NEWS AND EVENTS
January 29, 2010
NGMK to invest US$229.7m to modernization, construction in 2010
Navoi Mining and Metallurgy Combine (NGMK) plans to invest US$229.7 million to modernization and construction of capacities in 2010.
The company will invest US$211.7 million of own resources and attract US$18 million loan of the Fund for Reconstruction and Development of Uzbekistan.
NGMK plans to direct US$134.5 million for implementation of new projects and US$95.2 million on reconstruction of existing facilities.
NGMK is Uzbekistan’s largest gold producer, which is fully controlled by government. Muruntau field, which has been mined since 1967, is the main gold base of the enterprise. NGMK produced 58-60 tonnes of gold, while Uzbekistan annually gold output comprises 80 tonnes. NGMK unites three metallurgy plants in Navoi (GMZ-1), Zarafshan (GMZ-2) and Uchkuduk (GMZ-3).