VEB.RF to Provide Financing for Russian Industrial Exports for Modernisation of Almalyk Mining and Smelting Facilities in Uzbekistan

The project was secured by the VEB.RF Group’s business mission to Tashkent in September 2020.

VEB.RF and Almalyk MMC signed a credit line agreement for 1.8 billion roubles to finance Russian high-technology exports to Uzbekistan for the modernisation of the company’s production facilities.

The scope of supply includes drillers, charge loaders, undercutters and other equipment made by Russian manufacturers such as Mining Engineering, NPGM and Elektromash.

As part of the VEB.RF Group’s business mission to Uzbekistan in September 2020, Uzbek Prime Minister Abdulla Aripov and VEB.RF Chairman Igor Shuvalov visited Almalyk MMC production facilities to see Yoshlik 1 deposit development.

Abdulla Khursanov, Chairman of the Board, Almalyk MMC, said: “Mutually beneficial partnership is key to achieving the goals and carrying out large-scale projects and initiatives.”

Daniil Algulyan, Deputy Chairman, VEB.RF, said: “Participation in modernising the mining and smelting facilities in Uzbekistan offers an opportunity for Russian companies to expand markets for their products. This is mutually beneficial partnership, which not only contributes to the development of trade relations between the two countries, but also supports our exporters by increasing their capacity utilisation.”

Almalyk MMC is one of Uzbekistan’s largest mining and smelting companies, producing about 90% of silver and 20% of gold in Uzbekistan, and the largest copper producer in Central Asia.

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