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Karimov Takes Control of Operations of Navoi Mining and Metallurgical Works |
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Thursday, 8 May 2008
President Islam Karimov has assumed personal responsibility for the running of the state-owned Navoi Mining and Metallurgical Works, the largest gold and uranium mines in Uzbekistan.
Also, Karimov has appointed a Supervisory Council to manage the mine. Its members will serve one-year terms.
Preparations for the Presidential take-over began in April when a special resolution of the cabinet proclaimed the Uzbek government the owner of the mining colossus. The resolution, entitled, "On the Charter of the State Enterprise Navoi Mining and Metallurgical Works", became law when signed by President Karimov at the end of April.
In the beginning of 2008, government inspectors descended into the NGMK mines for reasons never made public. By April, Nikolai Kuchersky, the head of NGMK and a senator, was reported to be living in Moscow. However, mine officials now say Kuchersky went to Moscow for medical treatment and will be returning to Uzbekistan.
While it is unknown what prompted the change in the top NGMK management, the Supervisory Council has announced it plans to have NGMK double gold production in coming months.
NGMK is made up of three metallurgical works; Navoi (GMZ-1), Zarafshan (GMZ-2), and Uchkuduk (GMZ-3). NGMK management intends to invest 220.7 billion sums (over $170 million) in mine renovations this year. Plans also call for a major mining complex to be built to develop the Zarmitan gold field by the end of 2012.
The mining industry development program calls for NGMK to increase production of gold by 26 percent over 2007. With approximately 86 tons of gold mined from throughout Uzbekistan every year, NGMK accounts for 57-59 tons of this total. NGMK authorized capital amounted to 980 billion sums, or $754 million, in late April. This is the first time NGMK ever released this figure.
The Supervisory Council appointed by the President will determine strategic goals for NGMK and outline priorities for its development. Acting in the name of the government, the Council will hire and terminate general directors and approve the NGMK management structure. The new law states that general directors are to be employed or terminated only with the government's permission.
08.05.2008
Ferghana.Ru |
Thursday, 8 May 2008
Uzbekistan
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