New player in the mining industry?

The British company Vast Resources PLC is investing in a geological exploration project in Tajikistan. This was reported by the company’s press service.

Photo: Internet

According to the source, Vast Resources PLC has signed a contract with the company OJSC “TAKOB”. The name of the new geological exploration project has not been disclosed. Under the agreement, the British company will receive 12.25% royalties from all sales of non-ferrous metal concentrates.

It is reported that investments in this project are being made through the company Central Asia Minerals and Metals Ore Trading (CAMM), 49% of which is owned by Vast Resources PLC. The company CAMM has signed an agreement with OJSC “TAKOB” to mine about 7,000 tons of ore per month with a content of at least 1.5%-2% lead, 1.4% zinc, and 27% fluoride. It was previously reported that the ore also contains small amounts of silver and gold. However, the agreement does not mention any potential extraction of gold and silver.

The company “Takob” is a subsidiary of the Tajik Aluminum Plant TALCO. The director of Vast Resources PLC, Adew Prela, stated that the government of Tajikistan has demonstrated its effectiveness and readiness to attract foreign direct investment in industrial projects, particularly in the mining sector.

“I have no doubt that the success of our project will attract additional foreign investment to the country,” he added.

In recent years, only Chinese companies have been attracted to the mining sector of Tajikistan, while Russian and European companies have left the mining industry in Tajikistan due to rampant corruption in government structures, power outages, burdensome taxes, and other issues.