JUNE 2014 • E&MJ; 83 www.e-mj.com
these two metals account for 25% of
the country's total exports. Gold mining
accounts for almost 9% of the country's
GDP and gold-related revenues support
economic stability and political balance
in the region.
The two main Uzbek miners, Navoi
Mining and Metallurgical Co. (NMMC)
and Almalyk Mining and Metallurgical
Co. (AMMC), produce 86% of gold.
According to the Uzbek State
Committee, the country now has 41
gold deposits; however, only nine of
them are currently developed. In the
next seven years, the country plans to
invest $4.5 billion in gold production,
which should not only increase the vol-
ume of mining by 25%-30%, but also
will improve productivity from 0.73 mt
of gold per 1,000 miners in 2012 to
1.32 mt per 1,000 miners in 2020.
Geologically, mining conditions in
Uzbekistan are relatively good. Many of
the gold deposits are shallow, lying at
depths of 50 to 100 m. Of course, that
also means that Uzbekistan has a lot of
artisanal gold miners. High unemploy-
ment and a poor economy has led to a
lot of illegal gold mining activity, just
as it does in other parts of the world.
Private gold mining is officially prohib-
ited in the country, but the government
doesn't enforce the policy.
During the next seven years, NMMC
and AMMC plan to invest $4 billion
Government-owned mining companies will invest in replacing outdated equipment.
Production at NMMC's Muruntau mine, one of the world's largest open-pit gold mines, could grow by 30% to 2.5 million oz/y.
U Z B E K G O L D
EMJ_pg82-87_EMJ_pg82-87 6/4/14 10:33 AM Page 83