Uzbekistan, Tashkent, Sept. 17 / Trend, D. Azizov /
The Uzbek Cabinet of Ministers approved the construction project of the mining equipment production facilities at the Almalyk Mining and Metallurgical Combine (AMMC, Almalyk town, Tashkent region of Uzbekistan) by a special resolution until 2014 and the scheme of financing of the project worth $28.8 million.
According to the decree on "Measures for implementation of the investment project "Equipment for mining operations", the project envisages the creation of facilities on the basis of a central repair-mechanical plant producing up to 130 units of mining equipment (crushers, screens, pumps, hydrocyclones) per year.
The project will be financed through AMMC's funds worth $ 14 million and a loan of Uzbek "Mortgage Bank" to the amount of $14.8 million. The loan is delivered for a period of seven years, including a three-year grace period. The interest rate on the loan hits 6 percent per annum.
The Almalyk Mining and Metallurgical Combine is the borrower and the executive body responsible for the implementation of the project, appropriate and efficient use of the drawn loan.
The costs associated with the repayment of the drawn loan will be covered through AMMC's own funds, including the funds at the special investment accounts.
AMMC and Russian Research and Production Enterprise "Electro Plasma Equipment and Systems" concluded a contract worth $7.69 million for the supply of technological equipment for the area.
At present, most equipment for the mining operations is purchased in the CIS and far abroad.
AMMC currently has several investment projects on modernization and reconstruction of existing production, expansion of the resource base and construction of new facilities with a total project cost of about $ 670 million.