Geology plays a strategic role in providing resources for the growing economy of Uzbekistan.
In recent years, a substantial annual allocation of UZS 1 trillion ($81mn) has been dedicated to the geology sector, accompanied by the creation of necessary conditions. This concerted effort has led to the exploration of 31,000 km² of new territories.
Additionally, Uzbekistan has seen a 1.5 times increase in geological research, and the reduction of tariffs on mineral resources has enabled the sale of mines through auctions. The country has expanded its geological exploration areas and has initiated projects such as the “Yangi Kon” project, which focuses on the production of aluminium, magnesium, graphite, and other rare metals
Facilitating opportunities for the private sector has proven instrumental in attracting investors to mining activities. Presently, the industry is witnessing the implementation of investment projects totalling $1.7bn.
Despite these strides, there remain untapped possibilities in the field of geology, offering potential for the expansion of mines and their development. The presentation highlighted promising projects, including plans for the ongoing year.
President Mirziyoyev delineated tasks to be undertaken in the short and long term, emphasising the importance of foresight and staying ahead of the curve in this field.
The discussions centred on measures to achieve set goals, expand geological research efforts, and effectively utilise discovered reserves. There was a specific emphasis on continuing to attract foreign technologies and investments to enhance the productivity of geological exploration and mining.
Addressing the needs of the population, social sphere, and industrial sectors, the imperative to increase coal production by 22% was highlighted. Drawing inspiration from foreign best practices, due consideration was given to the processing of enrichment waste as part of the broader strategy for advancing the industry.