RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of August 28, 2018 No. PP-3921

About measures for implementation of the investment project for production of modern jewelry

In pursuance of Item 56 of appendix No. 2 of the resolution of the President of the Republic of Uzbekistan of November 27, 2017 No. PP-3406 "About measures for further strengthening and expansion of bilateral cooperation between the Republic of Uzbekistan and the Republic of Korea" on production organization on release of modern jewelry and creations of new workplaces:

1. Take into consideration that:

according to the Agreement between the State scientific and production enterprise "Fonon" (further - GNPP "Phonon") and consortium of the companies "Hwachon Plant" (Republic of Korea) and "Gemco Jewelry Co., Ltd" (Republic of Korea) signed on November 23, 2017 with the assistance of also company "Stronghold Reserves Inc." (USA) creates joint business UzGold and Jewelry LLC (further - JV UzGold and Jewelry LLC) on production organization on release of modern jewelry in Tashkent by total cost 18, of 0 mln. dollars of the USA;

the business plan of the "Production Organization on Release of Modern Jewelry" project (further - the project) based on property of GNPP "Phonon" and part of buildings and constructions of the state company "1-Zargarlik korkhonas" is prepared.

2. Approve offers of the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition, the State committee of the Republic of Uzbekistan on investments, the Ministries of Economics, the Ministries of Finance of the Republic of Uzbekistan and GNPP "Phonon" about JV UzGold and Jewelry LLC organization with authorized fund in the amount of 18, of 0 mln. dollars of the USA at the expense of the following deposits performed in accordance with the established procedure:

GNPP "Phonon" - 33% in the form of buildings and constructions and part of property of GNPP "Phonon", at the address: Tashkent, Chilanzarsky district, Ulitsa Kichik Hulk of yula, 50, and also parts of the buildings and constructions (which were earlier belonging to the former JV Kumush LLC except for of office room of 322 sq.m) the state company "1-Zargarlik korkhonas", at the address: Tashkent, Uchtepinsky district, Ulitsa Zargarlik, 46 B on the market value in the amount of 5, 94 mln. dollars of the USA determined for the purpose of contribution to authorized capital of the created JV UzGold and Jewelry LLC;

corporations "Gemco Jewelry Co., Ltd" (Republic of Korea) - 40% in the form of direct foreign investments in the form of machines, the equipment and money in the amount of 7, 2 mln. dollars of the USA;

companies "Stronghold Reserves Inc." (USA) - 27% in the form of direct foreign investments in the amount of 4, 86 mln. dollars of the USA.

3. In accordance with the established procedure to provide to the state committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition and the State committee of the Republic of Uzbekistan on land resources, geodesy, cartography and the state inventory registration of the right of operational management to the transferred buildings and constructions of the state company "1-Zargarlik korkhonas", Item 2 of this resolution, GNPP "Phonon" specified in the paragraph the second for the subsequent transfer to authorized capital of the created JV UzGold and Jewelry LLC.

4. Take into consideration that according to the business plan of JV UzGold and Jewelry LLC will provide in 2018 production of jewelry of at least 200 kg with finishing production volumes by 2022 to 5,0 of tons per year.

5. Determine that in case of project implementation failure to provide at the scheduled time, the contribution of GNPP "Phonon" to authorized capital of JV UzGold and Jewelry LLC in the form of the objects specified in paragraph three of Item 2 of this resolution is subject to return for further target use, with exception of GNPP "Phonon" of the list of founders.

6. To the state committee of the Republic of Uzbekistan on investments together with UzGold and Jewelry LLC and GNPP "Phonon" to approve the network schedule of project implementation in a month, having provided fixed terms of commissioning.

7. Agree with the offer of JSB Usak on realization of JV UzGold and Jewelry LLC of the material values and the equipment on conversion and production of silver which were earlier belonging to the former JV Kumush LLC.

8. Declare invalid the resolution of the President of the Republic of Uzbekistan of October 17, 2017 No. PP-3334 "About measures for the organization of modern national production of jewelry".

9. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan - the chairman of the State committee of the Republic of Uzbekistan on investments S. R. Holmuradov and the CEO of GNPP "Phonon" M. H. Ashurov.

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