Global commodities firm Traxys has announced plans to invest up to $1 bn in Uzbekistan’s critical minerals sector, focusing on tungsten and molybdenum projects, following talks between President Shavkat Mirziyoyev and U.S. business leaders in Washington.
The initiative includes cooperation with state-linked partners such as Navoiyuran and the Uzbekistan Plant of Technological Metals, as well as plans to open a Traxys representative office in Tashkent. The headline target is production of around 150 tons per year, though details on product types and processing routes have not been disclosed.
Industry observers note that Traxys operates primarily as a trading and supply-chain financing player rather than a traditional miner, suggesting the project may rely on structured offtake agreements and financing mechanisms instead of direct mine ownership.
Uzbekistan has been positioning itself as an emerging player in critical minerals, leveraging its resource base and efforts to attract foreign investment. Analysts say the Traxys plan could help diversify global supply chains for specialty metals, particularly as Western economies seek alternatives to China’s dominance in tungsten production.
However, key technical and financial details, including reserves, processing plans and investment structure, remain unclear, meaning the project is still at an early, framework stage.
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