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13/06/2024
Mining News

Uzbekistan announces $500 million investment in rare earth materials projects

Uzbekistan’s president’s press service has announced plans to launch promising projects in rare earth materials with a collective value of $500 million.

The country’s geological sector receives substantial annual funding, reaching up to 1 trillion UZS. In 2023, the mining industry achieved a production volume of nearly $11 billion, with a significant portion attributed to the extraction of precious and non-ferrous metals. Notably, Uzbekistan has identified 32 types of minerals crucial for various industries.

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With increasing demand for rare earth metals in sectors like electric vehicles, green energy and the electrical industry, there’s a pressing need to expand exploration efforts and develop new deposits of these vital raw materials.

The president has proposed plans to produce powder metallurgy products valued at $300 million annually, along with equipment and components worth $100 million.

The recent signing of a memorandum on critical raw materials between Uzbekistan and the European Union creates new export opportunities. In response, President Mirziyoyev has directed the establishment of a project office and the engagement of leading institutes and scientific centers to formulate prospective projects.

Additionally, the president has issued directives to reduce production costs at the Navoi Mining and Metallurgical Combinat (NMMC) by 10−15%, enhance industrial cooperation and localization, and establish a scientific center for advanced technologies in precious metals.

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