The demand for metals in the global economy is constantly growing. This mega-cycle is likely to last several decades and is driven by the rapid development of urban infrastructure, the decarbonization of industrial production and the transition to alternative metal-intensive modes of transportation and energy supply. To meet the demand, many mining companies are looking for large new deposits with a high mineral content. The likelihood of discovering such deposits is higher in the mining jurisdictions with underdeveloped resources. The last major geological discoveries in Kazakhstan were made during the Soviet period over 40 – 60 years ago. Active geological exploration in the country began relatively recently – about 10-12 years ago. During this period, Kazakhstan has been  consistently improving investment and business conditions in the mining sector. In December 2017 it has adopted the new Code “On Subsoil and Subsoil Use”. Kazakhstan became the first country in the former Soviet Union block to integrate into its national subsoil use management system the best internationally recognised practices of state regulation, geological information and environmental safety management. At the same time, the question remains open whether Kazakhstan will be able to benefit from the global demand growth for metals and minerals. According to the official forecasts, the reserves of non-ferrous and precious metals in Kazakhstan are limited and can be depleted in 12 –15 years. To boost exploration the Government is planning to increase four times the funding of the National Project for the Development of the Exploration Industry, approved in 2021. The Project’s objectives are to discover by 2030 around 40 – 50 large Gold, Copper, Polymetal, Uranium, Rare earth and hydrocarbons deposits which will then be offered for development by national and international companies and investors. In January this year, the government decided to raise taxes for mining & metals companies and in return, promised greater incentives for exploration and development of new deposits. The industry insists that tax incentives are the most powerful motivation instrument to boost badly needed exploration and renew Kazakhstan’s mineral reserves. Major discoveries are expected in remote areas. This will require substantial state support to share the costs of infrastructure development.