Uzbekistan, US companies ink mineral deals

The United States has stepped up its global pursuit of strategic minerals with the signing of a deal promoting American mining investments in Uzbekistan. 

The announcement comes after a Uzbek delegation was in Washington this week to meet with U.S. business executives, according to the Central Asian country, although it didn’t list interested companies or investment amounts. The deal follows a meeting Wednesday between U.S. Secretary of State Marco Rubio and his Uzbek counterpart Bakhtiyor Saidov. Both nations signed a memorandum of understanding in September to enhance cooperation on critical minerals. 

“These agreements encompass investments in the exploration and extraction of minerals, including the construction of grinding machinery and training for Uzbek specialists,” the government based in the capital Tashkent said in a statement. 

“There’s great potential ahead for investments between our countries and cooperation in the critical minerals and other sectors,” Rubio wrote on his X account following the meeting.

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The Uzbek deal is the White House’s latest attempt to secure metals for batteries, defence and modern technology as talks continue about minerals in exchange for U.S. security in war-ravaged Ukraine and the Democratic Republic of Congo. The Trump administration has also set its sights on the mineral wealth of Pakistan, and this week sent a delegation to Islamabad. The U.S. wants to establish new strategic spheres in resource-rich regions such as Central Asia to counter China’s dominance in the critical minerals space.

Uzbekistan, which hosts the largest gold producer many have never heard of — the state-owned Navoi Mining & Metallurgical Co. — also produces copper and has reserves of critical minerals such as tungsten, lithium and vanadium. Navoi, the world’s number four miner of the yellow metal by output, doubled the value of first-quarter production to $2.1 billion, it said on Wednesday. Newmont (TSX: NGT; NYSE: NEM) helped run Navoi’s Muruntau gold mine from 1995 until the Uzbek government took full ownership in 2007.

The Central Asian nation has been looking to tap into its vast endowment resources, including many of the critical minerals the U.S. seeks. Uzbekistan launched a $2.6-billion initiative this year to help develop 76 mining projects covering 28 different elements.

“The main task is to extract valuable raw materials directly from ore using modern technologies, increase the purity of minerals and create products with high added value,” Uzbek President Shavkat Mirziyoyev said at the time.