Uzbekistan's mining sector achieved a remarkable milestone in 2023, boasting a production volume approaching a staggering $11 bn, presidential press service of Uzbekista reported.
President Shavkat Mirziyoyev's meeting to discuss tasks in the fields of geology, mining, and metallurgy underscores Uzbekistan's commitment to unlocking the full potential of its mineral resources. Held on April 29, the meeting highlighted the strategic importance of these sectors in driving economic growth and diversification.
With an annual allocation of UZS 1 trillion ($80 mn) to the field of geology and targeted programs in place, Uzbekistan has made significant strides in its mining industry. The country recognizes the untapped potential of its mineral reserves, which encompass 32 types of industrially important minerals.
At a presentation on January 15, President Mirziyoyev emphasized the need to harness opportunities in this direction. During the recent meeting, progress made in this regard was reviewed, and plans and proposals were evaluated.
The rapidly evolving technological landscape presents new opportunities, particularly in the demand for rare metals essential for electric vehicles, green energy, and electrical engineering. Uzbekistan aims to capitalize on this trend, with a focus on expanding the range of mineral products to meet global market demands.
A recent deal with the EU on essential minerals is expected to open up lucrative market opportunities for Uzbekistan. In line with this, officials were tasked with forming a program of prospective projects worth $500 mn on rare metals, with the participation of foreign experts and investors. Emphasis was placed on collaboration with leading institutes and scientific centers to drive innovation and technological advancement in the sector.
Plans to increase reserves of precious metals at the Navoi Mining and Metallurgical Company were also discussed. Efforts to enhance gold reserves and production volume were underscored, with instructions given to reduce production costs by 10-15% and expand industrial cooperation and localization efforts. Additionally, the establishment of a scientific center of advanced technologies in the field of precious metals was prioritized to drive further innovation and efficiency in production processes.
In 2023, the Navoi Mining and Metallurgical Company played a vital role in Uzbekistan's economy, representing 6.4% of the nation's GDP and accounting for 10.3% of its industrial production volume. Additionally, the company emerged as the largest taxpayer in the country, contributing 14.1% to state budget revenues.
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