Uzbekistan launches $2.6B initiative to bolster minerals sector

Uzbekistan has launched a $2.6 billion initiative to unlock its rich endowment of resources, with a three-year plan focusing on the extraction of critical minerals being sought out by the United States.

The ambitious initiative was unveiled on March 7 during a presentation by President Shavkat Mirziyoyev, who laid out plans to develop 76 projects covering 28 different elements.

“The main task is to extract valuable raw materials directly from ore using modern technologies, increase the purity of minerals and create products with high added value,” Mirziyoyev said in his statement.

President Shavkat #Mirziyoyev reviewed proposals on expanding the raw material base of critical minerals. Projects for 28 rare minerals are planned, with additional funding for exploration and R&D. The goal is to use modern technologies to extract valuable materials, enhance… pic.twitter.com/b0Q5iEgPnb

— Shavkat Mirziyoyev's Press-service (@president_uz) March 8, 2025

To date, the Central Asian nation has identified significant deposits of critical minerals such as tungsten, lithium, titanium and vanadium, most of which have yet to be developed due to a lack of investment. These elements, according to Mirziyoyev, will be the focus of the billion-dollar initiative amid rising global interest for the roles they play in advanced technologies.

Golden opportunity

Uzbekistan also hosts huge gold deposits, which Navoi Mining and Metallurgical Co. hopes to develop as it works towards an initial public offering (IPO) in this year’s third quarter. Its Muruntau mine in the Kyzylkum Desert hosts probable reserves of 45 million oz., 68 million indicated oz. and 33 million inferred oz., which could make it the world’s largest gold deposit, according to Navoi.

The $2.6 billion funding will be directed towards building the necessary infrastructure and skills to leverage modern mining technologies. This will involve the creation of technology hubs in the Tashkent and Samarkand regions to train specialists in using new technologies and promote best mining practices.

“For example, enrichment of tungsten concentrate from the Ingichka deposit will double the added value,” Mirziyoyev noted.

Geopolitical currents

This strategy not only allows Uzbekistan to tap into its vast wealth of minerals, reducing its dependency on major players like China, but also for the country to establish its own manufacturing capabilities.

It also aligns with the interests of the Trump administration, which is looking to expand US access to critical minerals around the world. In a call last month, Secretary of State Marco Rubio stressed that the US is eager to take advantage of “mutually beneficial opportunities for investment in critical minerals.”

Several high-level meetings with Uzbek officials had already taken place during the Biden administration. This resulted in the signing of a memorandum of understanding in September 2024 to collaborate on critical minerals through bolstering Uzbekistan’s mining sector.

“The document serves as an important step in continuing the US-Uzbekistan dialogue on exploration, mining, and value-added product chain development,” the Uzbek Ministry of Mining Industry and Geology stated a press release at the time.