One of the main topics of discussion at the meeting was the financing of the sector. Last year, a significant amount of funds were allocated, enabling the mining industry to reach a record production of $11 billion.
However, the Chairman noted that most of this volume is in precious and non-ferrous metals, while there are many untapped opportunities in industry-critical minerals. Uzbekistan has great potential in this area, with 32 types of minerals already discovered.
Given the dynamic development of technology, the President emphasised the importance of developing existing deposits and discovering new deposits of critical raw materials. This goes beyond precious metals and non-ferrous metals to include rare earth elements, which are in demand in modern industries such as electric vehicles, green energy and electrical engineering.
The President also emphasised the importance of international cooperation and investment in the development of this sector. The conclusion of an agreement with the European Union on critical raw materials is an important step in this direction.
At the meeting, it was decided to create a programme of promising projects worth 500 million dollars with the participation of foreign experts and investors with a focus on the development of rare earth metals.
Plans to increase the production of precious metals at the Navoi Mining and Metallurgical Company were also discussed. The President instructed to reduce production costs by 10-15%, expand industrial cooperation and localisation, and establish a scientific centre for advanced technologies in the field of precious metals.
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