Precious metals in Uzbekistan to be sold on commodity exchange

Baku, Azerbaijan, March 15

By Fakhri Vakilov - Trend:

Precious metals (gold, silver, platinum) in the form of ingots, standard plates, granules or powder will be sold at the Uzbek Commodity Exchange (UZEX) bidding, Trend reports with reference to Nuz.uz.

The resolution of Cabinet of Ministers of Uzbekistan states that manufacturers of precious metals and other participants in exchange trades may be sellers of precious metals. Manufacturers of industrial products with processing facilities, as well as manufacturers of jewelry and other products can be buyers.

The starting price for precious metals will be determined on the basis of the last morning fixing of the London Association of the Precious Metals Market in the national currency of Uzbekistan. The size of the deposit made by sellers and buyers to the Clearing House of the Exchange (CHE) for participation in exchange trading is 1 percent of the estimated amount of the exchange transaction.

Exchange trades in precious metals will be carried out in accordance with the legislation, the rules of exchange trades and settlement and clearing services. Acquired at exchange trading precious metals are not subject to sale for export.

In addition to the Almalyk and Navoi MMC, legal and physical persons will be able to mine precious metals starting from March 1, 2019. Moreover, those without a legal entity will be able to carry out prospecting activities for the extraction of precious metals on the basis of a license for the right to use subsurface resources.

They will be issued by the State Committee on Geology and Mineral Resources for a period of 3 years following the results of the electronic auction. The total period for holding auction and issuing a license, including all procedures, cannot exceed 10 days. It does not require obtaining a separate license for the right to mine precious and rare-earth metals, precious stones.

Miners will be provided with subsoil plots, including alluvial gold deposits, the size of which does not exceed 1 hectare. The starting price for the right to use subsoil will be 7.5 million soums.

The extracted precious metals can be sold to the Navoi and Almalyk mining and metallurgical enterprises, as well as legal entities and individual entrepreneurs licensed to manufacture jewelry.

The miners are exempt from paying all types of taxes and other obligatory payments (with the exception of a single social payment) in terms of carrying out activities for the extraction of precious metals.

Uzbek Commodity Exchange was established in 1994 and, currently, is the largest trading platform in Central Asia. Its structure includes 134 branches and 200 trading platforms in which 800 brokerage houses provide services to clients.

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Follow author on Twitter:@vakilovfaxri

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