RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of February 26, 2013 No. 57

About measures for implementation of the investment project "Construction of the underground mine on the Kayragach field

For the purpose of ensuring completion of the disposed capacities on production of gold-bearing ore of the Semguran mine and maintenance of level of loading of the overworking production capacities of the Angren gold-extracting Cabinet of Ministers factory JSC Almalyksky MMC decides:

1. Take into consideration that within implementation of the investment project "The construction of the underground mine on the Kayragach field is developed the feasibility statement on the project with total cost of capital investments 30, on 56 million US dollars and its expertize in authorized bodies is in accordance with the established procedure carried out.

2. Determine project implementation financing sources "Construction of the underground mine on the Kayragach field:

 own means of JSC Almalyksky MMC, including means of special investment accounts, in the amount equivalent 10, 59 million US dollars;

the credit of Fund of reconstruction and development of the Republic of Uzbekistan for the amount 6, 72 million US dollars refinanced through AKIB "Ipoteka-bank" provided for a period of 7 years, including 2-year grace period with interest rate of 4,0 of annual interest rate including margin of the refinancing bank in the amount of annual interest rate 1,0;

the credit of AKIB "Ipoteka-bank" in national currency on the amount equivalent 13, one million US dollars allocated for a period of 7 years, including 2-year grace period on the interest rate which is not exceeding refunding rate of the Central bank of the Republic of Uzbekistan.

3. Determine that:

JSC Almalyksky MMC is borrower and the executive body responsible for timely and in full project implementation, and also target and effective use of the attracted loans;

the expenses connected with repayment of the attracted loans and their servicing are performed at the expense of own means of JSC Almalyksky MMC, including special investment accounts.

4. Approve:

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