Up to 40 percent of net profit to be directed to develop Uzbek mining and metallurgical complex

Uzbekistan, Tashkent, July 10 / Trend D. Azizov /

"Almalyk Mining and Metallurgical Plant" (AMMC, Tashkent region), the largest copper producer in Central Asia, will direct 39.4 percent of a total volume of net income as of 2012 for development, the plant said on Tuesday.

According to the audited balance sheet approved by the general meeting of shareholders, the net profit as of 2012 increased by 6.5 percent up to 137.273 billion soums compared to 2011.

According to the shareholders' decision, around 19.8 percent of a total volume of net income as of 2012 will be directed to pay off the loans taken for the implementation of investment projects, , 16.8 percent - for sponsorship on behalf of the government, 8 percent - geological operations, 4.2 percent - to the reserve fund of the enterprise, 0.6 percent - to cover the costs of the arbitration proceedings connected with the activity of the "Uzmetalltechnology" joint venture, 0.3 percent - remuneration of the members of the Supervisory Board and the Audit Commission.

As of 2012, around 10.9 percent of net profit will be allocated for the payment of dividends.

AMMC's dividends as of 2012 will hit 156.9 soum for each ordinary share and 250 soums per preferred share with the nominal value of 2,209 soums each.

The dividends will be paid to physical entities in cash, while legal entities - by transfer to their accounts, the report said.

It was reported that AMMC paid 1.17.91 soums for each ordinary share and 250 soums - for each preferred share par value of 1,800 soums each.

AMMC's authorized capital has been formed to the amount 198.181.889 billion soums. It was divided into 2.249.558 million pieces of preferred and 87.466.1 million ordinary shares worth 2,209 soums each.

About 97.5 percent of the shares in the structure of the share capital are owned by the state, 2.5 percent - the labor collective.

The raw material source of AMMC is the copper-porphyry ores of Kalmakyr and Sarah-Ceku (Tashkent region), the deposit of lead-zinc-barite ore of Uch-kulach (Djizzak) and complex ore deposit "Khandiza" (Kashkadarya).

Almalyk MMC is the only copper producer in Uzbekistan and one of the largest producers of nonferrous metals in Central Asia. The share of AMMC accounts for about 90 percent of silver production and 20 percent of gold in the country.

The company produces refined copper, zinc, lead concentrate and other products.

The official exchange rate is 2.098.56 soums/$1 on July 10.

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