Uzbekistan implementing geological projects worth $30.7 bln - president

TASHKENT. April 6 (Interfax) - Uzbekistan is implementing 90 projects in the sphere of geology worth $30.7 billion in total, Uzbek President Shavkat Mirziyoyev said in his congratulations to industry workers on their professional holiday.

The text of the presidential address was published in the Uzbek media on Monday.

Large-scale work to explore mineral resources has been conducted over the past few years, which serves as an impetus to the development of the economy, the president said.

International standards are being introduced in the geological sector, and its investment appeal is increasing. Gold, silver, copper, uranium and hydrocarbon deposits are being transferred, including to foreign investors, and the tax burden is decreasing. "International companies are actively coming to the country with investments. Ninety projects worth $30.7 billion in total are being implemented in collaboration with them," Mirziyoyev said.

A total of 1,458 mineral resource deposits have now been sold through online auctions, which has brought the budget more than one trillion som and helped create some 100,000 high-income jobs, he said.

A total of 8.2 trillion som was provided from the state budget to develop the sector over the past 10 years. This money helped introduce some 2,000 pieces of equipment and technologies and upgrade geological exploration equipment by 70%.

Aerogeophysical work using helicopters and drones, the launch of a modern seismic system with 3D measurement and the ability to explore deposits at a depth of up to nine kilometers indicate the start of a new stage in the industry's development, the president said.

More than 1,900 new deposits opened in the country in 2016-2025, the president said. In particular, confirmed uranium resources increased from 97,000 tonnes in 2016 to 140,000 tonnes due to the discovery of 16 new deposits.

The Uzbekistan 2030 strategy envisages further expansion of geological exploration and an increase in extraction: gold by 1.5 times, silver tripled, copper increased more than 3.5 times, and uranium, iron and coal tripled, Mirziyoyev said.

According to official information, more than 2,500 deposits and more than 3,000 prospective areas with resources tentatively assessed at $3 trillion have now been discovered in Uzbekistan.

The official exchange rate for April 6 is 12,170.67 som/$1.