Investment potential of the geological industry of Uzbekistan

Uzbekistan is among the world's top ten leaders by reserves and resources of some of the most important types of mineral resources, such as gold (5th place), uranium (12th place), copper (8th place), potassium salts (4th place), phosphorites and kaolin.

In addition, the country holds the leading positions in the world in terms of gold production (10th place) and uranium (7th place).

It should be noted that the country's territory has been studied in detail only by 40%, there is also a huge, but still undiscovered potential.

According to the State Register of Mineral Reserves in Uzbekistan there discovered more than 2000 deposits, including 814 - construction materials, 624 - fresh and mineral groundwater, 235 - hydrocarbons, 152 - metals; 37 – nonmetal, 32 - chemical, 30 - ornamental stone material and 7 - coal and oil shale.

Concerning the investment objects, by the decision of the Cabinet of Ministers there approved the list of 111 perspective areas and 29 deposits of strategically important solid minerals.

For the geological exploration there proposed:

• Precious metals – 31 areas with expected resources of gold – 151 tons, silver – 1200 tons.
• Nonferrous metals –18 areas with resources of copper – 1,6 mln tons; zinc – 3,9 mln tons, lead – 3,1 mln. tons and others.
• Rare metals and REE – 33 areas with resources of rare earth elements – about 1800 tons; tin – more than 1400 tons; tungsten – more than 1 mln. tons.
• Ferrous metals – 11 areas for iron – 560 mln. tons; manganese - 1,2 mln. tons.
• Radioactive metals – 18 areas for uranium – more than 100 thousand tons.

At the same time, on the base of Cabinet of Ministers Decree dated July12, 2018 Num.534 Goscomgeology made cooperation with international consultant – Boston Consulting Group. BCG developed:

1. Strategy for the development of the mineral resource base of Uzbekistan, taking into account the acceleration of attracting foreign investment, as well as the portfolio of priority areas and deposits for foreign investors;

2. Criteria and requirements for the selection of investors. Road maps for the implementation of modern international practices, methods and requirements for improving the regulatory environment and ensuring respect for the interests and property rights of investors.

3. Targeted investment process with a plan for further action.

Based on the results of the consideration of recommendations, a resolution was adopted by the President of the Republic of Uzbekistan of 07.22.2019. No. PD-4401 “On measures to further improve the geological study of subsurface resources and the implementation of the State program for the development and reproduction of the mineral resource base for 2020-2021”, in accordance with which the Ministry of Economics and Industry, the State Committee for Geology, SE “Navoi MMC”, JSC “Almalyk MMC” and other interested ministries and departments carry out targeted work to separate the boundaries of geological objects included in the resource base of mining and metallurgical plants, as well as to be developed with foreign investors.

In accordance with the established procedure, a portfolio of investment proposals for the search and exploration of minerals will be formed on promising areas as well as on the organization of mining in the fields, for subsequent posting of information on the official website and distribution in business events with the aim of working out the issue of attracting potential investors.

Competition documents for geological objects for foreign and local investors (presentation geological materials, teasers, etc.) are put up for auction on the website: e-auksion.uz and www.uzgeolcom.uz