President of Uzbekistan Shavkat Mirziyoyev has instructed relevant authorities to develop projects for the extraction and processing of rare earth metals worth $500 million in collaboration with foreign partners, taking into account the demand for them in the global market, the state leader's press service reported.
A meeting to discuss tasks in the field of geology and mining-metallurgical industry was chaired by the president on April 29.
During the meeting, the head of state emphasized the importance of expanding the development of existing and exploration of new deposits of critical raw materials such as lithium, graphite, indium, vanadium, and rhenium.
The plans for the production organization in the previously non-existent in Uzbekistan powder metallurgy sector worth $300 million and in the equipment and components sector worth $100 million annually were also discussed at the meeting.
"An agreement on critical raw materials with the European Union has recently been reached, opening up broad access to this large market," it was noted at the meeting.
The President gave instructions to reduce the production cost at the Navoi Mining and Metallurgical Combine by 10-15%, expand industrial cooperation and localization. The task was set to establish a Scientific Center for Advanced Technologies in Precious Metals.
It is worth noting that in early April, Uzbekistan and the European Union signed a memorandum of understanding on the development of sustainable value chains in the field of critical raw materials. It is expected that this will help Uzbekistan in the development of the extractive industry, and provide the EU with access to minerals such as copper and molybdenum.
