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  • 05 Mar 2024 1:46 PM | Alex Grichine (Administrator)

    March 3rd, Toronto, Canada

    The 6th plenary session of the Kazakhstan Canada Business Council (KCBC) took place within the framework of the annual international Prospectors & Developers Association of Canada (PDAC) 2024 Convention. The Business Council is co-chaired on the Kazakhstani side by Mr. Meirzhan Yussupov, the Chairman of the Management Board of JSC NAC Kazatomprom, and on the Canadian side by Mr. Tim Gitzel, President and Chief Executive Officer of Cameco Corporation.

    In preparation for the plenary session, three working groups’ meetings were held in January and February on the topics of the mining and metallurgical complex, agriculture, and education, with over 250 participants taking part the discussions. During these sessions, representatives of government structures and businesses from both countries discussed current issues, ways to solve them, priority areas of cooperation, and prospective projects for the development of mutual trade and investment attraction.

    The plenary session was attended by more than 150 delegates representing Canadian and Kazakhstani business circles. Topics of discussion during the Business Council included energy security, plans to achieve carbon neutrality, environmental, social, and corporate governance, trade, investment attraction, education, and many others.

    The Kazakhstani delegation was led by the Honourable Kanat Sharlapayev, Minister of Industry and Construction of the Republic of Kazakhstan, and the Canadian delegation by the Honourable Ahmed Hussen, Minister of International Development of Canada.

    During the first panel discussion, the co-chairs of the Council, Mr. Tim Gitzel and Mr. Yussupov, discussed issues of mutual cooperation and the further development of the uranium industry, energy security, and environmental sustainability. Mr. Yussupov highlighted Kazatomprom's operations and its contribution to global energy security, while Mr. Gitzel focused on Cameco's leadership, safety, and reliability over 35 years, including its approach to ESG issues. Both leaders discussed their strategies for achieving net-zero emissions - Cameco, having signed the Net Zero Nuclear initiative and planning to reduce emissions by 30% by 2030, and Kazatomprom, aiming to contribute to Kazakhstan's achievement of carbon neutrality by 2060. The discussion, touching on corporate governance, investment potential, and the global transition to zero emissions, concluded with reflections on the future of their companies and further development of the KCBC.

    The KCBC also featured working group reports presented by the Co-Chairs of each respective working group:

    • Mining – Mr. Yerlan Galiyev, "National Geological Survey" JSC, Chairman of the Board;
    • Education – Ms. Margaret Skok, Senior Fellow at Carleton University/NPSIA; Ambassador of Canada to Kazakhstan (Retd.)
    • Agriculture was presented by an WG co-organizer - Mr. Alibek Sagidulla, Advisor for Economic Cooperation, Embassy of the Republic of Kazakhstan to Canada

    Speakers at the event also included representatives from JSC "NC "KazakhInvest", Export Development Canada, and the government of the province of Alberta.

    A separate session was dedicated to the education sector, where the Vice Minister of Science and Higher Education of the Republic of Kazakhstan, Darkhan Akhmed-Zaki, presented Kazakhstan's plans to create an academic hub for higher education. The event concluded into a Networking Reception.

    Over its existence, the Kazakhstan Canada Business Council has become an effective platform for strengthening the business relationship between Kazakhstan and Canada.

    The co-chairs of the council expressed their gratitude to the Canada-Eurasia Chamber of Commerce (CECC) for organizing the event on the sidelines of PDAC Convention. The plenary session was supported by the Canadian Embassy to Kazakhstan and the Kazakhstani Embassy to Canada, as well as such companies and organizations as Lotz & Company, Teck Resources, SIMSA,

  • 14 Feb 2024 2:54 PM | Nozim Saidov (Administrator)


    Exciting News!

    The Honorary Consulate of the Republic of Kazakhstan to British Colombia was opened on January 25, 2024 at 777 Dunsmuir Street in Vancouver!

    ️ The prestigious ceremony was conducted by the Ambassador of Kazakhstan, HE Dauletbek Kussainov, and graced by the presence of the BC Minister of State for Trade, the Honourable Mr. Jagrup Brar.

    From right to left in the photo:
    • Mr. Darren Klinck, Honorary Consul of Kazakhstan in BC and President & Director at Arras Minerals;
    • the Honourable Mr. Jagrup Brar, Minister of State for Trade of British Columbia;
    • H.E. Dauletbek Kussainov, Ambassador of Kazakhstan; and
    • Mr. David Haber, Honorary Consul General of Austria to Canada.

    The Ambassador and Minister engaged in a crucial conversation, focusing on the growing commercial ties, renewable energy, and agriculture. Promising prospects lie ahead to enhance trade and investment cooperation between #KZCA! Let's celebrate this milestone and look forward to fostering stronger international connections.
    #KazakhstanInBC #TradeDiplomacy #InternationalRelations

  • 09 Nov 2023 2:03 PM | Vera Dedyulya (Administrator)

    PDAC announces 2024 Award Recipients

    Toronto, Ont. The Prospectors & Developers Association of Canada (PDAC) is honoured to announce that five outstanding groups have been selected to receive 2024 PDAC Awards.  Since 1977, the annual PDAC Awards have recognized exemplary individuals, teams, and companies for their significant accomplishments in mineral exploration and development.

    “The 2024 recipients continue the 46-year tradition of excellence in the PDAC Awards,” said Raymond Goldie, PDAC President. “Their successes are an inspiration and demonstrate the expertise, ingenuity, and determination needed to find the minerals that are essential to modern life. Our awards recipients also show that, both in Canada and world-wide, mineral explorers and developers are practising innovative and effective approaches to community engagement and sustainability.”

    Recipients will be celebrated at the Awards Gala & Nite Cap at the Fairmont Royal York Hotel in Toronto on March 5, during the PDAC 2024 Convention. Ticket sales open in December at the PDAC website.

    PDAC 2024 Award Recipients

    John Burzynski and the Osisko Mining Inc. Exploration Team - Bill Dennis Award
    For the
    discovery and ongoing expansion of the Windfall deposit’s Lynx gold zone located in the Abitibi greenstone belt, Eeyou Istchee James Bay, Québec.

    Wabun Tribal Council - Skookum Jim Award
    For developing a consistent process of engagement (The Wabun Model) that reasonably matches the lifespan of projects from mineral exploration to development.

    O3 Mining - Sustainability Award

    For exceptional Environmental, Social and Governance (ESG) performance including the achievement of ECOLOGO Certification.

    The Lundin Group Vicuña Exploration Team - Thayer Lindsley Award

    For the discovery of the Vicuña district in the Central Andean copper province in Argentina and Chile.

    John McConnell and the Victoria Gold Team - Viola R. MacMillan Award
    For innovative financing of the Eagle Gold Mine development and production in Yukon.

    *Click the links for the full summaries and images

    Awards Gala and Nite Cap
    Recipients will be celebrated at a prestigious 
    Awards Gala and Nite Cap at the Fairmont Royal York in Toronto on Tuesday, March 5, during the PDAC 2024 Convention. Tickets can be purchased in December at Sign up to be notified when they become available.

    Awards selection process

    PDAC’s Board of Directors select Award Recipients based on recommendations of the association’s Awards Committee. Learn more about the PDAC Awards, including how to nominate candidates for our 2025 awards. 

    About PDAC

    The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community, an industry that employs more than 664,000 individuals, and contributed $132 billion to Canada's GDP in 2021. Currently representing over 7,000 members around the world, PDAC's work centers on supporting a competitive, responsible, and sustainable mineral sector. PDAC 2024, our 92nd annual convention, will take place in person in Toronto, Canada from March 3-6. Please visit for more information.

    Media contact

    Scott Barber

    Senior Manager, Communications

    416-362-1069 x 244

    800-170 University Ave. Toronto ON M5H 3B3 Canada

  • 04 Sep 2023 12:44 PM | Vera Dedyulya (Administrator)

    On September 1, 2023, President Kassym-Jomart Tokayev delivered a state-of-the-nation address titled "The Economic Course of a Just Kazakhstan." The address offers insights on the economic agenda of the Tokayev administration. These insights are directly relevant to exporters and investors considering cooperation with Kazakhstan and participating in the forthcoming activity of the Kazakhstan-Canada Business Council.

    State of the Nation Address >>

    Factsheet on President Kassym-Jomart Tokayev’s Address to the Nation >>

  • 05 May 2023 3:53 PM | Alex Grichine (Administrator)


    Dear CECC Members,

    The fast-growing region of Central Asia, and especially the Republics of Kazakhstan and Uzbekistan, with their attractive business opportunities and natural resources, are becoming an increasingly strong focus for international industrial and service companies.

    The new podcast BUSINESS EAST by SCHNEIDER GROUP , hosted by Thomas Baier, will provide practical insights into both countries’ economic diversity and socio-cultural context.

    • How can manufacturing companies benefit from the rise of new (Eur)Asian Tigers?
    • What makes these emerging markets so similar to the Southeast Asian “economic miracle”?

    SCHNEIDER GROUP founder and president Ulf Schneider shared his personal view on these and other exciting questions in the first of two podcast episodes that have already been released.  


    For more practical information about Doing Business in Kazakhstan and Uzbekistan read also our client magazine EAST.

    Kind regards,



  • 23 Mar 2023 4:41 PM | Alex Grichine (Administrator)

                                           March 22, 2023

    Kyrgyzstan: Investor visas may now be issued for 5 or 10 years

    Dear Colleagues,  

    Please be informed that the amendments specifying the conditions for obtaining and validity of investment visas have been introduced into the Law of the Kyrgyz Republic "On External Migration".

    Which document introduces the changes?

    Law of the Kyrgyz Republic No. 41 dated February 24, 2023

    What are the changes?

    From March 15, 2023, investment visas are issued to foreign nationals for a period of:

    ·        5 years if the investor contributed to the country's economy monetary and material values equivalent to at least 10 million soms (about USD 115,000);

    ·        10 years , if the investor contributed to the country's economy monetary and material values equivalent to at least 20 million soms (about USD 229,000).

    Who will be affected?

    Foreign citizens who plan to invest in the economy of Kyrgyzstan

    At the same time, the investor can contribute to the country's economy in foreign currency.

    To issue an investor visa, it is necessary to obtain a document confirming the contribution to the economy of the Kyrgyz Republic from the authorized state body of Kyrgyzstan for the promotion of investments.

    Intermark comment

    Previously, the maximum validity period of an investment visa was 3 years.

    The investment portal  of the Kyrgyz Republic provides a list of the sectors of the economy for investment (manufacturing, industry, agriculture, banking, energetics, education, medicine, engineering and construction purposes, information and communication technologies), as well as a list of required documents. It should be noted that as of the date of publication of this information the changes in the visa validity period and the amount of investments have not yet been reflected on the portal.

    Intermark Immigration Team


  • 17 Mar 2023 10:37 AM | Vera Dedyulya (Administrator)

    It has been over a year since Russia first declared the “independence” and “sovereignty” of the non-government controlled areas of Donetsk and Luhansk in Ukraine and the subsequent full-scale invasion of Ukraine. Since that time, Canada and its allies, including the United States, the United Kingdom, and the European Union, have been engaged in an unprecedented campaign to apply punitive economic measures, largely through sanctions, to Russia, Belarus, and the Russian-occupied regions of Ukraine. Given the size of the Russian economy (estimated as the 11th largest in the world in 2021), the integration of Russia and its banks in the international financial system, and the level of commercial trade and investment between Russia and Western nations, these measures targeting Russia constitute the most significant and complex international sanctions regime in modern history.

    As we pass the one year mark of Russia’s further invasion of Ukraine, all signs point to continued geopolitical instability in the region and further expansion of aggressive international sanctions and trade control measures. It is therefore an appropriate time to not only take stock of the scope of the measures that have been applied over the last year, but also to highlight the challenges that Canada’s broad sanctions response has created for those doing business abroad, address what can be expected during the balance of 2023, and outline the steps companies can take to mitigate their risk exposure and ensure compliance going forward.

    1. Key Lessons Learned

    The aggressive rollout of sanctions measures against Russia by the Western allies throughout 2022 provided many challenges and lessons for Canadian companies in the context of sanctions implementation and compliance. Some of the key ones include:

    • Multiple sanctions regimes are at play – The activities of any company doing business abroad will likely engage the sanctions regimes of multiple jurisdictions. For Canadian companies this means that in addition to Canada’s sanctions measures, they must also consider the application of US, UK, and EU measures, some of which may be extraterritorial, as well as those of other countries which may apply depending on jurisdictional touchpoints. In some cases, Canadian companies must also consider the risk of exposure to countermeasures threatened or imposed by the sanctions target, i.e. Russia.
    • Although the Western allies’ measures are described as being “coordinated”, there are often significant differences in scope -  In many cases, Canada’s sanctions are more aggressive than those of its allies such that what may be wholly permissible in the United States or other Western countries is prohibited by Canada. One example is Canada’s sanctioning of certain Russian banks and other parties who are not sanctioned, or not sanctioned to the same extent, by US, UK, or EU authorities or who are subject to winding-down exemptions or general licenses by these countries, which Canada does not employ. Another example is Canada’s services prohibitions which apply to 30 categories of services, in stark contrast to the more limited measures of its allies. Given these differences, in every instance that requires sanctions diligence, Canadian sanctions measures, including listings, should be examined alongside the measures of other jurisdictions, as compliance with foreign sanctions regimes against Russia would not automatically mean that the Canadian sanctions requirements are satisfied.
    • Lack of published guidance continues to present significant challenges for risk assessment and compliance – Unlike other Western jurisdictions, Canada has not publicly issued substantive guidance on the interpretation of its sanctions measures. Uncertainties continue to persist on a range of issues, including, for example, the application of sanctions to entities owned or controlled by designated persons, the meaning of “facilitate, directly or indirectly, transactions related to dealings” involving listed persons, the application of sanctions to dealings in publicly traded debt and equity securities of designated Russian and Belarussian entities, the scope of the services prohibitions, and the meaning of “a person in” Russia or Belarus for purposes of supply prohibitions on goods, technology and services. As we’ve previously discussed, this absence of guidance has been noted in at least one judicial decision examining the issue of entities owned or controlled by designated persons, with this decision relying on foreign guidance published by Western allies to attempt to fill the void. Because of this, the Canadian government has been overwhelmed with inquires and sanctions permit requests seeking clarification on the interpretation of these broadly worded prohibitions. Notably, Canada has announced its intention to invest $76 million to strengthen Canada’s capacity to implement and enforce sanctions. This includes establishing a dedicated bureau at Global Affairs Canada to address sanctions issues.
    • Transactional due diligence is more important than ever – Rigorous sanctions and trade controls diligence is now expected and demanded in M&A, corporate finance, as well as regular commercial transactions and relationships, which includes a thorough screening of counterparties and others directly or indirectly involved in the transaction and those who own or control them, understanding the target’s potential exposure to sanctioned jurisdictions and listed persons, and ensuring that targets have effectively implemented sanctions compliance policies and controls. In some cases, because of compliance risks and monitoring costs or the potential reputational exposure, firms have decided to withdraw or refrain from activities involving Russia, Belarus or the occupied regions of Ukraine, regardless of whether they are strictly required to do so under applicable sanctions. In the current geopolitical environment, given both the legal and reputational impact of these concerns, sanctions compliance has become a priority for the boards and senior management of organizations with international operations.
    • Sanctions measures are extraterritorial, and apply beyond just imports into and exports from Canada or other activities within Canada – The sanctions prohibitions apply to “persons in Canada” and “Canadians outside Canada”. The activities of a Canadian individual or entity anywhere in the world are subject to the jurisdiction of these Canadian measures. Although frequently announced or referred to as “import bans” or “export bans”, these measures apply more broadly to Canadians located anywhere in the world who may be sourcing items from or supplying items to Russia or “persons in Russia”.  This includes Canadians located in countries that have different or more relaxed measures in place when it comes to dealing with Russia or Belarus. Whether it involves a Canadian company operating abroad or a Canadian national employed by a foreign entity or sitting on its board of directors, they fall within the jurisdiction of Canadian sanctions law and are prohibited from engaging in these activities even if the goods, services, or technology at issue have no connection to Canada.

    To continue reading LINK>>


    1. John W. Boscariol
    2. Oksana Migitko
    3. Gajan Sathananthan
  • 08 Mar 2023 11:32 AM | Anonymous

    CECC Eurasia Mining Conference 2023 – the brand event of the Canada Eurasia Chamber of Commerce (CECC) - is taking place for the 23rd time this year on March 6th in Toronto on the margins of PDAC 2023. This is the final gala event resuming this year's Mining Series, started from the Vancouver International Mining conference on the margins of AME BC Roundup.

    CECC Eurasia Mining Conference has always been the most prominent annual Canada-Eurasia industry event. It gathers the government and businesses to discuss the most emergent mining issues and share the experience and success of Canadian companies carrying out their activities in Eurasia.

    The 2023 Conference included three country-focused panels devoted to Kazakhstan, Mongolia and Uzbekistan – three major Central Asian Countries most dynamically developing their mining sector in the past years.

    The event was opened with the address of H.E. Ariunbold Yadmaa, the Ambassador of Mongolia to Canada. Then, H.E. Javlon Vakhabov, the Ambassador of the Republic of Uzbekistan, joined the Conference virtually to greet the honoured guests and attendees of the CECC Mining Conference.

    Diplomatic Brief

    During the Diplomatic Brief, Nurlan Gabdyzhamalov, Counsellor at the Embassy of the Republic of Kazakhstan and Edouard Huot, Senior Trade Commissioner at the Embassy of Canada to Kazakhstan, addressed questions on the latest government initiatives covering the investment environment in the natural resources sector. It was noted that the Republic of Kazakhstan continues supporting foreign companies interested in accessing the Kazakhstan market and providing the most favourable conditions to junior and senior mining developers operating in the critical minerals sector.

    Kazakhstan Session

    Eric Anderson, Executive Director at SIMSA, moderated the Kazakhstan session. 

    Almas Kushumov, Deputy Director of the Subsoil Use Department for Solid Minerals, noted that much work had been done to improve legislation in geology and subsoil use, such as adopting the Concept for the Development of the Geological Industry for 2023-2027. Dmitry Barsukov, General Director, Cameco Kazakhstan, shared the company's success story of operation in Kazakhstan and developing the Inkai Uranium deposit in tandem with Kazatomprom. Qanat Qudaibergen, CEO, GreyWolf Management, concluded the discussion by presenting exploration and investment opportunities in the region, focusing on renewable energy sources such as critical metals.

    Uzbekistan Session

    Dr. Larry Rosia, President and CEO at the Saskatchewan Polytech, moderated the second session devoted to Uzbekistan. The session focused on human capital and talent training through the lens of B2Gold's and Navoi Mining Combinate's experience of operations.

    Shamsiddin Alimov, Head of Geological Survey, Ministry of Mining Industry and Geology of the Republic of Uzbekistan, noted that only 40% of the country's potential is studied now. Therefore, long-term exploration programs are set to meet the demand of local and foreign investors. Victor King, Senior Vice President of Exploration, B2Gold, reported on the total gold production in 2022 and declared the company's intent to invest further in the region. Evgeny Antonov, First Deputy General Director for transformation, Navoi Mining and Metallurgical Combinate, closed the session by showcasing the significant mining potential of the Republic of Uzbekistan and outlining a series of market-oriented economic reforms recently adopted by the government to transform leading industries, attract foreign investment, and privatize state-owned assets. Mr. Antonov has also presented Navoi Gold's strategy for growing output while retaining cost leadership.

    Mongolia session

    Bilguun Ankhbayar, VP of Business Development, Erdene Resource Development Corp., moderated the session.

    Uyanga Bold, Ph.D., Director-general of the Geological Policy Department of the Ministry of Mining and Heavy Industry, opened the session. Ms. Bold reported on the new post-pandemic recovery policy focusing on opening the country to domestic and foreign investment. It was noted that according to the geological research conducted in Mongolia, more than 30 deposits and more than 200 occurrences were identified in 11 metallogenic zones making the region more appealing for exploration and production. Ali Haji, CEO of Ion Energy Ltd., spoke about Mongolia's unique geographical location and significance to China's Belt & Road Initiative and remarked on the untapped and unlimited potential for battery metal production. President and CEO of Erdene Resource Development Corp. Peter Akerley highlighted the potential for copper-gold discoveries with at least 20 new copper deposits.


    The official ceremony of signing the Memorandum of Understanding (MoU) followed the session.

    Canadian mining biotech company Tersa Earth Innovations and Mongolia's Trigteq LLC signed an MOU to bring cutting-edge wastewater solutions to Central and East Asia. Mr. Tsolomon Gonching, CEO of Trigteq LLC and Vikramaditya Yadav, CEO of Tersa Earth Innovations Inc, signed the MoU.

    The Canada Eurasia Chamber of Commerce (CECC) and Trigteq LLC signed an MOU to strengthen collaboration and expand their partnership, where Trigteq LLC will be representing the CECC in Mongolia. Gilles Breton, Chairman of the National Board of CECC and Tsolomon Gonching, CEO of Trigteq LLC, attended the signing ceremony.

    We hope that the CECC Mining series 2023 and the Eurasia Conference on the margins of PDAC 2023 is a good start for our organization's continuous assistance to Canadian and Eurasian companies aiming to foster international investment and technological collaboration and to accelerate international cooperation in the area of sustainable development.

    Conference Materials

    All the Conference materials are available at the next links below:

    • Download Conference Brochure here
    • Download CECC Brochure in English
    • Download CECC Brochure in Russian
    • Conference overview and reports can be found at:

               Diplomatic Brief >>

               Kazakhstan >>

               Uzbekistan >>

               Mongolia >>

    Thank you to our Sponsors:

    The conference was supported by the main industry players in Canada and Eurasia: B2Gold Corp. and Kazzinc (Patron Sponsor), Cameco (Platinum Sponsor), Condor Energies and Ion Energy (Gold), Trigteq LLC, SIMSA, Oceaanixx (Silver), Arras Minerals, Falcon Consultants and Asum Group (Bronze).

    Our traditional media partners are PDAC, Minex Forum and Resource World Magazine. We also greatly thank the KPMG team for treating us to a beautiful Reception.

    We are grateful to all supporters for making this event possible and looking forward to continuation of our cooperation!

    About CECC

    Canada Eurasia Chamber of Commerce (CECC) is the only recognized organization at the moment that officially promotes bilateral trade and business cooperation between Canada and countries of the post-Soviet space. Our broad office network covers Canada and emerging markets in Eurasia - a viable entity delivering relevant services to a broad membership base across 13 time zones. 

    Since 2004, CECC has received numerous recognitions from Canadian and foreign governments for contribution to development of bilateral trade and investment relations.

    For more information and to access Conference presentations, please contact:

    Vera Dedyulya, 

    Regional Director, CECC Toronto

  • 08 Mar 2023 9:40 AM | Vera Dedyulya (Administrator)

    Toronto, March 8, 2023—The Prospectors & Developers Association of Canada (PDAC) is thrilled to welcome pre-pandemic levels of attendance back to its annual convention, drawing 23,819 attendees to Toronto for the best business, investment and networking opportunities in the mineral exploration and mining industry.  

    In addition to the more than 1,100 exhibitors covering over 600,000 square feet of the Metro Toronto Convention Centre, governments, companies and leading experts from around the world made this one of the largest events in the association’s 91 years. 

    “There’s never been a more critical time for our industry to gather, share and learn as we drive progress, tackle global challenges and seize opportunities for a better future,” said Alex Christopher, PDAC President. “And the energy and optimism witnessed during PDAC 2023 was palpable—it is clear the mineral exploration and mining industry has entered a period of great transformation and growth.”

    “For almost a century, the PDAC Convention has been recognized as the leading choice for the world’s mineral exploration and mining industry, bringing the latest trends, technologies and conversations to one central location, and 2023 is no exception,” says Lisa McDonald, PDAC Executive Director. “Yet again, we have proudly delivered capital markets, Indigenous affairs, student and early career, sustainability and technical programs, and short courses that offer the latest in professional development opportunities.”

    Key speakers included Ken Hoffman, McKinsey & Company; Sinead Kaufman, Rio Tinto; and Alex Dorsch & Kevin Frost, Chalice Mining. 

    Governments continue to use the event as an important platform for announcements, including Canadian Natural Resources Minister Jonathan Wilkinson who announced an investment of $344 million to help advance “the development of a dynamic and competitive critical minerals sector”. 

    The final day of the PDAC Convention also marks the transition of presidents. We thank Alex Christopher for his remarkable contributions to the industry and association during his two-year term, and welcome Raymond Goldie to the role.

    Thank you to everyone who participated in PDAC 2023, including all of our volunteers, speakers, sponsors and participants. We look forward to welcoming you back from March 3-6, 2024.


    About the PDAC 

    PDAC is the leading voice of the mineral exploration and development community, an industry that supports 664,000 people in direct and indirect employment, and contributes $130 billion to Canada's GDP every year. Representing over 6,500 members around the world, PDAC's work centers on supporting a competitive, responsible, and sustainable mineral sector. Please visit

    Media contact

    Kristy Kenny  

    416 807 8214

  • 12 Dec 2022 9:00 AM | Deleted user

    Uzbekistan’s mining leaders’ investment debut in London

    Currently, mining represents 7.5% of all expected foreign direct investment and credits in Uzbekistan. Almost all the planned foreign investment in mining is concentrated in Uzbekistan's two state-owned mining groups – Almalyk and Navoi Mining companies. The combined contribution of Almalyk and Navoi mining companies to the Uzbek economy in 2022 Is expected to be $4.6 billion, which is equivalent to 31% of the entire state's income for 2022. These contributions are far greater than the equivalent payments received from state oil and gas companies. Over the next three years, the Uzbek state aims to secure up to $ 6.7 billion in loans from foreign and domestic financial institutions to finance the modernisation and expansion of these companies. The ongoing modernisation is focused on increasing mineral reserves and resources and improving operational efficiency at all production stages. A key pillar of this Uzbekistan's mining strategy is to substantially increase the percentage of raw materials that are processed for both domestic and overseas industries, notably the automotive and consumer electronics industries.

    Uzbekistan is undergoing a series of reforms to accelerate the transition to a market economy. While Russia and China remain Uzbekistan’s key trade and investment partners, there are indicators that the Government is actively seeking alternative partners to develop its mining sector. The syndicated loan of $1.2 billion in July 2022 agreed with the group of international banks and Navoi Mining company is a significant step in opening opportunities for attracting finance and capital from Western and Global investment markets.

    Uzbekistan is open to foreign investors and since 2019 has implemented significant reforms to its mining industry. At the start of the reforms, the Government anticipated there would be more interest from the major global mining groups to acquire exploration licenses. This did not happen partly because the exploration licenses and existing mining assets put up for auction were not sufficiently attractive. Global investors were also cautious and wanted to assess the actual impact of a succession of important legislative changes affecting the mining industry and investor protection rights that have been enacted over the past three years.

    Experts foresee that FDI activities will scale up after the business transformation and initial public offerings of our Navoi and Almalyk Mining Companies expected in 2025 or 2026.

    MINEX Eurasia conference became the first international event introducing the transformation of two major mining companies from Uzbekistan Navoi Mining and Metallurgical Company (NGMK) and Almalyk Mining and Metallurgical Company (AMMC).

    In May 2023 MINEX Forum is planning to organise a trade and investment event in Tashkent.

    Read full report here.

    View other articles:


    Evgeny Antonov:

    Lyubov Egorova:

    Abdula Azizov:

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