GB Innovation Begins Development of Tungsten 'Maikura Mine'... Agreement with Tajikistan Aluminum Company 'Talco'

GB Innovation announced on the 15th that it has signed an agreement with TALCO, the largest company in Tajikistan, for the development of the Maykhura mine, known to contain tungsten deposits. GB Innovation is currently promoting commercial production at the Uljin Ssangjeon mine and is a mining development company invested in by CBI, a KOSDAQ-listed company.

The Maykhura mine, which was closed in the 1970s, is known for having a tungsten grade of 0.95%, one of the highest levels in the world. According to a report by the Tajikistan Geological Agency, the estimated reserves exceed 1.92 million tons.

TALCO, which signed the agreement with GB Innovation, operates the largest aluminum manufacturing plant in Central Asia. It consumes 40% of Tajikistan's national electricity and is a state-owned enterprise.

The Maykhura mine development agreement ceremony was held in Dushanbe, the capital of Tajikistan. Kim Yong-woo, CEO of GB Innovation, stated, "The average grade close to 1% at the Maykhura mine is by far the highest among all known tungsten mines worldwide." CEO Kim is a mining development expert who has worked as the head of the largest domestic mining development company since 2010, after experience at Morgan Stanley, Salomon, and Citigroup.

GB Innovation expects this agreement to serve as an opportunity to add the Maykhura mine's annual production of 1,400 tons of tungsten concentrate to the Ssangjeon mine's annual 800 tons of tungsten concentrate production. They also plan to establish a tungsten intermediate product production value chain in Tajikistan to stably supply domestic and international companies in the semiconductor and defense industries.

This agreement between the two companies was made possible with the support of the Korea-Tajikistan Economic Cooperation Association (KOTA). Hong Ja-yoon, chairman of KOTA, said, "As shown by the fact that only about 100 out of the 800 mines identified in Tajikistan are currently operational, the resource and infrastructure sectors in Tajikistan will be a blue ocean for Korean companies," urging interest.