Tuesday, 17th April 2007 (3043 views)

Indian mining companies could be set to flood into Uzbekistan in the near future after the Uzbek prime minister Savkit Mirziyayev welcomed them into his country.

Specifically, Uzbekistan has extended the hand of friendship to both MMTC - Indian state-owned company - as well as the National Mineral Development Corporation.

In order to take advantage of the offer on the table from the Uzbek government, both of the above companies have a total of 30 days to either accept or decline the deal relating to gold exploration.

India's minister of state for commerce Shri Jairam Ramesh has stated that "the Uzbek government […] wants this proposal to include value-addition investments in Uzbekistan itself like in gold jewellery."

Uzbekistan has to date seen investment from Russia, China and South Korea regarding the eastern European country's natural gas supplies and at this present time the Gas Authority of India is in talks with the Uzbek government about the potential for gas exploration.

 

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