RIA Novosti reported quoting source in the State Committee on Geology and Mineral Resources of Uzbekistan that the venture plans to complete tests of technology on separate mining of uranium and vanadium in the first half of 2013.

After the tests, the company plans to launch construction of mining complex and start to mine uranium in the second half of 2014.

In August 2009, CGNPC Uranium Resources Co (China) and the State Committee on Geology and Mineral Resources of Uzbekistan created Uz-China Uran JV LLC on parity with the charter capital of US$4.6 million to conduct exploration of uranium field Boztau in Central Kyzylkum.

In 2010-2011, the venture carried exploration work at the contract area and invested over US$2 million. After the exploration, several uranium fields were found, but its parameters are not disclosed.

According to the committee, forecast uranium reserves of Boztau area is about 5,500 tonnes.

In line with the creation of the venture, the Chinese company will receive primary right to purchase products of Uz-China Uran on world prices. This is the first joint venture, which was created to develop uranium fields in Uzbekistan. The Uzbek committee postponed tenders on attracting investors to exploration of uranium fields due to market prices. According to the Uzbek committee, explored and estimated uranium reserves in Uzbekistan makes up 185,800 tonnes.