Uzbekistan as a Strategic Hub for Critical Raw Materials: Investment Opportunities Across the Value Chain
2025-06-11 16:50:00 / News
On the third day of the Tashkent International Investment Forum, a panel session was held on the topic: “Uzbekistan as a Strategic Hub for Critical Raw Materials: Investment Opportunities Across the Value Chain.” Moderated by John Mann, Director of Montfort Eurasia, the session explored how Uzbekistan’s rich mineral base and strategic location are turning the country into an emerging center for critical materials, and how it can offer growing investment opportunities along the entire value chain — from mining to processing.
Panel participants included:
- John Mann, Director, Montfort Eurasia
- Paul Moffatt, Associate Director, Senior Counsel, Legal Transition, EBRD- Pini Althaus, Managing Partner, Cove Capital
- Mateo Goldman, Senior Vice President for Investment, U.S. International Development Finance Corporation
- Han Ilhan, Advisor to Chairman, TMK
- Steve Powell, Managing Director, SinoPowell Capital LLC & STeVO Energy LLC
The panelists discussed Uzbekistan’s mineral potential and promising projects, and engaged in a lively conversation about enhancing the country’s role in global supply chains. Short-term plans were presented, along with updates on current practical initiatives.
John Mann, moderator of the session and Director of Montfort Eurasia, emphasized the global relevance of the topic:
“Critical minerals are a hot topic worldwide. Global demand is rapidly growing due to their key role in advanced technologies. Central Asia, and Uzbekistan in particular, can play a major role in diversifying sources of these minerals.”
He also stressed the importance of developing the full value chain: “We must think beyond just exploration and extraction - we need to process and integrate the entire value chain to make Central Asia, especially Uzbekistan, a center for global critical mineral supply.”
Omonullo Nasritdinkhodjaev, First Deputy Minister of Mining Industry and Geology Republic of Uzbekistan
“The President, in his speech yesterday, clearly stated that Uzbekistan has all the fundamentals to become a key player in this sector.”
He emphasized the country’s considerable resource potential:
“Although only about a third of Uzbekistan’s territory has been geologically explored, we are in the global top 5 for gold and top 10 for other resources like copper and uranium. The estimated value of our subsoil resources is around $3 trillion.”
He also noted that with support from partners like the EBRD, Uzbekistan has strengthened its legal framework, including the adoption of a new Subsoil Law. “Yesterday’s presidential initiative on a special tax on extraction rights - to be reimbursed to companies over the next 10 years - will make our position more competitive.”
Han Ilhan, Advisor to the Chairman of UzTMK, presented a strategic vision for Uzbekistan’s global market role:
“Our goal is very clear: through UzTMK, we aim to make Uzbekistan a viable alternative supplier of critical raw materials to major global players who currently dominate the market. Developed economies feel vulnerable due to shortages and reliance on single sources - it’s obvious we must act now.”
In this context, Paul Moffatt, Associate Director of EBRD, emphasized the importance of cooperation and investment policy:
“The EBRD is actively cooperating with the government, focusing on improving the investment climate in the mining sector to attract higher-quality investments. Uzbekistan is a key country for us, and critical raw materials are an area of special focus. We aim to expand our activities here, but this requires serious investors with strong financing and long-term vision - those willing to take on the risks associated with exploration and mining projects.”
Steve Powell, Managing Director of SinoPowell Capital LLC & STeVO Energy LLC, shared his views on investment philosophy and business values:
“In our work, we are guided by values such as patience, trust, and respect for the people we work with. It’s always been important for us to help people grow in their careers and provide useful services and products - knowing that financial results will follow hard, quality work.”