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By Trend

Nord Gold SE, the internationally diversified low-cost gold producer, has confirmed information that it is still at the initial stages of assessing the prospect of gold mining in Uzbekistan.

"Uzbekistan has one of the world’s richest gold reserves, so any interest we have in the country would not be surprising. However, we are still at the initial stages of assessing the prospect of gold mining in the country and it is too early to talk in any detail about plans, " the company told Trend.

Nord Gold SE stressed that the company is continuously exploring opportunities to expand it portfolio, across a number of different countries and regions.

"Furthermore, we are focused on low-cost gold production and priorities projects that require moderate capex investment and short payback period," the company said.

Nordgold has mines and development projects, as well as investment projects in 6 countries – Burkina Faso, Guinea, Russia, Kazakhstan, French Guiana and Canada. In 2016, Nord Gold produced 869 koz of gold.

Previously , the State Committee of Uzbekistan on Geology and Mineral Resources announced that it attracted four foreign companies to study the prospects of development of ten gold deposits in the country in 2017.

The committee signed agreements with Nord Gold, Canada’s B2Gold, Turkey’s Tumad and South Korea’s Shindong Resources. Reportedly, the total volume of investments for the exploration of gold deposits may reach $8 million.

The volume of proven and confirmed gold reserves in Uzbekistan is about 2,100 tons. The total reserves are approximately 3,350 tons.

Two largest enterprises - Navoi and Almalyk Mining and Metallurgical Combines are engaged in the gold production in Uzbekistan.

In June, the government of Uzbekistan approved a list of twelve gold deposits for their industrial development with participation of foreign investments.

This list includes deposits of mainly gold-quartz and gold-sulfide ores in four regions of the country - Tashkent, Samarkand, Navoi regions, as well as the autonomous republic of Karakalpakstan. The total reserves of the proposed deposits (category C2) are more than 14.5 tons of gold.

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