Between 1995 and 2006 the Muruntau gold mining and processing operation was run by the Zarafshan-Newmont Joint Venture a foreign direct investment by Newmont Mining Corporation of Denver Colorado (at the time the largest U.S. investor in Uzbekistan - it was also the first major Western investment in the region since the breakup of the Soviet Union).
Last October an Uzbek court declared the Newmont gold venture bankrupt after seizing $49 million in taxes. It also appointed a local official to run the venture. Newmont said in its SEC filing.
The Zarafshan-Newmont joint venture is situated immediately next to the major primary gold producer Muruntau in central Uzbekistan. Construction of the processing plant involved the supply of parts and equipment from different sources worldwide the US$225 million project being carried out by Bateman.
Unique features: Zarafshan-Newmont gold-mine is the first major foreign commercial gold project to be successfully engineered constructed and commissioned into continuous operation in the Republic.
Zarafshan: Newmont was part of a joint venture gold project in Uzbekistan the first major Western investment in the region since the breakup of the Soviet Union. A difficult place to operate Uzbekistan expropriates the company's assets in 2006.
Access to Information Policy MIGA issued $ 10 million of coverage to Newmont Gold Company of the United States and Newmont (Uzbekistan) Limited of Cyprus for their investments in a gold ore-processing facility Zarafshan-Newmont Joint Venture at a mine in Uzbekistan.
Zarafshan-Newmont is a 50-50 joint venture between Newmont Gold based in Denver and two entities of the Republic of Uzbekistan - the State Committee for Geology and Mineral Resources and Navoi.