Riskivoy Yakubov said the joint venture will produce 1,700 tonnes of silicon in 2012 and all volume will be exported.

Uz-Kor Siliсo commissioned the first line of the capacities on production of technical silicon in Navoi region of Uzbekistan in August 2012.

Within the project, the processing complex with the capacity of 12,000 and mining comples with the capacity of 39,000 tonnes of ores a year were constructed.

Technical silicon is valuable raw material, which widely used in automobile, aircraft buildings and metallurgy industries. It is expected to export all products, produced at the venture.

The project with the cost of US$20.45 million was financed due to foreign direct investments of NeoPLANT at the size of US$9.65 million and loans of Korean firm for US$3.3 million.

Navoiazot invested US$5.2 million of own resources to the project. At the same time, Asaka Bank allocated US$3.3 million loan.

State Committee on geology and mineral resources of Uzbekistan and NeoPlant created Uz-Kor Silicon JV in September 2008. Each side holds 50% stake in the venture. The charter capital of the venture is US$10.4 million. Later, Navoiazot became one of founders of the venture in December 2011.