Tashkent, Uzbekistan, Apr. 19
By Demir Azizov – Trend:
Uzbek-Chinese joint venture Uz-China Uran has suspended the project on geological exploration and development of black-shale type uranium in perspective areas in Central Kyzylkum, a representative of Uzbekistan’s State Committee on Geology and Mineral Resources told Trend Apr. 19.
“The project has been suspended due to the unfavorable conjuncture of uranium prices and economic inefficiency,” said the representative. “Black shale deposits due to the structure require costs for their development, and it is unprofitable to start development in the current situation of the world market.”
China’s GNPC Uranium Resources Co Ltdand Uzbekistan’s State Committee on Geology and Mineral Resources created the Uz-China Uran JV in August 2009 on a parity basis with an authorized capital of $4.6 million for uranium exploration in Boztau area, Navoi province, that is potentially reach with black shale uranium deposits. Uz-China Uran is the first joint venture created for development of uranium fields in Uzbekistan.
In 2011, the parties signed a framework agreement that determined the expansion of activities of Uz-China Uran JV on development of black shale deposits of Dzhantuar, Rudnoe and Koscheka in the Navoi province.
Currently, the only foreign company – Japan National Oil, Gas and Metals Corporation (JOGMEC) – is conducting geological exploration for uranium on two promising areas of sandstone type in Uzbekistan’s Central Kyzylkum.
Uzbekistan is among the top ten countries for reserves and mining of uranium.
Proven and estimated reserves of uranium amount to 185,800 tons, some 138,800 tons of which are sandstone type uranium deposits and 47,000 tons are black shale deposits, according to the State Committee for Geology and Mineral Resources of Uzbekistan.
Uzbekistan is not a consumer of uranium products and all produced uranium is exported.