Russian company to explore for copper and gold in Uzbekistan

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TASHKENT (TCA) — The Russian company Rosgeoperspektiva is expected to carry out geological exploration works to look for copper and gold reserves in the promising areas of Kazakhtau and Kazakhtau-1 in the Navoi region of Uzbekistan, the Jahon information agency reported.

Mistog company will act as the operator of the project. In the first year, the Russian company plans to invest at least $3 million in the works.

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

In addition, the investor is entitled for an extensive list of benefits and preferences, including exemption from payment of all types of taxes and mandatory contributions to social funds, as well as from customs payments for five years.

The final terms of cooperation of the parties will be reflected in an agreement pending to be signed on geological prospecting.

Uzbekistan is among the world’s top ten nations in terms of reserves and production of gold, uranium, copper, potassium salts, phosphorites, and kaolin. A total of 1,931 deposits have been discovered in the country, including 814 deposits of building materials, 235 of hydrocarbons (oil and gas), 152 of metals, and 30 deposits of stone-colored raw materials.

Sergey Kwan

TCA