Oxus Gold plc said its Amantaytau Goldfields project in Uzbekistan has exported its first silver bullion, following the approval from the Uzbekistan government.

A total of 44,038 ounces of silver bullion was shipped to London and sold for US$553,998, the company said in a statement.

A further 437,539 ounces of silver in dore form is currently being refined in Uzbekistan, or waiting to be refined into bullion, it added.

On 10 May, Oxus Gold had said its Amantaytau Goldfields project stands to make cash savings of some US$17 million after the government of Uzbekistan granted tax deferrals to the Phase I Oxides development.

The company has also said that it will distribute its KazakhGold global depository receipts (GDRs) to its shareholders by a dividend.

The dividend represents one KazakhGold GDR for every 110 Oxus shares.