China Coal to invest US$88m into modernization of coal mining in Uzbekistan
12/04/2014 09:58
China Coal to invest US$88m into modernization of coal mining in Uzbekistan
12/04/2014 09:58
Tashkent, Uzbekistan (UzDaily.com) -- China Coal Technology & Engineering Group (CCTEG) signed a contract with Uzbekugol, a monopoly producer of coal in Uzbekistan, for modernization of system of coal mining in Surkhandarya region with the cost of US$88.5 million, RIA Novosti reported quoting source in the Uzbek company.
The Chinese company will replace existing mining technologies at Baisun and Shargun coal mines. CCTEG will deliver to mechanic complexes on mining 450,000 tonnes a year each. The project also envisages modernization of coal transportation system.
The first line of the complex will be commissioned in 2015 and the second – in 2016. The supply of equipment will be launched in the third quarter of 2014. The contract was signed in the result of tender, which was won by CCTEG in June 2013.
The project with the cost of US$101.3 million will be financed due to loan of the Chinese Eximbank at the size of US$89.5 million and own funds of the Uzbek side – US$11.8 million.
According to the specialists, modernization of mines and expansion of raw base will help Uzbekistan to increase coal production from 20,000 in 2013 to 900,000 in 2020.
The operator of the project is Shargunugol, which holds license to develop Baisun and Shargun coal with total explored reserves of 45.8 million tonnes of coal. The government owns 51% stake in Sharguncoal, Uzbekugol – 41.57% and workers – 7.43%.
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