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The Olmaliq Mining and Metallurgical Combine to Produce up to 2 Million Tons of Ore a Year in Its New Deposit

The Olmaliq Mining and Metallurgical Combine will send an additional $420 million to expand the resource base.

According to the Decree signed by the President yesterday, the funds will be used to develop the Yoshlik II (formerly Kyzat) deposit in Pskent district of Tashkent region.

The project envisages the development of the deposit using underground method with an ore production capacity of up to 2 million tons per year and reaching the projected capacity in 2023. It also provides for the construction of roads, double-circuit power lines 35/6 kV, substation, loading and unloading trestle, compressor station and other engineering infrastructure facilities.

The project is planned to be financed through a loan from the Fund for Reconstruction and Development of Uzbekistan in the amount of $ 350 million, Ipoteka Bank, Asaka Bank and own funds of the Olmaliq Mining and Metallurgical Combine.

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