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Uzbekistan to develop projects for the extraction of rare earth metals worth $500 million
A meeting to discuss tasks in the field of geology and the mining and metallurgical industry was chaired by the President on April 29.
At the meeting, the Head of state noted the importance of expanding the development of existing and exploration of new deposits of critically important raw materials — lithium, graphite, indium, vanadium, rhenium.
The meeting also discussed plans to organize the production of products in the previously non-existent powder metallurgy in Uzbekistan for $ 300 million and in the field of equipment and components for $ 100 million per year.
"An agreement on critical raw materials has recently been reached with the European Union, which opens up wide access to this large market," the meeting noted.
The President gave instructions to reduce the cost of production at the Navoi Mining and Metallurgical Plant by 10-15%, expand industrial cooperation and localization. The task has been set to organize a Scientific center for advanced technologies in precious metals.
Recall that in early April, Uzbekistan and The European Union has signed a memorandum of understanding on the development of sustainable value chains in the field of critical raw materials. It is expected that this will help Uzbekistan in the development of the extractive industry, and for The EU will provide access to minerals such as copper and molybdenum.
