exploration & operations
History of the AGF Licence Area


Systematic geological mapping and exploration of the Kyzylkum area started during the 1950's, with the important discovery of Muruntau occurring in 1958.  This spurred on exploration and led to the discovery of the Vysokovoltnoye silver-gold deposit in 1969, Amantaytau Centralny in 1976, and Uzunbulak in 1978. Lonrho (now Lonmin), which became involved in the project in 1993, produced a Feasibility Study Report in June 1995 under the name of Amantaytau Goldfields, but announced their decision not to proceed in 1997. In October 1998 Oxus was granted the exclusive rights to enter into the AGF joint venture and in January 1999 entered into an agreement to acquire the combined Lonrho and IFC 43% shareholding for US$4.3M subject to the Uzbek shareholders approval. In March 1999 Oxus entered into discussions to increase its shareholding from 43% to 50% in the joint venture. In June 1999 it was agreed that the low grade Daugystau Deposit (within the original licence area) and stockpiles would be excluded from the AGF Project and that the Daugystau reserves would be handed back to Navoi MMC. Daugystau therefore exists as an “exclusion area” within the current licence. Currently, Oxus has a 50% interest in Amantaytau Goldfields (‘AGF’), the operating company for the projects, with Goscomgeology (State Committee of Geology) holding 40% and Navoi MMC (State Mining Company) 10%.