Uzbekistan expects 474-ton increase in gold reserves in 5 years

TASHKENT: Uzbekistan's gold reserves are expected to increase by 474 tons worth 18.75 billion US dollars  during 2020-2024, said a draft document published Tuesday by the country's state committee  for geology.

According to the committee, Uzbekistan's gold reserves reached 5,990 tons as of Jan. 1, 2018.

In 2017, the country produced 89.9 tons of gold.

The Central Asian nation plans to invest around 230 million dollars in searching, evaluating and  exploring its gold reserves, which is 45 percent of the total allotment of geological survey of the  sector, said the document.

The main part of the geological works will be carried out in the Central Kyzylkum desert in Navoi region, as well as in Samarkand and Tashkent regions. Uzbekistan has been carrying out reforms to develop its mining sector, which include lifting bans on private gold mining.

Uzbek President Shavkat Mirziyoyev has been opening up the country's economy for foreign investors since he came to power in 2016. He ordered in February more transparent policies for the country's gold reserves and production.