Uzbekistan’s Almalyk MMC to direct over $3 B investment for expanding raw material base
Baku, Azerbaijan, Oct. 16
By Fakhri Vakilov - Trend:
In 2019-2023, Uzbekistan’s Almalyk Mining and Metallurgical Complex (MMC) plans to invest $3.34 billion in expanding the raw material base and increasing production capacity, deputy chairman of the board of the enterprise Azim Mirzadzhanov told reporters, Trend reports citing Uzbek media.
“Most of the money will be invested in the development of the Yoshlik-I copper deposit worth about $1.7 billion,” Mirzadzhanov said.
He also noted that due to the modernization, the plant intends to increase the production of cathode copper 2.4 times in 2023 to 250,000 tons from 106,000 tons last year.
The deputy chairman of the company's board stated that over the eight months of 2019, copper production increased by 24 percent, so the results of 2019 will exceed the indicators of 2018.
The project provides for the extraction of ore up to 65 million tons per year by 2023 and up to 74 million tons by 2035. The quarry project is being developed by the Russian Giprocvetmet JSC Research, Design and Design Institute of Mining and Non-Ferrous Metallurgy. The quarry will be launched in 2021 in accordance with the plan.
Almalyk MMC is a unique mining complex, one of the largest enterprises specializing in mining and processing of rocks both in Uzbekistan and throughout Central Asia.
In August 2018, the stake of Almalyk MMC was transferred to the trust management of Uzbekistan's SFI Management Group.
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