On 24 June 2010, a new Law on Subsoil and Subsoil Use (the “Subsoil Law”) was adopted in Kazakhstan. The Subsoil Law describes in detail the procedure for issuance of approvals to transfer the subsoil use right and related objects. According to this law, objects related to the subsoil use right shall mean participatory interests (shares) in a legal entity holding the subsoil use right as well as a legal entitythat may directly and/or indirectly define and/or affect decisions of a subsoil user if the principal activity of such a subsoil user is related to subsoil use in the Republic of Kazakhstan.
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