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Uzbekistan, Russia to create JV to develop iron ore deposit

Uzbekistan Materials 6 April 2017 19:37 (UTC +04:00)

Tashkent, Uzbekistan, Apr. 6

By Demir Azizov – Trend:

The Uzbek Metallurgical Plant JSC and Russia’s Ural Mining and Metallurgical Company are planning to establish a joint venture to develop the Tebinbulak iron ore deposit in Uzbekistan and start steel production.

The joint venture’s creation is envisaged by a memorandum signed on the eve of the visit of Uzbek President Shavkat Mirziyoyev to Russia.

The preliminary feasibility study envisages construction of a mining and processing complex with a design capacity of 16 million tons of iron ore with the release of titanium and vanadium, as well as a steel producing enterprise with a capacity of up to 1 million tons of rolled steel per year.

The complex is planned to be built at the Tebinbulak deposit in the autonomous republic of Karakalpakstan, northwestern Uzbekistan.

The deposit contains titanium and magnetite iron ores.

The preliminary cost of the project, which is expected to be implemented in two phases, is estimated at $1.5 billion.

The Tebinbulak deposit was discovered in 1937. Its resources are projected at 3.5 billion tons of ore. The deposit has not yet been developed due to high investment costs.

The deposit will ensure the Uzbek Metallurgical Plant JSC’s operation for decades.

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