Bobur Islamov said the Government of Uzbekistan ordered to corresponding bodies to speed up development of the field, which is located in Karakalpakstan.

He said that currently exploration works to determine its reserves is underway. He said that the optimal ways of field development is also considered now, which will determine the final cost of the project.

The project on development of Tebinbulak field, which contains titanium-magnetite iron ores, envisages construction of mining complex with capacities of 14.7 million tonnes of ore a year with production of titanium and vanadium. The field was opened in 1937. Forecasted resource base of the field is 3.5 billion tonnes of ore.

The estimated cost of the project is US$1.4 billion and it is planned to finance it due to own resources of the Uzbek side and loan of international financial institutions.