Overview
Uzbekistan is rapidly positioning itself as a significant player in the global critical minerals sector. The session focused on how the country, through the leadership of TMK (Uzbekistan Technological Metals Complex (TMK), is integrating upstream, midstream, and downstream activities to maximise value creation and secure its place in international supply chains. The discussion also highlighted strategic partnerships, foreign direct investment, and the alignment of industrial growth with global supply chain resilience.
TMK: Structure and Vision
TMK is the largest technological complex in Central Asia, operating a full technological cycle from mining (upstream) to final product manufacturing (downstream).
The company is entrusted with all critical raw material assets in Uzbekistan and operates under a nationally coordinated vision.
TMK’s asset base covers more than 70 assets and 25 different commodities, including tungsten, molybdenum, graphite, vanadium, lithium, and rare earth elements.
The company emphasises not just resource extraction but also processing and value-added production, aiming to capture international market share across the value chain.
Project Portfolio
TMK’s portfolio includes:
Exploration Projects: Early-stage, focused on resource identification and extending mine life.
Development Projects: Moving from scoping studies to pre-feasibility and definitive feasibility studies.
Construction & Operation: Advanced-stage projects ready for or already in production.
Selected Projects
Circle Tungsten Construction 2.4M tons reserve, 6M tons resources, production by early 2027
Taskan Graphite 9M tons reserve, 2M tons annual rate, operational by early 2027
MSC Project Copper Pre-feasibility 800M tons resources, 200M tons reserve potential, high throughput
Madan Project Uranium, VanadiumPre-feasibility Joint project, study completion expected Q2 2026
Ingishka Tailings Multi-metals Exploration/Recovery Focus on environmentally friendly recovery from tailings
International Standards & Partnerships
TMK adheres to internationally recognized standards (e.g., JORC, NI 43-101) for exploration, feasibility, and operations.
The company collaborates with international consultants and laboratories to ensure quality and credibility.
Partnerships are welcomed at all stages—from exploration to final production—with both domestic and international entities.
Hub and Techno Park Concept
TMK is developing techno parks in several regions (Tashkent, Chikik, Jazak, Samarkand) offering:
Modern infrastructure
Tax and customs benefits
Ready-to-use land and production spaces
Support for export-oriented and technologically intensive projects
R&D and Innovation
TMK’s R&D ecosystem includes:
The Uzbekistan-Korea Rare Metal Center (with Korean partners)
A nano-analytical laboratory (in partnership with SGS)
A Center for Innovative Projects (for commercialization, marketing, and financial modeling)
Graduate programs with international universities (e.g., Pisa University, University of Geological Sciences)
Over 44 R&D projects span upstream (ore extraction), midstream (metallurgy), and downstream (advanced materials, coatings, and composites).
The R&D focus is on decarbonization, health and safety, and manufacturing efficiency.
Government Support and Tax Regime
The government has implemented a competitive and attractive tax regime for mining:
Exploration: Minimum 10% of the minimum sum
Extraction: 7% for iron, precious metals, copper; 8% for uranium and critical minerals
Special incentives in techno parks and free economic zones, including tax reimbursements for up to 10 years
Human resource development is a priority, with four universities and 14,000 students focused on mining and geology.
International Collaboration
UK: Supporting with export finance, technology, and research partnerships; over £3.6 billion available for projects with at least 20% British content.
US: Strong government and private sector engagement, including MOUs and support for American companies entering the market.
Germany/EU: Focused on supply chain diversification, technical cooperation, and supporting sustainable, long-term raw material supply.
Key Takeaways
TMK is operational across the full value chain, not just a mining company.
The company is well-funded, with $200 million allocated from the Uzbekistan Reconstruction and Development Fund.
There is a strong emphasis on international standards, partnerships, and human capital development.
Uzbekistan offers a stable, reform-oriented environment for investment in critical minerals, with robust government backing and a clear vision for global integration.
