South Korea is interested in the rare earth metals of Uzbekistan

The State Committee for Geology and Mineral Resources (Goskomgeo) of Uzbekistan and the South Korean Institute of Geological Sciences (Kigam) have signed an agreement on joint geological exploration of a prospective rare earth metals site in the Kashkadaryinsky region, they said in the management of Goskomgeo of Uzbekistan on Tuesday.
“The matter concerns the carrying out of a check prospecting in order to confirm the results of the previous geological exploration operation,” a representative of Goskomgeo said and added that the exploration will last 3 years.
According to him, geological exploration will be carried out at the Lolabulak-Bayankarinsky rare metal subzone, where lithium, tantalum and niobium resources were discovered. An investment volume of the Korean company into geological exploration will approximately make up $500 thousand.
They said in Goskomgeo there expected to hold a tender among Korean companies for the right to develop the deposits within the boundaries of the site.
Uzbekistan invited foreign companies for cooperation in the development of rare metals for the first time in 2007. Goskomgeo offered to carry out risk geological exploration of rare metals at 12 prospect sites in Western and South Uzbekistan with further presenting of exclusive rights for development.
“Recently, a great number of foreign companies have showed interest towards the deposits of Central Asia. Chinese companies are more active, however, South Korean companies intensify their activity now,” L.Khazanov, the head of non-ferrous department of the magazine “Metallosnabzheniye i sbyt” said.
Translated by Iraida Idiyatova


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