Uzbekistan, U.S. Explore Financing For Major Tebinbulak Iron Ore Project

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 22. Uzbekistan's Uzmetkombinat and the U.S. International Development Finance Corporation (DFC) have held preliminary talks on potential financing for the Tebinbulak iron ore project, one of the country's largest mining and metallurgy initiatives.

This was reflected in the statement by the Uzmetkombinat following a meeting between a delegation led by Chairman and Chief Executive Officer Bahodir Abdullayev, representatives of Standard Chartered Bank, and DFC officials in New York.

The sides discussed the strategic importance of the Tebinbulak iron ore deposit for Uzbekistan's metallurgical industry, including its role in reducing the country's reliance on imported iron ore, strengthening the domestic raw materials base and expanding industrial production capacity.

"The parties agreed to consider financing opportunities for the project, expand cooperation with international financial institutions and continue negotiations," Uzmetkombinat said in a statement.

According to the company, DFC representatives noted that the Tebinbulak project could play an important role in enhancing Uzbekistan's economic resilience and diversifying supply chains, reflecting growing international interest in strategic mineral development projects.

The meeting also explored potential mechanisms for mobilizing long-term financing, with Standard Chartered Bank participating in the discussions alongside the Uzbek delegation and DFC officials.

The Tebinbulak deposit, located in northwestern Uzbekistan, is regarded as one of the country's largest iron ore resources and forms a key part of the government's strategy to modernize the domestic steel industry. Developing the project is expected to increase local production of raw materials, reduce import dependence, and support higher-value-added manufacturing within Uzbekistan.

The talks mark another step in Uzmetkombinat's efforts to attract international partners and financing for the project as the company seeks to advance one of the country's flagship industrial investments. Broader participation by international financial institutions could strengthen the project's investment profile while supporting Uzbekistan's long-term objective of expanding domestic metals production and building more resilient industrial supply chains.

MENAFN06082026000187011040ID1111497827