Precious Metals Mining in Uzbekistan to 2020

Gold is the major precious metal mined in the country. Uzbekistan had 3.1% of the world’s gold reserves at the end of 2013. In addition, the country has become one of the leading producers of gold, with mine production measuring 2.8 million ounces in 2013, a share of around 3% of global gold mine production. Over 2014–2020, the country’s gold mine production is expected to reach 3,241,266 ounces, growing at a CAGR of 2.1%.

Scope

The report contains an overview of Uzbekistan's precious metals mining industry together with the key growth factors and restraints affecting the country’s precious metals mining industry. It also provides detailed information about reserves, production, prices, competitive landscape, and major active and development projects. Also included is the country's fiscal regime, which includes governing bodies and relevant laws, mining rights and obligations as well as key fiscal terms.

Reasons to buy

To gain an understanding of Uzbekistan's precious metals mining industry, the relevant drivers and restraining factors, reserves, historical and forecast production and the fiscal regime.

Companies mentioned

Navoi Mining and Metallurgical Combinat, Almalyk Mining and Metallurgical Combine

Table of Contents

1 Executive Summary 1

2 Gold Mining in Uzbekistan 6

2.1 Country Overview 6

2.2 Mining Overview 6

2.3 Gold Mining in Uzbekistan – Drivers 7

2.4 Gold Mining in Uzbekistan – Restraints 7

3 Gold Mining in Uzbekistan – Reserves and Production 9

3.1 Reserves by Grades and Geographic Regions 9

3.2 Historical and Forecast Production 10

3.3 Gold Prices 12

3.4 Competitive Landscape 13

3.4.1 Navoi Mining and Metallurgical Combinat (NMMC) 13

3.4.2 Almalyk Mining and Metallurgical Combine (AMMC) 14

3.5 Total Production by Major Mines 15

3.6 Major Development Projects 15

3.7 Uzbekistan vs. Global Gold Mine Production 16

4 Fiscal Regime 17

4.1 The Uzbek Mining Industry – Governing Bodies 17

4.1.1 State Committee of the Republic of Uzbekistan on Geology and Mineral Resources 17

4.1.2 State Committee of the Republic of Uzbekistan for Nature Protection 17

4.1.3 State Inspectorate "Sanoatgeokontekhnazorat" 17

4.2 The Uzbek Mining Industry – Governing Laws 18

4.2.1 Law of the Republic of Uzbekistan “On Subsoil” 18

4.2.2 Law of the Republic of Uzbekistan “On Radiation Safety” 18

4.2.3 Law of the Republic of Uzbekistan “On Concessions” 18

4.2.4 Law “On Product Sharing Agreements” 18

4.3 The Uzbek Mining Industry – Mining Licenses 19

4.3.1 License for Geological Study 19

4.3.2 License to Use Subsoil 19

4.3.3 Mining Allotment 19

4.4 The Uzbek Mining industry – Rights and Obligations 19

4.4.1 Rights 19

4.4.2 Obligations 19

4.5 The Uzbek Mining Industry – Key Fiscal Terms 19

4.5.1 Subsoil use tax 19

4.5.2 Excess profit tax 20

4.5.3 Bonus (Subscription and Commercial Exploration) 20

4.5.4 Corporate Tax 21

4.5.5 Real property tax 21

4.5.6 Withholding tax 21

4.5.7 Depreciation 21

4.5.8 Losses Carried Forward 22

4.5.9 Value Added Tax (VAT) 23

5 Appendix 24

5.1 What is this Report About? 24

5.2 Methodology 24

5.3 Secondary Research 24

5.4 Primary Research 24

5.5 Contact GlobalData 25

5.6 About GlobalData 25

5.7 GlobalData’s Services 25

5.8 Disclaimer 27

List of Tables

Table 1: Gold Mining in Uzbekistan – Gold Mine Production (Ounces), 2000–2020 11

Table 2: Gold Mining in Uzbekistan – Navoi Mining and Metallurgical Combinat, Major Projects 13

Table 3: Gold Mining in Uzbekistan – Almalyk Mining and Metallurgical Combine, Major Projects 14

Table 4: Gold Mining in Uzbekistan – Major Active Mines 15

Table 5: Gold Mining in Uzbekistan – Major Development Projects 15

Table 6: The Mining Industry in Uzbekistan – Subsoil Tax (%), 2014 20

Table 7: The Mining Industry in Uzbekistan – Subscription Bonus, 2014 21

Table 8: The Mining industry in Uzbekistan – Depreciation Tax Rate (%), 2014 22

List of Figures

Figure 1: Gold Mining in Uzbekistan – Gold Reserves (Tons), 2008–2013 9

Figure 2: Gold Mining in Uzbekistan – Gold Mine Production (Thousand Ounces), 2000–2020 10

Figure 3: Gold Mining in Uzbekistan – Global Gold Prices (US$/Ounce), 2013 – 2014 12

Figure 4: Gold Mining in Uzbekistan – Uzbekistan vs. Global Gold Mine Production (Ounces), 2013 16

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