AGMK to construct plant for copper pipes production
03/06/2013 16:13
AGMK to construct plant for copper pipes production
03/06/2013 16:13
Tashkent, Uzbekistan (UzDaily.com) -- Almalyk Mining and Smelting Combine (AGMK) will implement an investment project “Organization of production of copper pipes of various diameters at territory of special industrial zone “Angren”.
The Government of Uzbekistan issued a resolution, which approved measures on implementation of investment project “Organization of production of copper pipes of various diameters at territory of special industrial zone “Angren”.
The resolution was adopted for further deepening processing of copper raw materials and organization of production of ready competitive goods in internal and external markets with high value added cost.
Within implementation of the project, the feasibility study of the project with the cost of US$35.48 million was developed. It passed expertize by the authorized bodies.
The resolution said that new plant – Unitary Enterprise “Angren Pipe Plant” – will be commissioned in the fourth quarter of 2013.
The project will be financed due to own resources of AGMK for US$10.28 million and loans of Ipoteka Bank for US$12.27 million in foreign currency and US$12.93 million in national currency.
The loans issued for seven years with three-year grace period. The interest rate on hard currency loan set at 6% APR and national currency – rate, should not exceed refinancing rate of the Central Bank of Uzbekistan (now 12% APR).
Within the project, Jiangsu Xingrong High Tech Co., Ltd (China) will supply and install technologic equipment for US$9.67 million.
TOSHELECTROAPPARAT will produce and supply electrotechnical equipment and installation works worth US$3.79 million.
AGMK signed contract with the UAE-based SAM Building Contracting LLC to supply of metallic and wall construction of production building and equipment for them, as well as installation works for US$5.57 million.
AGMK is an only producer of copper in Uzbekistan. The main resource bases of AGMK are Kalmakyr and Sary-Cheku fields, as well as Uch-Kulach and Khandiza fields.
Special industrial zone “Angren” was founded in line with the presidential decree from 13 March 2012. The zone was created for 30 years with possibility of extension.
The zone includes territory of Angren and Ahangaran, including part of territory between two cities.
Participants of SIZ Angren will receive tax and customs preferences from three to seven years based on the volume of investments. They also receive access to utilities.
Currently, eight investment projects worth US$186 million are implemented in the zone. Among them are projects on production of basic oils from used oil products, production of copper pipes, ceramic tiles, sugar, etc.
Special industrial zone “Angren” also working on development and preparation of documents, search of investors 22 perspective projects with the cost of $245 million.
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