2000-01-24 Kazak Politics & MacroEconomics - Pension Fund Official
Article Index
But Private Pension Fund Official Says the Damage Is Done
The Chairman of the Association of Non-State Pension Funds, Aidar Alibaev, lamented at a press conference that a recent statement by Nikolay Radostovets was causing private pension funds to “incur losses” and lose depositors. Radostovets said late last year that pension funds might channel their capital into projects in the real economy, such as the Atyrau-Samara pipeline. The idea was later soundly rejected by the National Securities Commission.
Alibaev says that he has heard about depositors withdrawing from the Ispat-Karmet, Kazakhmys, Valyut-Tranzit and Ular private pension funds. The depositors requested that these pension
funds transfer their deposits to the State Pension Fund. (Golden Eagle Partners)
Kazakhstan Increases Metals Output
Kazakhstan increased its output of metallic ores in 1999, with iron ore extraction rising by 3% to 9.607 million tonnes and copper concentrate output increasing 11% to 1.402 million tonnes, according to the National Statistics Agency.
Last year, Kazakhstani metallurgical plants produced 58,200 tonnes of lead concentrate and 587,100 tonnes of zinc concentrate, increasing the output of both metals by 8% and 26%, respectively. Compared to 1998, the quantity of manganese ore mined grew by 55% to 982,400 tonnes, and concentrate output rose by 53% to 536,000 tonnes.
Barite concentrate production was 13,300 tonnes last year, 49% higher than in 1998, and chromate ore extraction doubled to 2.405 million tonnes in 1999. (Golden Eagle Partners)