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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of May 26, 2020 No. PP-4731

About additional measures for expansion of production of non-ferrous and precious metals based on fields of JSC Almalyksky MMC

(as amended of the Resolution of the President of the Republic of Uzbekistan of 24.03.2021 No. PP-5037)

For the purpose of development of the single concept of further implementation of investment projects of JSC Almalyksky MMC, sustainable development of the industrial and export potential, expansion of source of raw materials, attraction of advanced technologies in development of fields and conversion of mineral raw material resources:

1. Take into consideration that according to:

the resolution of the President of the Republic of Uzbekistan of March 1, 2017 No. PP-2807 "About measures for expansion of production capacities of JSC Almalyksky MMC based on the Yoshlik I field begins implementation of the investment project "Development of the Yoshlik-I field on production of 23 million tons of ore by 2027 with total estimated amount of capital investments 1, in 7 billion US dollars.

2. Approve the offer of the Ministry of Finance, Ministry of Economic Development and reducing poverty, the State committee of the Republic of Uzbekistan on geology and mineral resources, JSC Almalyksky MMC about realization of I-stage of expansion of production of non-ferrous and precious metals based on fields of JSC Almalyksky MMC (further - the Project) providing implementation:

in 2020 - 2024 first priority of exploration and mountain and capital works with pit construction, and also designing, supply of equipment and construction of facilities of copper and enrichment factory No. 3 capacity of annual production and conversion of 60 million tons of ore, and also infrastructure facilities;

in 2021 - 2025 second priority of designing, delivery and construction of facilities of metallurgical complex with bringing amount of annual production to 290 thousand tons of the cathode copper, 38 tons of gold and 203 tons of silver.

3. Determine the following financing sources of the Project:

own means of JSC Almalyksky MMC in the amount of 250 million US dollars, including in 2020 - 35 million US dollars;

the fund of reconstruction and development of the Republic of Uzbekistan (further - Fund) sent to the authorized capital of JSC Almalyksky MMC at the expense of additional share issue in accordance with the established procedure at the rate to 1 billion US dollars acquired taking into account the signed contracts within the Project;

the means of syndicated loan of consortium of domestic and international financial institutions attracted since 2021 after development of the feasibility statement and confirmation of final cost of the Project.

4. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 24.03.2021 No. PP-5037

5. JSC Almalyksky MMC:

a) submit in the Cabinet of Ministers of the Republic of Uzbekistan for approval till December 1, 2020 the feasibility statement on the first priority of the Project, till December 1, 2021 - second priority of the Project;

b) together with the Ministry of investments and foreign trade, the Ministry of Finance of the Republic of Uzbekistan to take measures for attraction of financial resources of domestic and international financial institutions for forming of credit consortium according to Item 3 of this resolution.

Resolve JSC Almalyksky MMC according to the procedure of exception:

perform financing of the Project before approval of the feasibility statement;

for the purpose of prevention of premature depreciation of fire-resistant lining and the code of the furnace, effective expenditure of energy resources, non-admission of decrease in technology and production indicators of plant to deliver concentrates and metallurgical raw materials under direct agreements (contracts) on profitable basis.

6. To JSC Almalyksky MMC, Fund together with the Ministry of Finance, the Ministry of Economic Development and reducings poverty of the Republic of Uzbekistan in three-months time to take measures for attraction on the basis of direct negotiations of investment banks, and also consultants from among the leading international engineering and consulting companies for:

coordination of the general project progress, project and engineering works, confirmation of feasibility and optimality of technical technology solutions, and also examination of project cost;

rendering technical and consulting maintenance, including tenders and processes of the conclusion of contracts, control of matching of the equipment and implementation of installation and construction works.

7. To fund, Agency on management of the state assets till January 1, 2021 to make offers on the mechanism of the subsequent implementation of the shares of JSC Almalyksky MMC acquired by Fund for the purpose of financing of the Project in the Cabinet of Ministers of the Republic of Uzbekistan.

8. Determine that for the purpose of project implementation acceleration, according to the procedure of exception, requirements of the legislation on obligatory examination and registration in SUE The Center of Complex Examination of Projects and Import Contracts under the Ministry of Economic Development and Reducings Poverty of the Republic of Uzbekistan of the agreements signed within the Project with contractors, investment banks and consultants, and also other import contracts financed within the Project do not extend.

9. To the Ministry of Finance till June 1, 2020 to introduce to the Cabinet of Ministers the bill "About modification and amendments in the Law of the Republic of Uzbekistan "About the Government budget of the Republic of Uzbekistan for 2020", providing growth in volumes of expenditure of fund according to this resolution.

10. For the purpose of ensuring high-quality preparation of the project documentation on II stage of expansion of production of non-ferrous and precious metals based on fields of JSC Almalyksky MMC plant:

a) till August 1, 2021 with involvement of the international engineering and consulting companies to introduce in the Cabinet of Ministers of the Republic of Uzbekistan the preliminary feasibility statement (pre-feasibility study) on II stage of expansion of production of non-ferrous and precious metals based on fields of JSC Almalyksky MMC providing implementation:

in 2022 - 2027 exploration and mountain and capital works, expansion of pit, and also designing, supply of equipment and construction of facilities of copper and enrichment factory No. 4 capacity of annual production and conversion at least 50 million tons of ore, and also infrastructure facilities;

in 2024 - 2028 designings, delivery and construction of facilities of metallurgical complex with bringing amount of annual production to 400 thousand tons of the cathode copper, 50 tons of gold and 270 tons of silver;

b) till October 1, 2021 to make in the Cabinet of Ministers of the Republic of Uzbekistan offers on sources and structure of financing of II production phase of non-ferrous and precious metals based on fields of JSC Almalyksky MMC, including by additional share issue of plant;

c) till June 1, 2022 to introduce in the Cabinet of Ministers of the Republic of Uzbekistan the feasibility statement on II stage of expansion of production of non-ferrous and precious metals based on fields of JSC Almalyksky MMC.

11. Confer responsibility for timely and high-quality project implementation, and also target and effective use of fund and the attracted syndicated loan on JSC Almalyksky MMC.

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