DUSHANBE, July 3, 2014, Asia-Plus — The Adrasman ore refinery has not been in operation since June 2013.
The enterprise has reportedly suspended operations because of the fall in the international silver prices that resulted in Joint-Stock Company Konimansour, which is owned by Kazzinc, stopping financing of the ore refinery.
Kazzinc is a Kazakh mining company founded in 1997, when a majority stake was privatized to Swiss commodity trader Glencore. It has 6 mines and several smelters, and produces zinc, lead and copper, and also has interests in gold and silver mining.
An official source at the Ministry of Industry and New Technologies of Tajikistan says the international silver prices have fallen and output produced by the Adrasman ore refinery does not cover the expenses.
“Investors have invested some 20 million U.S. dollars in the ore refinery since 2006, when it was privatized, but financing has stopped in recent years,” representative of the Adrasman ore refinery told Asia-Plus in an interview.
Meanwhile, the Government of Tajikistan is reportedly seeking new investor for the Adrasman ore refinery.
Established in 1967, the Adrasman ore refinery is engaged in mining and processing of lead ore for producing the lead-silver concentrate. The plant’s rated capacity is more than 650,000 tons of ore a year. The ore refinery was purchased by Kazakhstan’s KazInvest-Mineral in July 2006 for 11 million somoni.
Under an agreement concluded between KazInvest-Mineral, which assumed the 100 percent ownership interest in the ore refinery, and Kazakh company, North Time, in 2009, 74 percent of shares in the ore refinery were transferred to North Time.
