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NEWS AND EVENTS
November 26, 2012
Olmaliq Mining Plantís Technology Ambitions
A number of investment projects under implementation at the Combine Olmaliq Mining Plant will assign more than 29 million US dollars for the project to modernize the oxygen plant.

The Government of Uzbekistan has approved a feasibility study of the investment project \"Modernization of oxygen plant at the Olmaliq Plant\". To note, the project is part of an extensive integrated program of modernization works. He will introduce advanced technologies in production and to provide existing and newly introduced technical oxygen capacity.

Uztyazhpromproekt Institute has developed a feasibility study to the volume of capital investments of US$26.2m, while the total cost of the project exceeds US$29m as the results of direct negotiations was awarded a contract between the Olmaliq MMP and Red Mountain Energy Corporation (USA) for development of working and technical documentation for the technological part of the project, supply of equipment, installation, supervision and execution of commissioning a total cost of US$19.8m.

Funding sources will combine its own funds in the amount of US$7.2m, the credit of the Fund for Reconstruction and Development of Uzbekistan in the amount of US$19m and refinanced through Ipoteka Bank for 7 years with a two year grace period.

The Government of Uzbekistan under the project released the Plant till 1 October 1 2014 from customs duties on materials, equipment and spare parts for them, including the technical and planning documents are not produced in the country. In addition, the Red Mountain Energy Corporation has been exempted from income tax.

Today, the plant continues to implement the experts are a number of large investment projects. (Source: Uzbekistan Today newspaper)


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