On 24 June 2010, a new Law on Subsoil and Subsoil Use (the “Subsoil Law”) was adopted in Kazakhstan. According to the Subsoil Law, transfer of a subsoil use right (or a part thereof) or related objects into pledge shall be performed upon approval of the competent authority. Moreover, the Subsoil Law establishes regulations in the area of pledge of subsoil use rights. For instance, borrowed funds obtained against the pledge of subsoil use rights shall only be used for the purpose of subsoil use within the respective subsoil use contract.
Obtaining a permit to transfer subsoil use rights into pledge is a long-term process that includes collection of information and documents. According to the current subsoil use legislation, the period for consideration of the application is seventy business days. However, according to our practice, this process can take up to six months.
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