Other shareholders of Uz-Kor Silicon are the State committee of Uzbekistan on geology and mineral resources and South Korea’s NeoPLANT.

According to the resolution of the Cabinet of Ministers of Uzbekistan, the charter capital of Uz-Kor Silicon JV LLC will increase from US$10.4 million to US$20.8 million due to joining of Navoiazot to structure of founders of the venture.

At the same time, the share of Geology Committee in the venture will be US$5.2 million or 25% in charter capital of the venture, which will be firmed to historic expenses and geological, geo physical and other information, received from exploration works.

NeoPLANT will hold 50% stake in the venture or US$10.4 million, which will be formed due to money resources, new technologic equipment and modern licenses technologies.

Navoiazot will possess US$5.2 million (25% stake in charter capital), which will be formed due to own resources of the company directed to construction of buildings and facilities for production of selicon.

Uz-Kor Silicon implements investment project “Organization of production of silicon in Navoi region (I stage)”, which envisages construction of processing complex with the capacity of 12,000 tonens of silicon and mining complex on mining 39,000 tonnes of quartz ore a year.

The project with the cost of US$20.45 million is financed due to foreign direct investments of NeoPLANT at the size of US$9.65 million and loans of Korean firm at the volume of US$3.3 million for supply of equipment. Loan issued for two years under interest rate of 8% APR plus the refinancing rate of the bank.

Navoiazot will invest US$5.2 million of own resources to the project. At the same time, Asaka Bank will allocate US$3.3 million loan, which will be used for construction-assembly works. The loans issued for six years at the interest rate of 16% APR, including 4% APR of the bank margin.

The Government of Uzbekistan said that Navoiazot is general customer on construction-assembly works and GUMIN KOMIR – on mining complex.

Cabinet of Ministers allowed the venture to carry out construction and assembly works along with the development of design estimates.