South Korean companies to develop gold deposits in Uzbekistan

21 November 2017 16:45 (UTC+04:00)

By Kamila Aliyeva

Uzbekistan and South Korea agreed on joint projects for the geological study and development of four gold deposits.

At the initial stage, it is planned to send $10 million of Korean investments for geological exploration of promising areas for the identification of new mineral deposits, podrobno.uz reported.

In addition, the implementation of the investment project for the development of Soutbay tungsten deposit in Navoi region with Shindong Resources company will continue.

In 2018-2019, it is planned to conduct works aimed at increasing the raw material base of the production, as well as developing bank feasibility study for a total of $3 million.

The Uzbek side also agreed to expand cooperation with the famous Hanjin D & B company. In particular, it is planned to increase the production capacity of modern hydroficated drilling rigs to fifteen units for the modernization of enterprises in the geological and oil and gas industries. At the same time, the localization of individual parts and equipment will be brought to 50 percent.

Moreover, in order to improve the skills of the geological staff of both countries, an agreement, which provides for close scientific and technical cooperation, was reached with the National University of Chonnam. This agreement will contribute to the development of science and technology in the geological sphere of both countries.

In the near future, it is planned to attract highly qualified teaching staff of the Korean side to conduct short-term and medium-term training courses in Uzbekistan.

Uzbekistan has large mineral reserves, which include more than 1,800 known mineral deposits. Uranium, copper and gold are the country’s chief minerals.

The main producers of gold in Uzbekistan are Navoi and Almalyk Mining and Metallurgical Combine. Navoi Mining and Metallurgical Complex is one of the largest gold producers in Central Asia and is a monopoly operator for production, enrichment and export of uranium in Uzbekistan. Almalyk Mining and Metallurgical Complex is one of the largest producers of non-ferrous metals in Central Asia and is the sole copper producer in Uzbekistan.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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