A loan agreement to finance the construction of a copper beneficiation plant-3 (CBP-3), which is part of the Almalyk Mining and Metallurgical Plant (AMMC) was signed on November 18 during an online meeting between the management of the AMMC and the Russian development corporation VEB.RF, the press service of the plant reported.

712 million euros (824.3 million dollars) are being provided in a loan to finance the project. The money will be used to pay for Russian equipment and services under the project, as well as to pay part of the costs in Uzbekistan associated with the implementation of the project.

AMMC plans to increase the volume of ore processing to 160 million tons per year, which will allow to increase the output of cathode copper up to 400 thousand tons per year by 2028. In addition, AMMC by 2028 will increase the annual production of gold by 3 times, silver – by 2 times.

“The construction of CBP -3 is by far the largest project in Uzbekistan implemented with the financial support of VEB.RF,” said Abdula Khursanov, chairman of the board of AMMC. - It should be noted that this loan was provided to AMMC on soft terms without government guarantees and securites. Undoubtedly, this project marks a new stage in the development of the plant”.

In October, the Ministry of Economic Development and Poverty Reduction of Uzbekistan published an overview of the current and future use of copper in the world. Now Uzbekistan is making US$ 2.5 billion from the sale of copper products, while about 60% of this metal are exported as raw materials. Global demand is expected to grow by 40% by 2030 due to increased production of electric vehicles and electrical engineering. The Ministry of Economic Development recommends mastering the production of electric filling stations at the AMMC’s copper cluster, as well as electric vehicles and electric buses.