SFI Management Group intends to attract over US$180 million of investments for AGMK in 2019

Tashkent, Uzbekistan (UzDaily.com) -- SFI Management Group is planning to attract more than US$180 million worth of investments for the implementation of five projects of the Almalyk Mining and Metallurgical Combine next year.

“Our largest initiative is the development of the Yoshlik I field. According to predicted estimates, after the launch from 2027, up to 23 million tons of copper-molybdenum ore will be mined here annually,” representatives of AGMK said.

In addition to expanding production facilities for the extraction and processing of raw materials at the Kalmakir and Sary-Ceku deposits, it is planned to modernize the copper concentration plant, copper smelting and zinc plants.

According to estimates by the press service of AGMK, these projects are planned to be completed in 2021 and 2020, which will make it possible to bring stable mining of copper-molybdenum ore at the Kalmakir and Sary-Cheku mines to 40.3 million tons annually, and also allow for the reconstruction and updating of the main technological equipment of the specified divisions.

“We will also continue the construction of an underground mine at the Samarchuk site. After commissioning in 2021, up to 100 thousand tons of gold-containing ore will be mined here,” AGMK said.

Another project, representatives of the plant noted, is the construction of the Mezhdurechie underground mine. It is at the stage of early implementation, the bulk of the work on projects is planned for 2020-2023.

Almalyk Mining and Metallurgical Combine is the only copper producer in Uzbekistan. The company produces refined copper, zinc metal, molybdenum, lead concentrate and other products. AGMK accounts for about 90% of silver production and 20% of gold  of Uzbekistan. Since August 2018, the state share in the enterprise has been transferred into trust management to a foreign company SFI Management Group.