President Shavkat Mirziyoyev signed a resolution yesterday pursuant to which Almalyk Mining and Metallurgical Combine (AMMC) will allocate additional $ 420 million to expand its resource base.
The funds will be used to develop the Yoshlik II (formerly Kyzata) deposit in Pskent district of Tashkent province.
The project provides for the deposit development by underground mining with 2 million ton per year ore production capacity and reaching the design capacity in 2023. It also provides for the construction of roads, double-circuit 35/6 kV power lines, substation, loading and unloading way, compressor station and other engineering infrastructure facilities.
The project is expected to be financed through $ 350 million loan from Uzbekistan’s Reconstruction and Development Fund, Ipoteka Bank and Asaka Bank and AMMC’s own funds.
