Uzbekistan supply over $1.14 bln worth of uranium to Japan


Uzbekistan supply over $1.14 bln worth of uranium to Japan

Uzbekistan is one of the leading uranium producers in the world (in the TOP-10). At the same time, uranium from Uzbekistan is one of the cheapest - in 2018 the weighted average price was $37.7 per pound of U3O8 equivalent. Uranium reserves amount to over 185 ths tons. Of these, 138 ths tons are sandstone type uranium and 47 ths tons are black shale uranium.

According to Join Japan, the decision to implement a major project with Japan was taken during an official visit to the country of the Rising Sun by Uzbek President Shavkat Mirziyoyev in December 2019. At the same time, a resolution was signed to expand and strengthen bilateral dialogue between the two countries.

What's the deal?

Uzbekistan plans to supply uranium to Japan. This follows from the list of investment projects approved following the official visit of the Uzbek President to Japan. It is expected that there will be 2 contracts for $510.1 mln, as well as $636.4 mln. On the Japanese side, Itochu and Marubeni corporations act. They are among the largest companies in Asia. On the Uzbek side, Navoi Mining and Metallurgical Complex (NMMC) takes part in the project.

Hasan Safarov, head of the Foreign Economic Relations and Sales Department at the Navoi Mining and Metallurgical Plant, said, "The NMMP is the only producer of one of the export-oriented products - natural uranium - in the country. Natural uranium accounts for the bulk of the plant's exports (over 90%). The geography of uranium exports includes Japan, the USA, India, China and South Korea.

Join Japan has 15 years of experience in creating successful business projects. We already have 300 such projects on our account. We focus on niche markets such as Japan and Eastern Europe. And in our work we use innovative marketing strategies and tools aimed at increasing sales. Therefore, we are often approached by large international companies to expand their opportunities in Japan.