RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of August 10, 2006 No. PP-442

About effective use of mineral resources of polymetallic ores of fields of Handiz and Uch-Kulach

For the purpose of ensuring effective, rational and complex use of mineral resources of polymetallic ores of fields of Handiz and Uch-Kulach and on this basis of increase in utilization of capacity of JSC Almalyksky MMC, increase in production of non-ferrous and precious metals:

1. Accept the offer of the Ministry of Economics, Ministry of Finance of the Republic of Uzbekistan and JSC Almalyksky MMC on construction of mining and processing complex based on inventories of polymetallic ores of fields of Handiz and Uch-Kulach capacity respectively 650 and 500 thousand tons of ore a year, with the organization of industrial production in the second half of the year 2009.

2. To the state committee of the Republic of Uzbekistan on geology and mineral resources in ten-day time to transfer in accordance with the established procedure to fixed assets JSC Almalyksky MMC inventories of minerals of the field of Handiz.

3. To JSC Almalyksky MMC, Uztyazhneftegazkhimproyekt institute of the Ministry of Economics of the Republic of Uzbekistan together with the State committee on geology and mineral resources in two-month time to develop and introduce in accordance with the established procedure in the Cabinet of Ministers the preliminary feasibility statement on the "Joint Working Off of Polymetallic Ores of Fields of Handiz and Uch-Kulach" project, having provided in it:

the maximum extraction of valuable components by working off of inventories of fields with the minimum onboard content of metals;

conversion of polymetallic ores of the field of Handiz with the high content of metals in total with Uch-Kulach field ores.

4. Determine that the main source of financing of implementation of the specified project are the means accumulated on the special account of JSC Almalyksky MMC from excess profit on copper with attraction of financial resources of Fund of reconstruction and development of the Republic of Uzbekistan on purchase of necessary import processing equipment.

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