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Russian company to explore copper and gold in Uzbekistan

Mining News - Published on Thu, 28 Dec 2017

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Azer News reported that Russian company, RosGeoPerspectiva, will carry out geological exploration work to find copper and gold in the promising areas of Kazakhtau and Kazakhtau 1 in Navoi region of Uzbekistan. The Russian side and the State Committee of Uzbekistan for Geology and Mineral Resources have already prepared a draft agreement on geological exploration and pilot production in these areas.

In addition, Mistog company, which will act as the operator of the project, has been established in the country.

It is planned that RosGeoPerspectiva will carry out geological exploration work and pilot production at its own expense on the terms of entrepreneurial risk. In the first year, the company intends to invest at least USD 3 million in the project.

Uzbekistan, for its part, plans to grant the Russian company the right to use these sites for five years with a subsequent extension for the period necessary to complete the exploration and production operations.

In addition, the investor can be provided with a wide list of benefits and preferences, including exemption from payment of all types of taxes and mandatory payments to social funds, as well as from customs payments for five years.

The final version of the agreement between the parties will be approved by a special decree of the President of Uzbekistan, which is currently being developed by the State Committee for Geology.

Uzbekistan has large mineral reserves, which include more than 1,800 known mineral deposits. The country’s mineral resources include petroleum, natural gas, gold, silver, uranium, molybdenum, tungsten, coal, copper, zinc and lead. Uranium, copper and gold are the country’s chief minerals. The volume of proven and confirmed gold reserves in Uzbekistan is about 2,100 tons. The total reserves are approximately 3,350 tons.

Currently, according to the decision of the Uzbek government, 29 deposits and 111 promising areas of solid minerals are offered to foreign investors. They include 12 deposits and 31 promising areas for precious metals (gold, silver), 18 non-ferrous metals (copper, lead and zinc), 14 deposits as well as 51 areas for rare and rare-earth metals and uranium.

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Posted By : Rabi Wangkhem on Thu, 28 Dec 2017
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