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Development of Tebinbulak field can require US$3.1bn
Tashkent, Uzbekistan (UzDaily.com) --
A project on development of titanium-magnetite ore Tebinbulak field in Karakalpakstan is rated at US$3.1 billion, the website of the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan said.
The State Committee of Geology and Mineral Resources rated the project at US$1.4 billion earlier. It was planned to finance the project due to own resources of the Uzbek side and loans of the foreign financial institutes.
Uzbek Metallurgy Combine (Uzmetkombinat) and the State Committee of Geology and Mineral Resources started to prepare project, which envisages production of 1.5 million tonnes of iron a year. The project will be implemented till 2020.
Uralmehanobr of Russia signed an agreement with Uzmetkombinat on technical studying feasibility of the project. The works will be conducted till the end of 2013.
The project on development of Tebinbulak field, which contains titanium-magnetite iron ores, envisages construction of mining complex with capacities of 14.7 million tonnes of ore a year with production of titanium and vanadium. The field was opened in 1937. Forecasted resource base of the field is 3.5 billion tonnes of ore.
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