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Uzbekistan to attract int’l investors to online auction for strategic mineral deposits

Business Materials 20 November 2020 17:43
Uzbekistan to attract int’l investors to online auction for strategic mineral deposits

BAKU, Azerbaijan, Nov. 20

By Klavdiya Romakayeva - Trend:

Uzbekistan will widely attract foreign investors to an online auction for 31 sites and a deposit of strategic minerals in order to change the approach to organizing geological exploration, Trend reports citing State Ecology Committee of Uzbekistan.

The president of Uzbekistan instructed to form and transfer promising areas to foreign investors, improve the system of geological exploration and taxation, taking into account international experience.

Earlier State Committee for Geology posted information on sites of strategic minerals that can be purchased through online auctions on the E-IJRO AUKSION website.

The subsoil plots put up for E-IJRO AUKSION electronic online auction include gold, uranium, copper, silver, tungsten, tin, manganese and other types of minerals located in the country.

Foreign and local investors, internet users can remotely see the location of strategic deposits and promising areas in Uzbekistan, familiarize themselves with basic information about land plots, take part in an auction for the right to use these deposits and promising areas.

According to the president’s decree in October 2020, a significant part of geology enterprises (12) are subject to transformation. These include state unitary enterprises Hisorgeology (Kashkadarya region), Kizilkumgeologiya (Navoi region), Samarkandgeologiya, Surkhongeologiya, Uzbekgeofizika JSC (Tashkent region) and seven capital enterprises - Urankamebmetgeologiya State Unitary Enterprise, Tashkentgeologiya, Geoltekhtaminot, Markazy laboratory, Geolburtekhnika, Geology - marksheiderlik hizmati, as well as Geoterekalmaz LLC.

The transformation is aimed at accelerating the introduction of modern consumer-oriented management methods, open, transparent and market principles at enterprises with state participation, increasing income by reducing costs, creating wider opportunities for private capital participation in the reform process.

Strategies for financial recovery, improving operational efficiency, as well as medium and long-term development should be developed for each enterprise with the involvement of reputable international consulting organizations on a competitive basis by April 1, 2021.

It is planned to introduce a modern corporate governance system until July 1, 2021. The system provides for an audit of procurement and management systems, as well as the formation of services for a compliance system and anti-corruption.

The composition of the supervisory boards will be staffed by at least 30 percent qualified international specialists until July 1, 2021.

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Follow the author on Twitter: @romakayeva

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