Uzbekistan looks to develop $500M rare earth metal projects
May 1, 2024
Uzbekistan’s President Shavkat Mirziyoyev has announced plans to develop rare earth projects worth a total of $500 million. During a meeting to discuss geology, the mining and metallurgical industry, the President suggested that the production of products in the Powder Metallurgy industry, which did not previously exist in the country, could yield $300 million per year.
Uzbekistan’s domestic mining industry reached almost $11 billion last year, with the bulk of this coming from precious and non-ferrous metals. However, there is reported to be substantial untapped potential for critical minerals, with some thirty-two discovered in the country.
The President pointed to the excellent prospects opening up. The need to expand the development of existing and the exploration of new deposits of critical raw materials was emphasised. It was stated that currently, six types of such raw materials are mined in Uzbekistan. At the same time, products with high added value can be obtained from platinum, indium, and vanadium, as well as minerals containing tungsten, molybdenum, rhenium, zinc, and manganese.
It was added that an agreement on critical raw materials was recently reached with the European Union, allowing greater access to this large market.
With this in mind, President Mirziyoyev ordered the establishment of a project office and collaboration with leading institutes and scientific centres to develop prospective projects. The task has also been set to organise a Scientific Centre for Advanced Technologies for Precious Metals.
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