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PrintThe Uzbek State Committee for Geology and Mineral Resources and Korean Shindong Resources Co. Ltd. signed an agreement to establish a joint venture "Uzbekistan-Korea Tungsten" for exploration and development of the Sautbay tungsten deposit in the Navoi region.
The document was signed during the Uzbek-Korean business forum as a part of South Korean President Lee Myung-bak’s state visit to Uzbekistan.
Committee Chairman Ilhombay Turamuratov said the JV was established on a parity basis.
The project, valued at $ 120 million, stipulates the construction of a mining and processing complex with a design capacity of 1,500 tons of high tungsten concentrate on the Sautbay deposit.
Today, the deposit’s proven reserves are 4 million tons of ore containing tungsten trioxide in the amount of 19,900 tons.
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