Uzbekistan to spend over $275 M for development of geology

Business Materials 29 July 2019 11:07 (UTC +04:00)

Baku, Azerbaijan, July 29

By Fakhri Vakilov- Trend:

Uzbekistan will allocate over $275 million for development geology in the coming years , Trend reports citing Uzbek media.

This follows from the resolution of the President of Uzbekistan Shavkat Mirziyoyev dated July 23 to further improve the geological study of the subsoil and implement the program for the development and reproduction of the mineral resource base for 2020-2021.

As highlighted in the document, over the course of 2020 and 2021, over 2.37 trillion soums will be allocated to the development of the industry, including more than 1.8 trillion soums from the state budget and over 552 billion soums from a special trust fund of the State Committee on Geology in the Treasury of the Ministry of Finance.

Of the funds allocated, exploration works will absorb 1.9 trillion soums and over 439 billion soums will be spent on the purchase of modern equipment.

The state program for the development of the reproduction of the mineral and raw material base says that in 2020, the search for prospective areas of mineral resources to 35 percent will be brought to 35 percent, and in 2021 - to 40 percent in order to increase the exploration reserve for further identification of deposits.

Moreover, the state program includes summary parameters of the increase in forecast resources and mineral reserves in the geological and economic regions of Uzbekistan, parameters for increasing groundwater reserves, a list of modern geological equipment, special technical means, software products and materials acquired to modernize and strengthen the material and technical base of geological organizations.

($1=8623.29 soums on July 29)


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