Newmont Uzbekistan, a subsidiary of Newmont Mining, plans to carry out a feasibility study on the Angren gold project in Uzbekistan’s Tashkent region, according to Interfax News Agency.
The project will be a joint venture with the Mitsui of Japan and the Uzbek State Committee for Geology and Mineral Resources. The partners are proposing to develop two gold deposits that are reported to host proven reserves grading 6-8 grams gold per tonne containing an estimated 270 tons of gold.
The project is expected to produce 12-15 tons of gold annually. The proposed ownership is 40% each for Newmont and the Uzbeks, with the Japanese firm holding 20%. Capital costs are estimated at US$228 million, though final numbers will not be determined until the feasibility study is completed.
The gold project is situated in the same region as the biggest copper producer in central Asia.
In other news from the former Soviet Union, the Central Bank of Russia has suggested lifting quotas on the export of platinum, a government source told Interfax. The bank has suggested that a presidential decree be issued on export-import operations with precious metals in order to lift quotas on platinum exports.
Meanwhile, Russia’s top seven gold producers are pressuring President Boris Yeltsin to sign a decree to allow them to sell their own gold. The request came from the republic of Yakutia, the Magadan and Irkutsk regions, Khabarovsk territory, and the Chukotka, Kamchatka and Koryak autonomous districts. The producers point out that the right to sell precious metals has been granted to commercial banks, while their requests to do the same have been denied.
And finally, Kazakstan’s Supreme Court has ruled in favor of Kazakhstan Minerals Resources in dispute with Britain’s Trans-World Group concerning share ownership in several metallurgical plants.
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