Tashkent, Uzbekistan (UzDaily.com) -- At a business forum organized on the eve of the official visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Russian Federation, an agreement was reached on concluding a loan agreement between the Russian state development corporation VEB.RF and Almalyk mining metallurgical plant (AGMK). 

On 18 November 2021, an online meeting was held between representatives of the VEB.RF corporation and the management of AGMK. During the meeting, the sides discussed the prospects for mutually beneficial cooperation, signed a loan agreement on financing the construction of a copper processing plant-3.

To finance the construction of this facility, a loan of 712 million euros (US$824.3 million) is being allocated. The funds will be used to pay for Russian equipment and services within the framework of the project, as well as to pay part of the costs in the Republic of Uzbekistan associated with the implementation of the project.

Taking into account the II-stage of the project implementation, AGMK plans to increase the volume of ore processing to 160 million tons per year, which will allow increasing the output of cathode copper to 400,000 tons per year by 2028. In addition, AGMK by 2028 will increase the annual production of gold 3 times, silver - 2 times.

Abdula Khursanov, Chairman of the Board of AGMK: “Construction of MOF-3 is currently the largest project in Uzbekistan, implemented with the financial support of VEB.RF. It should be noted that this loan was provided by AGMK on preferential terms without government guarantees and sureties. Undoubtedly, this project marks a new stage in the development of the plant. We will continue to strengthen our cooperation with Russian banks and enterprises in the future”.