Uzbekistan "Navoiazot" joined the founders of "Uz-Kor Silicon"

Uzbekistan, Tashkent, Dec. 20 /Trend D. Azizov/

JSC "Navoiazot", one of the largest enterprises in Uzbekistan on manufacture of fertilizers, has become one of the founders of Uzbek-Korean JV "Uz-Kor Silicon" for the production of silicon, the state joint-stock company (AMC) "Uzhimprom" told Trend on Tuesday.

"Uzkhimprom" made ​​it clear that due to the joining of "Navoiazot" the founders of the company the size of the share capital of the "Uz-Kor Silicon" doubled - to 20.8 million from 10.4 million dollars.

At the same time share of "Navoiazot" in the joint venture will be 25 percent, the State Committee on Geology and Mineral Resources of Uzbekistan - 25 percent, Korean NeoPLANT - 50 percent.

JV "Uz-Kor Silicon" was established in 2008 by Goskomgeo of Uzbekistan and South Korea's NeoPLANT on a par with the authorized capital of $ 10,4 million.

"Uzhimprom" also reported that the first phase of the project to organize the production of silicon in the Navoi region approved by government decree.

According to the Government's approved feasibility study of project worth 20.45 million dollars in the manufacturing facility will include processing complex with capacity of 12 thousand tons of silicon and mining complex for the extraction of 39 000 tonnes of quartz a year.

Project will be financed by direct investments of NeoPLANT's $ 8.65 million dollars, borrowed funds of Korean company $ 3.3 million, "Navoiazot"'s own funds - $ 5.2 million and "Asaka" bank's loan - 3.3 million dollars.

According to "Uzkhimprom", the construction of the plant for the production of silicon began this year in Navoi region next to the "Navoiazot." Currently, construction is in its final stage, supplying technological equipment, it is mounting. As expected, the project will be completed in the first half of 2012.

According to Goskomgeo, in Uzbekistan revealed more than three thousand deposits and occurrences of minerals 1.5 thousand of which are prepared for the development of, including 50 deposits of precious metals, 51 - color of rare, radioactive and non-ferrous metals, 193 - Fuel and Energy raw materials, 32 deposits mining ores, as well as a significant amount of deposits of building materials.

Reserves of all kinds of proven minerals resources are estimated at $1.3 trillion, and total minerals resource potential of the country - more than $10.3 trillion.

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