Uzbekistan copper producer AGMK announced on Thursday that it plans to invest $15 billion in expansion to increase its electrolytic copper production from the current 148,000 tons per year to 400,000 tons by 2030.
On May 20, copper prices for the power and construction industries hit a historic high of $11,104.50 due to speculative buying and concerns over demand growth from the energy transition.
The state-owned company’s plan includes enhancing mining and ore processing facilities and building a new smelter. Most of the funding will be sourced from local and foreign banks, with $1 billion from the national development fund.
AGMK also secured a $2.55 billion loan from Germany’s KfW IPEX-Bank last year.
The International Copper Study Group estimates a global copper market surplus of 162,000 tons this year, with refined copper production at 27.3 million tons.
[Source – 上海有色网] 乌兹别克斯坦铜生产商AGMK将斥资150亿美元 将产量提高逾一倍到40万吨 https://news.smm.cn/news/102823574