrocarbon). I have an associate who just met with some Kazakhstani officials re. that company (HHL.A), but I have not heard back from him how it went. He is very bullish on that company. I am not involved with it.
I agree, though, that the Kaz.Officials had better wake up now, and not blow it for themselves. As I posted the other day, they are wanting foreign investment (scroll down to Mining): info-mine.com
...Mining Industry
The importance of the Kazakh mining industry to the form Soviet Union is well documented. Approximately 30% of copper, 64% of lead, 46% of zinc and 99% of chromite for the Soviet economy was sourced from Kazakstan. However, the gold mining industry, particularly primary deposits and the production of dorŠ was badly neglected under the Soviet centrally planned economy which concentrated investment in gold production in Siberia and northeastern Russia. Therefore, although a long tradition of geological exploration identified numerous deposits, Kazakstan now lacks the capital to develop a gold industry and is actively seeking assistance from Western industrialised countries in the form of investment, technology and training.
The Kazakh Government appreciates the need to establish a competitive fiscal and legal framework to compete for foreign investment and is reportedly committed to making Kazakstan first among the emerging market economies in the competition for foreign investment. The progressive attitude of the Kazakh Government is best illustrated by the new "Gold Law" signed by President Nazarbayev on July 20, 1995 which permits the export of physical gold from Kazakstan (see 'Mining Law' below). Western companies provided advice and suggestions to the Government as to the format of the "Gold Law".
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Here's a Kaz. biz commentary from Mobil: mobil.com
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I think the Kaz. Gov't is well aware of the significance here, as in, not blowing it for their citizens or themselves. I believe that KGFC has made this fact a pillar of their tactic.
Cheers,
-J |
