The domestic geological industry is allocated one trillion UZS annually, and as a result of the implementation of targeted programs, the mining industry’s production volume reached almost $11 billion last year.

However, the bulk of this volume comes from precious and non-ferrous metals, although there is enormous untapped potential for industrially critical minerals. In particular, 32 types of such minerals have been discovered in Uzbekistan.

In this regard, the Head of state gave instructions on using opportunities in this area at a presentation on January 15. The measures, plans, and proposals were reviewed at today’s meeting.

Today, the world is experiencing dynamic technological development. There is an increasing demand for rare earth metals in the electric vehicle, green energy, and electrical industries. Therefore, in recent years, prices for molybdenum, tellurium, selenium, and graphite have increased significantly on the world market.

The President pointed to the excellent prospects opening up. The need to expand the development of existing and exploration of new deposits of critical raw materials was emphasized.

Currently, six types of such raw materials are mined in Uzbekistan. At the same time, products with high added value can be obtained from the metals platinum, indium, and vanadium, as well as minerals containing tungsten, molybdenum, rhenium, zinc, and manganese. For example, it is possible to organize the production of products in the powder metallurgy industry, which previously did not exist in the country, for $300 million per year and in the field of equipment and components for $100 million per year.

An agreement on critical raw materials was recently reached with the European Union, allowing greater access to this enormous market.

Taking this into account, the responsible persons were instructed to formulate, with the participation of foreign experts and investors, a program of promising projects worth $500 million on rare earth metals. The need to develop this area with a scientific approach, organize a project office for this purpose, and attract leading institutes and research centers was emphasized.

Issues of increasing the production of precious metals at Navoi Mining and Metallurgical Plant were also discussed at the meeting.

Responsible persons reported on opportunities to increase both reserves and gold production volumes.

The President gave instructions to reduce production costs at the plant by 10-15 percent, enhance industrial cooperation and localization. The task has been set to organize a Scientific Center for Advanced Technologies for Precious Metals.