DUSHANBE, July 18, Asia-Plus — Adrasman ore refinery in northern Tajikistan put to auction has been purchased by Kazakhstan’s KazInvestMineral, Tajik Ministry of Industry Zayd Saidov announced at a news conference in Dushanbe on July 18.
The auction was held on July 17.
The minister said many foreign companies had been interested in purchasing the Adrasman ore refinery but its owner had become KazInvestMineral, whose main partner was
Kazakhstan
’s Investment Fund.
The plant was put to auction at 11 million Somonis. “Such a low price is justified by the fact that the plant’s equipment and technologies have become obsolete and the plant needs modernization,” the minister said.
We will recall that the Adrasman ore refinery has to date been not in operation, although it worked last year due to funds invested by
Kazakhstan
’s KazInvestMineral. Under an agreement signed between the Adrasman ore refinery and KazInvestMineral, the Kazakhs side last year provided US$500,000 for modernization of the plant and development of the natural resources deposits. However, since the existing conditions at the plant have been found to be unprofitable for the Kazakh side, they have suspended financing of it. KazInvestMineral has decided to take part in the tender for privatization of the ore refinery and intends to invest more than US$12 million in modernization of the plant.
ABOUT:
The Adrasman ore refinery was established in 1967 and it is engaged in mining and processing of lead ore for producing led-silver concentrate. The plant’s capacity is more than 650,000 tons of ore a year.
