The untapped economic, political, fiscal, and investment climate in Tajikistan’s mining sector was the central theme of a compelling session held on 19 May at the London Stock Exchange, as part of the inaugural Tajikistan-UK Mining Forum. Chaired by Ayuna Nechaeva, Head of Europe, Primary Markets and Co-Chair of LSEG’s Women Inspired Network UK Chapter (WIN UK), the discussion brought together a diverse panel of experts to shed light on the nation’s burgeoning opportunities.
The session, titled “Overview of Economic, Political, Fiscal, and Investment Climate in Tajikistan,” featured prominent speakers including H. E. Sherali Kabir, Minister of Industry and New Technologies of the Republic of Tajikistan; Manuel P. Micaller, Jr., US Ambassador to Tajikistan; Andrew Prelea, CEO of Vast Resources; Azamat Kasymbekov, Principal Banker, Natural Resources (EBRD); and Prof Reimar Seltmann, Research Leader and Head of CERCAMS.
Minister Kabir opened the session, setting the stage for a deep dive into Tajikistan’s commitment to fostering a favourable investment environment.
Ambassador Micaller highlighted the long-standing US involvement in Tajikistan’s mining sector, citing the successful joint venture between US company Comsup Commodities Inc. (Comsup) and the Tajik government, which made Tajikistan the world’s second-largest producer of antimony and the leading exporter to the United States last year. He underscored the US market’s demand for critical minerals and the readiness of the US Embassy in Dushanbe to support American companies exploring opportunities in Tajikistan. The Ambassador emphasised the importance of fair, open, stable, and transparent business environments to attract Western investment, praising Tajikistan’s progress in this regard.
Andrew Prelea of Vast Resources shared a compelling anecdotal account of his initial reluctance to invest in Tajikistan, which transformed into a profound endorsement. He described Tajikistan as an “unexplored area from a Western perspective,” a “sleeping giant” with immense, high-grade deposits of strategic minerals like antimony, gold, tin, lead, zinc, silver, and copper. Prelea stressed the unique advantage of Tajikistan’s green mining sector, with 98% of its energy derived from hydroelectric sources, making it an ideal destination for ESG-conscious investors. He boldly stated that Tajikistan holds more of the resources needed in the modern world than any other country he has experienced, comparing its resource base to that of Africa and Australia in the 1950s.
Azamat Kasymbekov from the European Bank for Reconstruction and Development (EBRD) outlined the bank’s extensive investment in Tajikistan since 1993, totalling around €1 billion across over 180 projects, primarily in infrastructure. He also detailed EBRD’s 30-year history of financing in the mining sector, highlighting a growing focus on critical raw materials. Kasymbekov addressed common challenges in emerging markets, such as regulatory uncertainty and infrastructure deficiencies, and explained how the EBRD provides technical assistance and supports the adoption of modern mining codes to improve the investment climate.
Prof Reimar Seltmann of CERCAMS presented a detailed geological overview, emphasising Tajikistan’s largely underexplored mineral potential. He showcased CERCAMS’ work in building comprehensive geological databases and maps for Central Asia, highlighting the presence of numerous large and medium-sized deposits, particularly for critical metals.
The discussion also touched upon the Tajik government’s measures to ease the process for foreign investors, including direct engagement and problem-solving, which Prelea commended as “highly unusual” for emerging markets. The panel agreed that while significant progress has been made, continued efforts are needed to further enhance transparency, clarity of regulations, and adherence to international standards to attract more foreign direct investment.
In their concluding remarks, speakers reiterated Tajikistan’s unique position as a prime investment destination in the mining sector. Prelea urged junior miners to seize the opportunities in a country with abundant resources, readily available green power, water, and a supportive government. Ambassador Micaller reaffirmed the US commitment to supporting Tajikistan’s economic sovereignty and connecting it with global partners.
The session underscored a strong consensus: Tajikistan, with its vast and largely untapped mineral wealth, stable government, young and educated population, the world’s cheapest exploration costs, and commitment to green energy, presents an unparalleled opportunity for international investors in the global pursuit of critical minerals.
