AIX (Astana International Exchange) is pleased to announce the introduction of AIX Mining Rules (approved by AIX Board on 2nd of July) that are intended to provide a regulated listing platform for mining companies in Kazakhstan and the region to raise capital on AIX.
A two-tier approach has been adopted for the Rules. Tier 1 accommodates larger issuers in advanced stages of development while Tier 2 concentrates on smaller, junior issuers, at the early stage of development.
The Mining Company Rules are designed to balance attractiveness for issuers and investor protection and reflect the nature of investments in the mining sector. The issuers will be required to demonstrate adequately experienced management, suitably qualified technical personnel and experts, as well as a Competent Person’s Report compliant with either of the JORC, NI 43-101 or KAZRC standards.
AIX conducted several rounds of consultations on the Rules with a range of industry representatives, professional associations and governmental bodies. In addition, a positive response has been received both from potential issuers and investors.
“The current situation in the local and worldwide mining industry creates a window of opportunity for the AIX mining segment to attract issuers and investors from both Kazakhstan and abroad,” said Tim Bennett, CEO, AIX. “With the latest reforms in Kazakhstani subsoil use legislation, as well as geographic proximity to some of key natural resources locations, AIX is well-positioned to become the regional junior mining hub in Central Asia.”
The Rules are expected to take effect in the third quarter of 2019, subject to approval by Astana Financial Services Authority.
AIX was created in 2017 within the AIFC development framework. AIX shareholders are: AIFC, Goldman Sachs, Shanghai Stock Exchange, Silk Road Fund and NASDAQ which provides AIX trading platform. The exchange operates within a regulatory environment based on the principles of English common law, ensuring reliable conditions for investments. AIX’s mission is to develop a deep and liquid capital market in Kazakhstan and the region by providing clear and favourable conditions for private and public businesses to raise capital. AIX is developing special segments for mining companies, as well as infrastructure projects under the Belt and Road initiative. Read more: www.aix.kz
AIFC was established on the initiative of the first President of the Republic of Kazakhstan Nursultan Nazarbayev. In December 2015 President Nazarbayev approved the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre for financial services. The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with the international capital markets. www.aifc.kz
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