Uzbek metallurgical plant Uzmetkombinat and the U.S. International Development Finance Corporation (DFC) have held preliminary talks on possible financing for the development of the Tebinbulak iron ore deposit, one of the country's largest mining and metallurgical initiatives.
This was stated in a statement by Uzmetkombinat, published following a meeting of a delegation led by Chairman and CEO Bakhadir Abdullayev with representatives of Standard Chartered bank and DFC management in New York.
The parties discussed the strategic importance of the Tebinbulak deposit for Uzbekistan's metallurgical industry, including its role in reducing the country's dependence on imported iron ore, strengthening the domestic raw material base, and expanding industrial production capacity.
"The parties agreed to consider project financing opportunities, expand cooperation with international financial institutions, and continue negotiations," the Uzmetkombinat statement said.
According to the company, DFC representatives noted that the Tebinbulak project could play an important role in enhancing the resilience of Uzbekistan's economy and diversifying supply chains, reflecting growing international interest in strategically important mineral development projects.
The meeting also considered possible mechanisms for attracting long-term financing. Alongside the Uzbek delegation and DFC representatives, Standard Chartered bank participated in the discussions.
The Tebinbulak deposit, located in northwestern Uzbekistan, is considered one of the country's largest iron ore deposits and is a key element of the state strategy to modernize the domestic steel industry. The project is expected to increase domestic raw material production, reduce import dependence, and promote higher value-added production within the country.
The talks are the latest step in Uzmetkombinat's efforts to attract international partners and financing for the project, which is seen as one of Uzbekistan's flagship industrial investments. Broader participation by international financial institutions could strengthen the project's investment appeal and support the country's long-term goal of expanding domestic metal production and building more resilient industrial supply chains.