Uzbekistan, Tashkent, Feb.10 /Trend, D. Azizov /
JSC Navoiazot, one of Uzbekistan's largest producers of mineral fertilisers, will launch production of technical silicon worth $20.45 million during the first half of this year, State Joint Stock Company Uzkhimprom told Trend on Friday.
As was previously reported, the construction of the silicon production company began in the Navoi region in 2011. At present, building the technological equipment at the facility is nearing completion.
The factory will include a processing complex with a capacity of 12,000 tons of silicon and a mine for extracting 39,000 tons of quartz ore.
The project will be directly financed by NeoPLANT to the sum of $8.65 million, a Korean company's funds worth $3.3 million, Navoiazot's own funds worth $5.2 million and an Asaka bank loan worth $3.3 million.
JV Uz-Kor Silicon was established in 2008 by the State Committee on Geology and Mineral Resources of Uzbekistan and South Korea's NeoPLANT on a par with the authorised capital of $10.4 million.
Due to the joining of Navoiazot, the company's share capital of the Uz-Kor Silicon outfit increased twice, up to $20.8 million from $10.4 million.
At present, Navoiazot's share in the joint venture is 25 per cent, the State Committee on Geology and Mineral Resources of Uzbekistan, 25 per cent and the Korean NeoPLANT, 50 per cent.
JSC Navoiazot (formerly the Navoi chemical plant) was commissioned in 1964 and specialises in the production of nitrogen fertilisers, nitronic fibres, as well as an integral product of organic synthesis.
In April 2007, the State Property Committee of Uzbekistan announced a tender to sell 49 per cent of Navoiazot at an initial cost of $60 million. The contest has been repeatedly prolonged and in late 2008 was declared invalid.
Reserves of all kinds of explored mineral resources are estimated at $1.3 trillion, and the country's total mineral resource potential is more than $10.3 trillion.