Zeromax of Uzbekistan bought some Oxus Gold stock
Zeromax GmbH, one of the largest private companies in Uzbekistan that bought 16% of the British Oxus Gold stock, may help the Uzbek-British joint venture Amantaitau Goldfields with tax problems. (Oxus Gold owns 50% of Amantaitau Goldfields.)
"Zeromax is a powerful outfit with a great deal of clout and experience. Trust a shareholder like that to solve the joint venture's problems with tax structures," to quote a source in the government circles. The source does not rule out the possibility that the British company went for the deal hoping that Zeromax would help it remain in Uzbekistan.
In October 2006, the Navoi Regional Court backed tax structures' back claim to Amantaitau Goldfields. The company was ordered to pay the state more than $223.8 million worth of taxes for 2003-2005. Some sources claim that Oxus Gold complained to a higher court then.
Sixteen percent of Oxus Gold stock cost Zeromax 12.3 million pounds.
Registered in Switzerland, Zeromax has several joint ventures in Uzbekistan in the spheres of oil and gas production, mining, and so on. Oxus Gold maintains that Zeromax is owned by Miradil Jalalov.
Jalalov will join the Oxus Gold board now. If and when Zeromax ups its interest to more than 20%, it will be able to appoint another representative to the board.
Amantaitau Goldfields was established by the British Oxus Resources Corp (50%), Uzbek State Committee for Geology and Mineral Deposits (40%), and Navoi Mining and Smelting (10%). The joint venture is developing the Amantaitau field (3.2 million ounces that may be extracted and more than 3 million more additionally). Amantaitau Goldfields has licenses for development of four other gold fields including Uzunbulak (230,000 ounces) and Vysokovoltnoye (600,000 ounces).
Ferghana.Ru news agency