BAKU, Azerbaijan, May 29
By Ilkin Seyfaddini - Trend:
Uzbekistan’s Cabinet of Ministers adopted a resolution on Approval of the Feasibility Study of First Stage of the Electricity Supply to Industrial Facilities of Muruntau Field Development project, Trend reports with reference to information-legal portal Norma.uz.
The total cost of capital investment in the project is $113.7 million, including $56.2 million from the Navoi Mining and Metallurgical Complex, $8.8-million loan from the Ministry of Finance and $48.7 million from commercial bank loans.
Navoi Mining and Metallurgical Complex has been identified as the responsible executor of this investment project. It is the largest industrial enterprise in Uzbekistan, which extracts gold, uranium and rare metals, and produces raw materials for the construction materials and machine tool industry as well as a wide range of consumer goods.
The plant accounts for 10 percent of all industrial output in Uzbekistan and for 18 percent of budget revenues. The enterprise employs a total of 58,000 people.
In terms of raw material resources, the complex ranks third among the world's gold producers.
Earlier, President of Uzbekistan Shavkat Mirziyoyev instructed to ensure modernization of 385 units of geophysical, drilling, mining and laboratory equipment this year. A task has been set to explore 16 promising hydrocarbon sites by the end of 2020 and confirm the volume of reserves in 23 new deposits.
Muruntau is one of the largest gold deposits in the world. It is located in the Muruntau mountains in the southwest of the Kyzylkum desert, in the Tamdy district of Navoi region of Uzbekistan.
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