Viewing results 1 - 6 of 6
Australian mining firm C29 Metals Limited has entered into a joint venture agreement with Bask International Group Ltd, a company registered in Astana. The newly established joint venture (JV) aims to explore promising copper and gold deposits across Kazakhstan. C29 Metals is not a newcomer to Kazakhstan’s mineral sector. In the spring of 2024, the company obtained a geological exploration license for its Ulytau project, which includes several solid mineral deposits, notably uranium. It has since submitted two additional applications for uranium exploration. However, according to a recent company announcement, the new JV will focus exclusively on copper and gold and will not be involved in C29 Metals’ uranium interests in the country. The joint venture, registered at the Astana International Financial Center (AIFC), will concentrate on identifying and acquiring exploration projects with significant geological potential. According to the agreement, C29 Metals will hold a 75% stake in the venture, with Bask International Group retaining 25%. C29 will fully finance the geological exploration, thereby relieving its Kazakh partner of any financial burden. The board of directors will comprise two representatives from the Australian company and one from the Kazakh side. “The conclusion of this joint venture agreement marks another important milestone in our strategic growth plans,” said Shannon Green, Managing Director of C29 Metals. “The partnership with Bask International Group in Kazakhstan will give us access to opportunities beyond our typical reach. Bask’s network and capabilities will enable us to move at an unprecedented pace as we scale operations.” Yerlan Issekeshev, head of Bask International Group Ltd, emphasized Kazakhstan’s untapped mining potential: “Kazakhstan is on the cusp of a new era in resource development. While exploration slowed during the post-Soviet period, the country’s mineral wealth remains vast and underexplored.” As previously reported by The Times of Central Asia, Kazakhstan is set to auction off 50 gold and rare metal deposits in June 2025, offering electronic tenders for exploration and development rights.
UK Export Finance (UKEF) has guaranteed a €12.6 million ($13.25 million) loan to the Almalyk Mining and Metallurgical Complex (AMMC) in Uzbekistan. The loan will refinance the purchase of fully automated vehicles from the Scottish multinational company Weir and marks UKEF’s first agreement in Uzbekistan. The loan, provided by the International Bank, aims to support Weir’s exports to AMMC, one of Central Asia’s largest copper production facilities. “UK businesses are increasingly keen to bring their goods and services to this dynamic market - and UKEF is here to help buyers in Uzbekistan seize this opportunity,” said Tim Reid, CEO of UKEF. Strategic Importance of Copper The UK Department of Business and Trade reports that nearly 90% of UK imports from Uzbekistan consist of non-ferrous metals, metal ores, and slag. Copper, a vital material for construction and green technologies such as solar panels and electric vehicles, is in increasing demand. Global copper requirements are projected to grow by an additional one million tons annually until 2035. The UKEF-backed deal reflects the UK’s commitment to enhancing machinery exports and supporting the global supply chain. In 2023, total trade between the UK and Uzbekistan reached £381 million, with specialized machinery ranking as the fourth most-traded category. Sustaining Production at Almalyk UKEF’s financial backing is crucial for sustaining production at AMMC by ensuring access to capital from a trusted supplier. The partnership highlights UKEF’s broader role in facilitating growth opportunities for UK businesses in Central Asia’s dynamic market.
The Uzbek Cabinet of Ministers has announced its draft decision “On the concept of copper industry cluster development aimed at creating multi-stage added value chains from raw materials to finished products.” As part of this decision, documents for the development concept for the copper industry cluster in Uzbekistan until 2030 and the procedure for accommodating investors within the cluster's territory are set to be approved. The adoption and implementation of this decision and its underlying concept are expected to yield the following results by 2030: annual copper production will reach 400,000 tons, with over 300,000 tons processed within the industry. Additionally, attracting $1.5 billion in investments for localizing the production of electrical engineering and household appliances will increase the total production volume to $8 billion. Uzbekistan is looking to attract both domestic and foreign investment to produce finished and semi-finished copper products within the cluster. Additionally, implementing copper processing projects within the cluster will increase the copper raw material processing rate to 80%. This will boost the export volume of high-value-added finished products and services and establish a system for training and upgrading highly qualified personnel in the mining and metallurgical industries. Creating new production facilities within the cluster will generate more than 10,000 jobs.
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. Continue reading
BISHKEK (TCA) — More than two thousand licenses for the right to explore and develop mineral deposits have been issued in Kyrgyzstan but no more than 10% of them are active. Each year, about 200 companies coordinate their mining development programs and plans, Chairman of the Central Committee of the Mining and Metallurgical Union of Kyrgyzstan Eldar Tajibaev said. Continue reading
BISHKEK (TCA) — A processing plant at the Kuru-Tegerek copper and gold mine located in the Chatkal district of the Jalal-Abad province in southern Kyrgyzstan would start operating at the end of 2017. Continue reading
