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London, UK – The London Stock Exchange played host on 19 May to a dynamic session titled “Geological Exploration and Prospecting Opportunities in Tajikistan,” a key highlight of the Tajikistan-UK Mining Forum.

Moderated by Guy Winter, Partner in Fasken’s Global Mining Group, the session brought together leading experts to delve into the untapped geological wealth of Tajikistan and the strategies for attracting international investment.

Winter kicked off the session by setting the stage, emphasising the significant geological opportunities that Tajikistan presents. He humorously noted that while previous presentations offered a “feast of geology,” this session would be a “smorgasbord of delights.” Winter then invited the distinguished panellists to introduce themselves and share a personal hobby, playfully suggesting that for most geologists, their hobby is, in fact, geology itself.

The diverse panel included:

Ilhomjon Oimuhammadzoda, Head of the Main Department of Geology under the Government of Tajikistan, whose hobby is mountain climbing – aptly connecting to Tajikistan’s rugged terrain.

Nikki Smith, International Digital Lead and Central Asia Programme Manager at the British Geological Survey, who enjoys family history research, a nod to her work with old data.

Richard Oldcorn, Corporate Consultant and Board Chair at SRK UK, who finds stress relief in gardening and his allotment.

Dennis Cruz, Partner in the Texas-based investment group Pristine Services Group, who has developed a fondness for cleaning ‘Palau’ (a traditional Tajik dish) plates during his frequent visits to Tajikistan.

James McFarlane, Non-Executive Director at Vast Resources, a geologist who enjoys exploring old mine sites in Southwest England during his spare time, often by bike.

Vlad Negru, General Manager of Formin (Exploration and Drilling Company), a geologist through and through, whose hobby, unsurprisingly, is also geology.

Regional Context and Under-exploration

Richard Oldcorn began the main discussions by providing a regional perspective on Central Asian geology. He highlighted that Tajikistan sits within the highly prospective Tethyan fold belt, which extends across Iran, Azerbaijan, Europe, and into Mongolia and China. Oldcorn used geological maps to illustrate the region’s vast mineral potential, pointing out significant gold and copper deposits in neighbouring Uzbekistan, like Almalyk and Muruntau. He emphasised that Tajikistan, despite its promising geology, remains significantly underexplored, particularly its central Pamir region, where 92% of the land is over 1,000 metres high.

Oldcorn presented data showing that exploration expenditure in Tajikistan is currently very low, indicating immense room for growth. He stressed the importance of accessible and reliable geological data to attract investment. “It isn’t just a question of turning up… it’s about understanding the underlying geology, understanding the structures, trying to work out what potential is,” he explained. He showcased Kazakhstan’s interactive online mineral map as an example of how governments can facilitate exploration by making licensing and geological data readily available.

Government Perspectives and Investment Incentives

Ilhomjon Oimuhammadzoda followed, outlining the Tajik government’s commitment to creating a favourable environment for geological exploration. He highlighted the “seven pillars” of government policy, which include a simplified licensing process, tax incentives in special economic zones, and a one-stop-shop approach for investors. He expressed the government’s openness to collaboration and its readiness to provide support for exploration activities.

Dennis Cruz, representing American investors, enthusiastically reinforced Tajikistan’s appeal. He identified several “destination factors” making the country attractive, including political stability, government support, lower production costs, a skilled labour pool, and access to hydropower. Cruz also noted the interest of multilateral development agencies like the World Bank and the U.S. Development Finance Corporation (DFC), which can de-risk investments. He underscored the global demand for critical minerals and Tajikistan’s potential as an alternative supply source. “The time is now, and we believe the location is Tajikistan,” Cruz affirmed.

Success Stories and the Power of Data

James McFarlane shared Vast Resources’ positive experience in Tajikistan. He explained that Vast Resources has acquired four producing gold mines in the “elephant country” of northern Tajikistan. McFarlane stressed that these areas have not seen significant modern exploration since the Soviet era, yet historical data indicates substantial potential, with half a million ounces of gold and six million ounces of silver already identified. He emphasised Vast Resources’ commitment to updating the resource and reserve base to CRIRSCO compliance standards through additional exploration and team development.

This presentation came on the heels of Vast Resources’ announcement of a non-binding Memorandum of Understanding with the Ministry of Industry and New Technologies of the Republic of Tajikistan. The MoU establishes a framework for cooperation in identifying new exploration and exploitation targets for non-ferrous and strategic mineral deposits, as well as developing a “Tajik Mineral Investment Fund” to support the country’s mining industry

Nikki Smith then discussed the crucial role of national geological surveys in facilitating exploration. She explained that geological surveys should be authoritative providers of baseline, non-competitive geological data, essential for research, exploration planning, and policymaking. Smith highlighted the importance of a “geological data centre” for ingesting, storing, managing, and delivering data in a findable, accessible, interpretable, and reusable format. She shared a successful example from Northern Ireland, where the release of comprehensive geological data online led to a dramatic increase in project licence coverage from 17% to 73% in the years following the data release. Smith also detailed the British Geological Survey’s (BGS) partnership with Tajikistan’s Main Department of Geology, including a recently signed Memorandum of Understanding (MOU), to continue their collaboration on data management and knowledge exchange. She concluded by stating, “data is only useful… if it’s accessible and people can use it.”

Practical Exploration Experiences

Vlad Negru offered a practical perspective on exploration, detailing Formin’s experience in Tajikistan. He described how they used historical Soviet-era geological maps and reports to construct a geological model for various projects. Negru emphasised that while hard to obtain, this historical data is invaluable and significantly reduces the need for costly initial exploration. He shared how field validation using excavators confirmed the extension of ore bodies, leading to the decision to expand mining operations. Negru stressed the importance of continuous data collection and modelling to ensure accuracy and build investor confidence. “It is the data that we collect in the field that is giving the value of the project,” he asserted.

The session concluded with a sense of optimism and excitement about Tajikistan’s mining future. The panellists unanimously agreed that with its rich geology, supportive government, and increasing accessibility of data, Tajikistan is poised to become a significant player in the global mining sector.

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.