The sides signed agreement on action programme on creation of the joint venture to develop Shavazsay lithium field, which is aimed at organization of production of li-ion batteries in Uzbekistan. The agreement was inked during the visit of the Uzbek President to South Korea.

It is expected that the sides will create joint venture by the end of 2010. The project cost is about US$50 million. It is planned to sign constituent documents on JV creation in the second half of 2010. The venture will continue supplementary exploration after that.

Approved reserves of Shavazsay field are 120,000 tonnes of dioxide lithium at 0.58% average metal content in ore.

It is expected that average volume of preliminary processing of lithium carbonate can make up 3,700 tonnes year, which will be enough for 30 years of operation.