On July 1, President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting to discuss the development of geology industry, enhance the scope of geological exploration and mining operations.

Uzbekistan is currently home to more than 2 thousand deposits with reserves of 73 types of minerals. Of these, 437 deposits remain undeveloped. The pace of exploration of promising new fields is unsatisfactory. 70 percent of the equipment used for these works is worn out.

Among the drawbacks in the industry noted at the meeting are the inert efforts to attract investment into the sector and to process raw materials. Currently, as few as 14 out of 111 promising fields have just 6 projects under implementation and involving foreign direct investment for $ 39 million.

The meeting helped identify the challenges related to optimizing tax rates for geological exploration and production, increasing the efficiency of budget funds allocated for this work, and boosting widespread private investment into the industry.

As it was pointed out, it is essential to reform the system of funding geological exploration with the engagement of experts from abroad and introduce the most advanced experience into this practice. Individual officials were instructed to devise a program of geological exploration of a completely new format for the period 2020-2021, and update the material and technical base of the industry.

The President stressed the importance of assessing the mineral resource potential on the basis of international standards, including the provision for the accounting of reserves and openness of data in accordance with the requirements of JORC Code.

The Ministry of Investments and Foreign Trade, the State Committee on Geology were tasked with forming a portfolio of new investment projects and posting information about them on their websites, working to attract potential investors through the organization of business events and road shows abroad.

Instructions were given to attract investment for the development of deposits of tungsten, graphite and other popular types of minerals, as well as for the implementation of at least 20 projects in this direction.

Responsible officials reported on the current state of the sphere and provided information regarding the implementation of the tasks set at the meeting.