TASHKENT (Press release) – JSC Navoiazot, one of the largest enterprises in Uzbekistan on manufacture of fertilizers, has become one of the founders of Uzbek-Korean joint venture Uz-Kor Silicon for the production of silicon, the state joint-stock company (AMC) Uzhimprom.

Uzkhimprom made it clear that due to the joining of Navoiazot, the size of the share capital of the Uz-Kor Silicon doubled to US $20.8 million from 10.4 million.

At the same time share of Navoiazot in the joint venture will be 25%, the State Committee on Geology and Mineral Resources of Uzbekistan (Goskomgeo) 25% percent, Korean NeoPLANT the remaining 50%.

The joint venture Uz-Kor Silicon was established in 2008 by Goskomgeo of Uzbekistan and South Korea’s NeoPLANT on a par with the authorized capital of $10,4 million.

Uzhimprom also reported that the first phase of the project to organize the production of silicon in the Navoi region was approved by government decree. According to the Government’s feasibility study of project worth 20.45 million dollars in the manufacturing facility will include processing complex with capacity of 12,000 tons of silicon and mining complex for the extraction of 39,000 tons of quartz a year.

The project will be financed as:

• Direct investments of NeoPLANT’s: $8.65 million
• Borrowed funds of Korean company: $3.3 million
• Navoiazot’s own funds: $5.2 million
• Asaka bank’s loan: $3.3 million dollars.

According to Uzkhimprom, the construction of the plant for the production of silicon began this year in Navoi region next to the Navoiazot. Currently, the construction is in its final stage and it’s expected to be complete in the first half of 2012. In the second phase (during 2012-2016), the joint venture will build a polysilicon production plant with the capacity of 5,000 tons per year.