Uzbekistan’s Navoi MMC intends to attract loans from Russian banks

Business Materials 15 January 2020 17:50 (UTC +04:00)
Uzbekistan’s Navoi MMC intends to attract loans from Russian banks

BAKU, Azerbaijan, Jan. 15

By Fakhri Vakilov-Trend:

Uzbekistan’s Navoi Mining and Metallurgical Complex (MMC) plans to attract loans of Russian banks Sberbank and VTB in the amount of about $3.9 billion to modernize production, as follows from the decree of Uzbekistan’s President of Shavkat Mirziyoyev, Trend reports citing Uzbek media.

The document approved 25 modernization projects of Navoi MMC, which are included in the investment program of Uzbekistan for 2020-2022.

Previously, Navoi MMC announced plans to implement 27 modernization projects for existing and under construction facilities in 2017-2026. The total cost of the projects was over $3 billion. Their implementation will increase the plant’s production capacity by 30 percent, as well as create an additional about 31,000 jobs.

Navoi MMC is one of the largest gold producers in Central Asia. The production of precious metals at the plant in recent years has amounted to more than 70 tons with a total production of about 100 tons.

Currently, Navoi MMC’s production complex unites four metallurgical plants (MMP) - in Navoi (MMP-1), Zarafshan (MMP -2), Uchkuduk (MMP -3) and Zarmitane (MMP -4). In March 2018, the plant began construction of the MMP -5 on the basis of the Auminza-Amantai gold ore deposits in Central Kyzylkum. Navoi MMP is also the only producer of one of the export-oriented products in Uzbekistan - natural uranium.


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