Over the past seven years, production in this industry has increased by 1.5 times. In particular, the annual volume of gold production increased by 26 tons, silver by 77 tons, and copper by 32 thousand tons compared to 2016.

Over the past five years, about $9.5 billion in investments have been attracted to the mining and metallurgical industry, which has made it possible to launch 15 major projects. As a result, the industry has become the most important driver of economic transformation, accounting for a third of the country’s total industrial output.

The mining industry stimulates the growth of industries such as electrical engineering, construction materials production, the chemical industry, and jewelry by providing them with the necessary raw materials. In addition, the plants actively cooperate with more than 60 small and medium-sized enterprises on a cooperative basis. 

Continuing this work and increasing economic efficiency remains urgent. The industry’s enterprises must become attractive companies in international financial markets.

At the meeting, the Minister of Mining and Geology and the heads of the plants presented plans for the future.

In 2025, it is planned to attract $1 billion in investment to mining and geological projects. Kaolin production should increase by 50 percent, and coal production should reach 10 million tons.

This year, the Navoi Mining and Metallurgical Plant placed Eurobonds on the international market for the first time and attracted $1 billion at a low rate. Eurobonds are planned to be issued for another $500 million next year.

A third copper ore enrichment plant will be put into operation at the Almalyk Mining and Metallurgical Company, and a new casting and rolling complex will be put into operation at the Uzbek Metallurgical Plant. The Technological Metals Plant of Uzbekistan will expand the production of rare earth metals that are in demand in the green economy.

The President emphasized that next year, plants must undergo large-scale transformation to increase their competitiveness in world markets.

The most important tasks included reducing the cost of production, completely digitalizing activities, attracting funds from international markets, introducing new technologies, and automating the production process.

The President noted that enterprises must quickly adapt to changes in the global economy and show initiative. Measures were identified to reduce costs based on the principles of economy and efficiency and ensure an uninterrupted supply of necessary raw materials to industry.