Uzbekistan’s Almalyk Mining and Metals Combine (AMMC) has unveiled a $15 billion expansion program to significantly boost its copper cathode production.
The state-controlled enterprise aims to increase its annual output from the current 148,000 metric tons to 400,000 metric tons by 2030. This expansion is designed to meet the rising global demand for copper, which is essential in the power and construction industries.
AMMC’s comprehensive expansion plan includes upgrades to its mining and ore processing facilities, as well as the construction of a new smelter. These initiatives are part of a strategic expansion program approved by the Uzbek government in 2020.
To fund this ambitious project, AMMC plans to secure most of the necessary financing through loans from both local and international banks. Additionally, the company will receive $1 billion from a state development fund. In line with its financing strategy, AMMC signed an agreement last year with Germany’s KfW IPEX-Bank to arrange $2.55 billion in loans.
Despite the current surplus in the global copper market, with the International Copper Study Group forecasting a surplus of 162,000 tons this year, AMMC is positioning itself to capitalize on future demand. Refined copper production is expected to reach 27.3 million tons, underscoring the strategic importance of this expansion.
