BAKU, Azerbaijan, Apr. 30
By Ilkin Seyfaddini - Trend:
Deputy Chairman of the State Committee on Geology and Mineral Resources of Uzbekistan Azam Kadirhodjaev held talks with the chairman of South Korean Shindong Resources company Kim Yong Gu via a videoconference, Trend reports citing Uzbek media.
The parties discussed issues related to the acceleration of development of tungsten mining on the Southbai site in Navoi region of Uzbekistan.
Special attention was paid to the phased implementation of the project, in particular, the early signing of the Loan Agreement between the JV Uz-Kor Tungsten LLC and Shindong Resources, as well as increasing capital in the joint venture.
Following the videoconference, the sides reached an agreement to continue negotiations at the working level.
In August 2011, the Korean Shindong Resources Co Ltd and Uzbek State Geology Committee signed an agreement on establishing Uzbekistan-Korea Tungsten joint venture to develop the Southbai tungsten deposit.
The active stage of the joint implementation of the tungsten investment project on the Southbai site in the Navoi region began in March 2019. The cost of the project was then estimated at $70 million.
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