Uzbekistan, Tashkent, Jan. 9 / Trend D. Azizov /
Since Jan.1, 2010 Uzbekistan has introduced a tax for the use of mineral resources while extracting uranium worth 10 percent of production, the Uzbek State Tax Committee said today.
The State Tax Committee specified that under the Tax Code of Uzbekistan, the object of taxation for the use of mineral resources is the volume of production (extraction) of the finished product - the mineral. It is intended for sale or transfer, including the donation, as well as for own consumption for production and other needs.
Introduction of the new rates while extracting uranium is connected with the general concept of tax policy of the government aimed at increasing the share of resource payments in total tax revenue. At present, the monopoly operator in the mining, processing and export of uranium in Uzbekistan is the Navoi Mining and and Smelting Enterprise (Navoi region).
The industrial complex implements a program of modernization, technical and technological re-forming of Navoi Mining and Smelting Enterprise over 2007-2012. About $165 million will be invested in the development of uranium production. About $100 million will be spent on the construction of seven uranium mines. This will increase production and export of uranium by 1.5 times in 2012 compared to 2006 - up to 4,300 tons.
In September 2009, the Chinese CGNPC Uranium Resources Co and the State Committee for Geology and Mineral Resources of Uzbekistan have created a joint venture Uz-China Uran with authorized capital worth $4.6 million on an equal footing.
During 2009-2011, the joint venture will carry out exploration work at prospective Boztau area in the Central Kyzyl Kum. All ore areas belong to the "black-shale type." In accordance with the terms of a joint venture, the Chinese company will have preferential rights to purchase products of Uz-China Uran joint venture at the world prices.
Problems with development of uranium deposits of "black-shale type" are worked out with Japanese companies, including Itochu, Mitsui and Sojitz, as well as Korean company Korea Resources.