Uzbekistan’s Navoi Ore Mining and Metallurgical Plant, or NGMK, has started construction on a gold mining complex in the Samarkand Region at a cost of about U.S. US$300 million, NGMK said Thursday.

The project envisages exploration and development operations at the Zarmitan and Guzhumsai gold deposits and the modernization of the Mardzhanbulak gold mill, which has a preliminary annual capacity of about 10 tonnes of gold.

The project is currently financed by NGMK, and this year the company is expected to invest about US$50 million.

NGMK is also considering borrowing US$80 million to finance the purchase of equipment.

NGMK plans to complete the construction in 2015.

The combined reserves of the Zarmitan and Guzhumsai deposits amount to 20 million tonnes of ore containing 10 grams of gold per tonne.

NGMK is Uzbekistan’s largest gold producer and has a monopoly on the production and export of uranium in the country.