British-Australian company searching for copper in Uzbekistan
Tashkent, Uzbekistan, Oct. 23
By Demir Azizov- Trend:
The British-Australian company Rio Tinto Mining & Exploration Ltd. (Rio Tinto) started exploratory drilling for copper at the prospective Gava area in Uzbekistan's Namangan region in July 2014, the company's general manager for Central Asia, Gary Hodgkinson said Oct. 23.
He made the remarks at international conference titled the "Investment potential of solid minerals of Uzbekistan".
Hodgkinson said that in spite of some technical difficulties in the drilling program, the work will be continued in 2015. He did not elaborate on the parameters of drilling, noting that the company complies with all financial obligations under the license agreement.
He said that the Rio Tinto intends to become a long-term investor, creating a portfolio of projects in search of copper, and hopes to be able to select promising sites in other regions of Uzbekistan.
Earlier, the Rio Tinto representatives said that if there are positive results, the company will invest up to $100 million in the exploration for copper in Uzbekistan.
It was previously reported that the Uzbek State Committee for Geology and Mineral Resources issued a license to the Rio Tinto in December 2012 for geological survey at the Gava area, which is promising in terms of copper deposits.
The license was granted for five years. The searches are carried out under the terms of business risk.
The operator company Gava Exploration LLC (a wholly owned subsidiary of the Rio Tinto) was established for operations in Uzbekistan. Rio Tinto held preliminary geological exploration in June 2013 in the Gava area.
Edited by CN