Uzbekistan. Agreement on wolfram JV creation with South Korea is signed

The state committee of Uzbekistan for geology and mineral resources and the South Korean Shindong Resources have signed an agreement on the creation of a joint venture on a parity basis, focused on the prospecting and development of the wolfram deposit of Sautbai, located in the Navoisky region. The deal was concluded during the Uzbek-Korean business forum, held within the framework of the state visit of the president of South Korea, Lee Myung-bak to Uzbekistan.

The mine is expected to be constructed on the basis of the deposits and produce about 1500 tons of wolfram concentrate a year. The proven resources are assessed at 4 million tons of ore, where there is 19.9 thousand tons of tungstic oxide. The project is assessed at $120 million.

http://www.geonews.com.ua/index.cgi?a=42211

Translated by Iraida Idiyatova