The first stage of production of industrial silicon has been launched in Navoi on the basis of Uzbek-South Korean joint venture Uz-Kor Silikon.

It is projected that the new mining complex will extract 39,000 tones of quartz ore a year, and the processing complex will annually produce 12,000 tones of silicon. The processing complex of the joint venture established 266 new jobs, and the mining complex - 29 new jobs.

The total project cost exceeded $ 20.4 million, of which $ 8.65 million of direct foreign investment of the South Korean company NeoPLANT, $ 3.3 million are the loan funds offered by the South Korean company to supply equipment to the Uz-Kor Silicon joint venture. Navoiazot invested $ 5.2 million of equity, and $ 3.3 million is the loan of Asaka SJSCB that funds the construction and installation works.

As emphasized by experts, the joint venture with modern high-tech equipment will become an important part of the technological chain from the production of silicon, as well as poly-and single-crystal silicon to silicon wafers and solar cells, photovoltaic modules for electricity, which, in turn, should seriously push the further development of the electrical industry in Uzbekistan.

It is worth to note that late last year the government of Uzbekistan approved the decision of the founders of the joint venture Uz-Kor Silicon, the State Committee of Uzbekistan on Geology and Mineral Resources and NeoPLANT company (South Korea) to become the founders of the new company - Navoiazot JSC.

In this regard, the size of the charter capital of Uz-Kor Silicon was increased from $ 10.4 million to $ 20.8 million of which the contribution of the State Committee on Geology and Mineral Resources of Uzbekistan made up $ 5.2 million (25% of the share capital). This amount was formed by historical costs, geological, geophysical and other information obtained in the course of previous exploration activities.

$ 10.4 million contribution of NeoPLANT (50% of the authorized capital) was formed out of cash, new equipment and modern technology meeting the world standards. The share of Navoiazot valued at $ 5.2 million (25% of the authorized capital) was formed out of its own funds and forwarded to the construction of buildings and facilities for the production of industrial silicon with appropriate engineering communications. (Source: Uzbekistan Today newspaper)