Uzbek copper producer plans local IPO this year

Copper crystal cluster coated with gold. (Reference image by Robert Matthew Lavinsky, Wikimedia Commons).

Uzbek copper, silver and gold producer Almalyk Mining and Metals Combine (AGMK) announced a tender on Thursday to hire an underwriter to conduct an IPO on the local stock exchange this year.

According to the announcement on the Uzbek Republican Commodity and Raw Materials Exchange, the deadline to submit applications is June 7, and its offered starting cost for the service is $9 million.

Previously, state-owned AGKM planned the placement of shares by the end of 2024, but the authorities have decided to carry out a local listing first, followed by a foreign one.

AGMK said last year it would borrow 712 million euros ($741 million) from Russian development bank VEB to build a new copper refinery.

AGMK produces more than 140,000 tonnes of cooper annually, also mining around 20% of the country’s gold production and 90% of its silver production.

($1 = 0.9610 euros)

(By Mukhammadsharif Mamatkulov; Editing by Mark Potter)

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