Uzbekistan plans to significantly increase gold reserves

Business Materials 26 February 2019 15:41 (UTC +04:00)

Baku, Azerbaijan, February 26

By Fakhri Vakilov - Trend:

The increase in gold reserves in Uzbekistan can reach 474 tons in 2020-2024, Trend via Uzbek media.

As follows from the draft concept of development of Uzbek geological industry for 2020-2024, the State Committee is going to ensure an increase in gold reserves by 474 tons in five years; their value is estimated at $18.75 billion.

The calculations of the department state that about 45 percent of the total appropriations for geological exploration will be directed to the search, evaluation and exploration of gold. The volume of investment in exploration for gold should be about $230 million. The bulk of work is planned to be carried out in the Central Kyzyl Kum district of Navoi region, as well as the Samarkand and Tashkent regions.

"The cost of geological exploration for gold is $0.48 per gram (1.23 percent of the value of production), which is significantly less than the average global cost indicators," the concept says.

State Committee for Geology stresses that gold reserves in Uzbekistan are 5,990 tons, as of January 1, 2018, and metal production amounted to 89.9 tons in 2017. Currently, the state-owned Navoi Mining and Metallurgical Combine (NGMK) and Almalyk Mining and Metallurgical Combine (AGMK, Tashkent region) are engaged in gold mining in the country.

The discussion of the concept will last until March 13.

In 2017, Uzbek government approved a list of 31 promising areas and 12 deposits for precious metals with estimated reserves of 151 tons of gold and 1,200 tons of silver.


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