Egyptian company launches $2 mln project in Navoi region

The Egyptian company In2Metals entered the second phase of its copper mine development project in Uzbekistan’s Navoi region, according to the Dunyo news agency.

The project has already received $700,000 in investment, with plans to boost this amount to $2 mln by year-end.

Workers drilled 1,400 metres on-site, aiming to reach a total of 3,000 metres by the end of the year.

Project operations began in September.

Kursiv Uzbekistan also reports that Navoi Mining and Metallurgical Combinat raised $150 mln to expand its production capacity.