Monday, 20th September 2004 (2616 views)

Mining firm Oxus Gold has announced it is to open a gold mine in Uzbekistan today.

The site is the first new mine with foreign investment that the country has seen, according to the Independent.

Situated 30 kilometres from Murantau, the project is half owned by the company and half by the Uzbek government.

According to Oxus director Richard Wilkins "the potential is huge" at the mine, which has 50 million ounces of geologically identified gold.

Although Uzbekistan is known to have the fourth largest gold resources in the world, it is not thought to have taken advantage of this since it is just the ninth largest gold producer.

An official opening ceremony will take place today, although the mine has been producing since January and is already making profits.

 

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