American-Uzbekistan Chamber of Commerce
Business Newsletter


Weeks in Review:

October 29, 2011 - November 7, 2011 


In this issue
AUCC in Brief
Hungarian President to discuss regional and international issues in Uzbekistan
Backgrounder: Prime ministers' meeting of SCO
10 Biggest Gold Mines in the World
Uzbekistan largest PVC complex to be built in 2012
Contact Us
AUCC Members
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AUCC in Brief 

Established in 1993, the American-Uzbekistan Chamber of Commerce (AUCC) is a private, non-profit trade association representing interests of U.S. businesses ranging in size from small private enterprises to large, multinational corporations conducting business in Uzbekistan.

Our Mission: To advocate the views of the business community to ensure that private sector positions are considered during the development of key policies that impact American businesses and the future of U.S.-Uzbekistan relations.

Our Objective: To serve the needs of its members by strengthening commercial relations between the United States and Uzbekistan. 

Hungarian President to discuss regional and international issues in Uzbekistan of 11/6/2011

Hungarian President Pal Schmitt will pay an official visit to Uzbekistan on November 6-8 at the invitation of Uzbek President Islam Karimov, Uzbekistan National News Agency reported.

The issues of expanding and strengthening the cooperation between the two countries will be discussed during the visit. The urgent regional and international issues will be also discussed.

The Uzbek-Hungarian business forum is planned to be held during the visit.

The bilateral documents aimed at intensifying the cooperation between the two countries are planned to be signed.

The indices of bilateral trade turnover between Uzbekistan and Hungary for 2010 amounted to $36.5 million, including export - $8.6 million, import - $27.8 million. The figure was $23.24 million during eight months of 2011. Uzbekistan exports fertilizers, textile products, services and other products to Hungary. The country imports pharmaceutical products, mechanical equipment, optical devices, apparatus and other products.

Uzbekistan and Hungary express interest in increasing bilateral trade volumes, expanding the whole complex of trade-economic and investment cooperation, wide using of existing potential. Both countries are also interested in the diversification of investments in energy, medicine, logistics, chemical, pharmaceutical, electrical, textile and processing industries and other perspective areas of the economy.

At present, there are seven companies with Hungarian investors in Uzbekistan, including five joint ventures and two - with Hungarian capital. Five Hungarian companies were accredited under the Ministry for Foreign Economic Relations, Investments and Trade. of 11/7/2011

BEIJING, Nov. 7 (Xinhua) -- The 10th prime ministers' meeting of the Shanghai Cooperation Organization (SCO) is slated for Monday in Russia.

The regular meeting mechanism among the prime ministers within the SCO framework was established in September 2001. The first meeting, held in Almaty, Kazakhstan, launched the multilateral economic and trade cooperation process among the six member states, namely China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

On Sept. 23, 2003, the second meeting of SCO prime ministers took place in Beijing, China. The premiers focused their talks on economic and trade cooperation.

Six documents were signed at the end of the meeting, including the program of multilateral trade and economic cooperation of SCO member states, the memorandum on technically launching permanent institutions of the SCO and a joint communique of the prime ministerial meeting.

The 2004 Bishkek meeting agreed that terrorism, separatism and extremism remained the major threats to the security and stability of the region, and called for closer bilateral and multilateral cooperation in the fight against these evil forces.

Participants reaffirmed that to push forward regional economic cooperation was among the SCO's priorities and pledged to focus on cooperation projects in energy, transport, telecommunications and agriculture.

After an action plan was approved for the program of multilateral trade and economic cooperation, which involved 127 projects covering 11 fields, the SCO has entered a stage of pragmatic cooperation with emphasis on security, trade and economy. of 11/4/2011  


Here is a list of the 10 biggest gold mines in the world, based on available 2010 production data.

There are differences of opinion about which one should be ranked No. 1. Some consultants say the world's largest gold mine, by production, is the Muruntau gold mine in Uzbekistan; other consultants say the world's largest gold mine is the Grasberg gold mine in Indonesia. The majority opinion appears to be Grasberg.

There are also differences of opinion about how much some of the mines below actually produce. Occasionally there is difficulty in obtaining yearly production figures. A more common challenge arises because mining production data are not standardized, and not all of the data are calculated using the same calendar.

Further, some figures aggregate production figures from discrete operations within a complex, while other figures break out production data for each discrete operation within a complex. For example, Gold Fields Ltd. operates the Kloof and Drienfontein mines in Guaten Province, which is west of Johannesburg, South Africa, as a single complex that it refers to as KDC. Some rankings of gold mines report annual production from KDC as a single number, while others report annual production from Kloof and Drienfontein separately.

Among the most valuable sources for gold mining production data, besides reports from mining companies themselves, are the Raw Materials Group in Solna, Sweden; Canada's Metals Economics Group in Halifax, Nova Scotia; and Intierra Resource Intelligence, based in Perth, Australia.

The following list draws from each of these sources, as well as others, and thus is not a simple duplication of any one group's rankings.

1. Grasberg Gold Mine -- This mine, which is in the Indonesian province of Papua, produced 2,025,000 ounces of gold, according to the annual report of Rio Tinto Plc. The mine is majority owned by Freeport-McMoRan Copper & Gold Inc. Besides gold, it also produces silver and copper.

2. Muruntau Gold Mine -- This mine, which is about 250 miles west of the capital in Uzbekistan, is believed to have produced approximately 1,800,000 ounces of gold last year. The project, which is an open-pit operation, is run by state-owned Navoi Mining and Metallurgical Combinat.

3. Carlin-Nevada Mine -- This mine, which is in the U.S. state of Nevada, produced 1.735 million ounces in 2010. It is owned by Newmont Mining Corp. It includes both open-pit and underground operations.

4. Yanacocha Gold Mine -- This mine, which is in northern Peru and is the largest gold mine in Latin America, produced 1.46 million ounces last year. It is run by Newmont Mining and owned by Newmont Mining and Buenaventurda, a Peruvian company.

5. Goldstrike (Betze Post) Gold Mine -- This mine, which is northwest of Elko, Nev., produced 1.24 million ounces of gold last year. It is owned by Barrick Gold Corp.

6. Cortez Gold Mine -- This mine, which is southwest of Elko, Nev., produced 1.14 million ounces of gold last year. It is owned by Barrick Gold.

7. Veladero Gold Mine -- This mine, which is in Argentina, produced 1.12 million ounces of gold last year. It is owned by Barrick Gold.

8. Lagunas Norte Gold Mine -- This mine, which is in north-central Peru, produced 808,000 ounces of gold last year. It is owned by Barrick Gold. 

9. Lihir Gold Mine -- This mine, which is in Papua New Guineau, produced 790,974 ounces of gold in the 12 months ended June 30. It is owned by Newcrest Mining Ltd., Australia's largest gold producer.

10. Super Pit/Kalgoorlie -- This mine, an open-cut mine in Western Australia, produced 756,000 ounces last year. It is 50-50 owned by Barrick Gold and Newmont Mining.  

Uzbekistan largest PVC complex to be built in 2012 of 10/31/2011   


The construction of a PVC production plant in Uzbekistan, the largest in the company, has been postponed until 2012.

The construction of the new PVC complex was initially planned at the Navoiazot company, Uzbekistan's largest chemical enterprise. However, the plans have not yet been approved by the government.

The project is a JV, which will be known as ISU Navoi Chemical, owned by Navoiazot and South Korea-based ISU.

Total cost of the project cost is estimated at €138m. Funding will come from the Uzbek Fund for Reconstruction and Development as well as foreign investments.

According to initial plans, the construction of the complex should be completed in 2012, while the design capacity of the plant is 50,000 tonnes of PVC and 32,000 tonnes of caustic soda.
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Contact Information


The American-Uzbekistan Chamber of Commerce
1300 I Street, N.W., Suite 720W
Washington, DC 20005
phone: 202.509.3744  








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