A fierce competition for gold-bearing land unfolded on 4th February as 12 companies participated in an electronic auction for 31 sites in the Navoi region of Uzbekistan. The auction, held on the E-auksion platform, saw intense bidding, with one lot’s price skyrocketing 110 times its initial value after a 10-hour battle.
Initially, the plots were listed at prices ranging from 26.3 million UZS ($2,190) to 52.5 million UZS ($4,375). Due to fierce competition, prices rose sharply, and the 31 plots were sold for a total of 25.1 billion UZS ($2.09 million), which is 23 times their combined starting value.
The most expensive plot sold was the Sop-10/24 site in the Nurota district. After more than 10 hours of bidding, Xinlong Mining Drilling won the lot for 3.6 billion UZS ($300,000), 110 times higher than the initial price. This company also acquired the second most expensive gold plot, Sop-14/24, for 1.9 billion UZS ($158,333) after 183 bidding rounds. In total, Xinlong Mining Drilling secured rights to eight gold sites for 9.1 billion UZS ($758,333).
Other notable purchases include:
- Neo Gold Mining: 4 plots for 2.7 billion UZS ($225,000)
- Zhonghuitong Mining Group: 4 sites for 1.13 billion UZS ($94,167)
- Golden Diggers: 3 plots for 3.24 billion UZS ($270,000)
Several companies won two lots each: Ipotekaon, King of Gold Mining, Samnurgold, and YVN Gold. AAA Human, Golden SPV One, Kamron Mir Gold, and Orom Medical Center each secured one plot.
The auctions were highly competitive, with some lots seeing over 200 bidding rounds. Winners have gained rights to extract gold from these areas using artisanal mining methods, as required by current legislation.
This auction highlights the growing interest in Uzbekistan’s gold mining sector and the potential for significant investments in the Navoi region’s mineral resources.
