Uzbekistan will provide US$ 733.9 million to the Muruntau Open-Pit Mining Project (stage V) Phase 1, the Cabinet of Ministers said.
The project will ensure the replenishment of the decreasing reserves of gold ore deposits in the contours of stage IV of the Muruntau open-pit mine and the loading of the production capacity of Navoi MMC with ore with the adequate precious metals content.
Navoi MMC will contribute US$ 445.9 million for the project, another US$ 288 million will be funded by a loan from the Uzbekistan Fund for Reconstruction and Development. The project’s estimated payback period is 7.5 years.
Muruntau is one of the largest gold deposits in the world is located in Muruntau mountains in the south-west to Kyzylkum desert in Tamdy district of Navoi province. The largest open-pit gold mine in the world has been created to develop the deposit.