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Home / Business and Innovation / Almalyk MMC receives less profit due to the crisis

Almalyk MMC receives less profit due to the crisis

The global financial and economic crisis affected activity of one of the leading mining companies in Uzbekistan - Almalyk Mining and Metallurgical Combine, according to the general director of the company, Alexander Farmanov .

"Due to declining prices on the world market as a whole and ,in particular, for our products, we could not meet our profit expecatations last year,” said Farmanov.

All metallurgical enterprises around the world were affected by the crisis, according to him. Despite the unfavorable market conditions, the company still managed to make some profit.

"We had to work hard to reduce the cost of production. MMC managed to do so. Unfortunately, the crisis hasn’t finished yet and there is little hope that it will any time soon. But we are prepared and we are working on further cost reduction, increase in production volumes and product differentiation," said Farmanov. 

Now the combine is undertaking an ongoing program of structural reforms, modernization and diversification of production in the years 2015-2019. We plan to implement investment projects for new construction, as well as modernization and reconstruction of existing production facilities.

"Summing up the activity of divisions of AMMC, I can say that in general, inspite of all the difficulties, the plant has worked steadily and lay the groundwork for a stable production in the future.This is the most important thing,"- said the general director. 

Almalyk MMC is the only copper producer in Uzbekistan. It accounts for about 90% of silver and 20% of gold produced in the country.The raw material base of the plant stockpiles a group of copper-molybdenum, lead, zinc and gold-silver deposits, located on the territory of Tashkent, Jizzakh, Namangan.







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